Because of the abundance of oil and natural gas in Texas in the past:
Understand the Problem
The question is asking about the implications of Texas's oil and natural gas abundance on the state's regulations and taxation policies, specifically regarding income taxes and industry regulation.
Answer
The state levies no income taxes.
The correct answer is "The state levies no income taxes."
Answer for screen readers
The correct answer is "The state levies no income taxes."
More Information
Texas has a significant revenue stream from oil and natural gas production, allowing it not to levy a state income tax.
Sources
- Texas State Energy Profile - eia.gov
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