Huffines Left SpaceX-Linked Firm Off State Financial Form

Texas Comptroller Don Huffines did not list his leadership role in a private equity firm that invests in SpaceX on his state financial disclosure form filed in February. The firm, Huffines Enterprises Science & Technology, or HEST, is a Dallas-based venture capital company that lists the rocket maker as one of nine portfolio companies.

State law requires elected officials and candidates to detail executive roles in businesses they hold. Huffines, who has served as comptroller since July, was listed as manager in a September filing for HEST. His son, Colin Huffines, is also listed as a manager. An archived page from the company website showed Huffines as president and his other son, Russell, as vice president in early February.

That specific web page has been down since at least March, a few weeks after Huffines submitted his personal financial statement to run for a full term. A spokesperson for the Huffines campaign did not answer questions about whether he remains president or why the page is no longer live.

The comptroller’s office administers two tax breaks worth more than a billion dollars to SpaceX and its affiliate. These incentives were awarded before Huffines took office. The office approved eight tax incentive agreements with TeraFab AI, LLC, an entity linked to SpaceX, for a planned semiconductor facility. If all four phases are built, the state will exempt TeraFab from paying nearly $1.7 billion in local school maintenance and operations taxes through 2046.

Allen Blakemore, a senior adviser for Huffines’ campaign, said the comptroller holds no personal ownership interest in HEST or SpaceX and has received no income from either. Blakemore stated that Huffines has not approved, directed, or influenced any incentive for any entity with which he has financial involvement since taking office.

Andy Cates, a political lawyer and ethics expert, said the timing of the SpaceX agreements is irrelevant to the disclosure requirement. He noted that being a manager of a family firm is a holding that must be disclosed regardless of whether the impact predates the official’s tenure. Cates said the purpose of these forms is to allow citizens to evaluate potential conflicts of interest.

Huffines faces Democrat Sarah Eckhardt on the November ballot. The comptroller is the state’s chief financial officer, responsible for overseeing contracts, collecting taxes, and estimating revenue. State law does not contain an automatic civil or criminal penalty for omitting information from a financial disclosure form, though any resident can file a sworn complaint for investigation.