After Meta, formerly known as Facebook, agreed to settle a privacy lawsuit with Texas for $1.4 billion, Texans are wondering: what happens to that money?
The settlement, the largest ever obtained by a single state, concerns the unauthorized collection of biometric data from users. Meta agreed to the settlement and will pay $1.4 billion to the state of Texas over five years.
According to the Office of the Attorney General, money collected from the settlement will go, in small part, to pay outside counsel working on the case—lawyers specializing in these kinds of lawsuits.
The vast majority, however, will go to the state general revenue fund. That means it will be up to the state legislature to decide how the money gets spent when they pass the next biennial budget, and if it will be given back to Texans.
Andrew McVeigh, the president of Texans for Fiscal Responsibility, says he wants to see the money be returned via property tax relief.
“For years, taxpayers across the State have been suffering under the ever-increasing tax burden, particularly property taxes. This settlement with Meta provides Texas with a unique opportunity,” said McVeigh. “The funds from this settlement should be treated the same as all surplus state revenue should be treated: returned to the taxpayer to help relieve them of their property tax burden. Specifically, using the funds to compress, or ‘buy-down’ the School M&O property tax rate, which will provide all Texans with real relief.”