Vacation home rentals can decrease income taxes under certain circumstances. However, a 2014 court case demonstrates how the personal use of a rental vacation home can decrease tax benefits. A new 3.8 percent surtax on unearned income may increase taxes when vacation rental homes are sold.
Surface owners without minerals face many perplexing situations when an oil company enters to explore and produce the minerals. Surface owners gain some relief and protection under the recently recognized accommodation of the estate doctrine.
(Gilmer, Redus) 5pp.
Texas’ four largest metros (Dallas-Fort Worth, Houston, Austin and San Antonio) function as one large economic entity with each playing complementary roles. Together, they represent 68 percent of Texas jobs and 73 percent of the state’s income.
The price of Texas oil and the upstream energy sector is a prime cause of concern for Texas’ 2015 economy and housing market. History shows that Texas’ housing does not depend on high oil prices. In fact, the state’s housing market has thrived at prices within a wide range of oil prices lower than those experienced in 2013 and the first half of 2014.
Throughout Texas, people are concerned about the oil industry downturn, fearing another 1980s bust. But the Corpus Christi area is an example of how economic diversification creates employment opportunities that may counter the decline in the drilling sector.
(Gilliland, McGough, Steinbring) 4pp.
Statewide per-acre prices set a record high in 2014, with all regions except West Texas and Far West Texas registering price increases.
A Center study determines how important Texas’ economy is to the overall national economy by monitoring and comparing Texas and United States GDPs, total incomes and employment. Since the Great Recession, Texas has expanded its share of U.S. aggregate output.