Texas tax give-back to oil companies set to further drain school budget

Public school districts in Texas as in Colorado this year have filed suit to stop the cash-strapped state from raiding the education budget. Coloradans will be interested in the latest developments in the Lone Star state. A proposed series of tax credits for the oil industry would drain even more funds from the schools there. The credits would give back roughly $150 million to oil refinery operators, part of a “business friendly” policy championed by GOP governor-turned-presidential-candidate Rick Perry. Adding insult to injury, the state is asking certain school districts to give back money they’ve already received in order to fund the oil-company give-backs.