What Texas' surplus could mean for residents

Why it matters: Hegar is calling it a "once-in-a-lifetime opportunity."

• Gov. Greg Abbott tweeted that as taxpayers, the surplus is our money.

The latest: Texas leaders are already piping in with some ideas for what to do with the historic surplus.

• Abbott pledged to provide the largest property tax cut in state history.
• Lt. Gov. Dan Patrick wants to raise the annual homestead exemption from $40,000 to $70,000, reducing the amount on which homeowners must pay property taxes.
• Texas public university leaders are seeking nearly $1 billion toward higher education in exchange for holding tuition flat for two years, per the Texas Tribune.
• Meanwhile, the Texas State Teachers Association wants some of the money to go toward schools, teachers' pay and retirement.

What we're watching: Whether any money will go toward the long-awaited but sluggish bullet train project to make travel between Houston, Dallas, Austin and San Antonio easier.

💭 Our thought bubble: Here are some other very realistic options we have in mind.

• A full-fledged public transit system within major metro cities and their suburbs.
• More affordable housing projects across the state.
• Long-term housing for homeless people.
• Student debt relief for Texans with state education loans.
• Adding more solar panels to homes, giving Texans the freedom to generate their own energy.
• More resources to solve the county jails' overpopulation.