Why Did Texas Pass a Constitutional Amendment to Legalize State

question 75

Multiple Choice

Why did Texas pass a constitutional amendment to legalize state lottery ticket sales in 1991?

• A) In 1990, Texans overwhelmingly voted by referendum do legalize such sales.
• B) The U.S. Supreme Court had deemed that restrictions on such sales was unconstitutional.
• C) It was an attempt to compensate for revenue lost due to a variety of causes.
• D) A major source of revenue, casinos, had threatened to leave the state if sales weren't legalized.
• E) It was intended to create an immediate budget surplus that was needed to fund several projects.

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Definitions:

MACRS

MACRS, or Modified Accelerated Cost Recovery System, is a method of depreciation in the United States that allows for faster asset expense recovery over time for tax purposes.

Cash Flows

The movement of money into and out of a business or project, considered crucial for gauging its financial health.

Incremental Changes

Small or minimal adjustments or changes that are made to improve a process, product, or system over time.

Replacement Projects

Projects undertaken by a company to replace old or obsolete assets in order to maintain or improve current operations.