Comptroller Huffines did not list his role at a family investment firm with SpaceX holdings on his state disclosure, Tribune reports

Texas Comptroller Don Huffines did not report his leadership role at a Dallas venture capital firm that counts SpaceX among its investments when he filed his personal financial disclosure in February, The Texas Tribune reported Wednesday.

State law requires candidates and officeholders to list executive positions they hold in businesses. The firm, Huffines Enterprises Science & Technology, known as HEST, was launched in 2022 and is tied to the real estate business Huffines founded with his twin brother, the Tribune reported.

What the records show

A state filing for the firm signed in September, after Huffines became comptroller, names him as its manager, along with his son Colin Huffines, according to comptroller's office records cited by the Tribune. An archived version of the firm's website listed Huffines as president as of early February; that page has been offline since at least March.

SpaceX is one of nine companies the firm's website lists in its portfolio. The size of the investment is not public.

The connection matters because the comptroller's office runs two tax incentives worth more than $1 billion to SpaceX and an affiliate, TeraFab AI, the Tribune reported. Both were approved under Huffines' predecessor, Kelly Hancock, but the office continues to monitor compliance and can penalize or revoke agreements.

Both sides

Allen Blakemore, a spokesperson and senior adviser for the Huffines campaign, said the comptroller "holds no personal ownership interest in HEST or SpaceX" and that he has been paid nothing by either one. Blakemore said Huffines has not approved or influenced any incentive or agreement for an entity in which he has a financial stake.

Andy Cates, an ethics and political law attorney, told the Tribune that the timing of the SpaceX deals does not change the disclosure requirement. "Being manager of a family firm is still a holding that requires disclosure," he said.

State law does not require a person to earn income from a business before listing it. Omissions carry no automatic penalty, but a Texan may submit a sworn complaint, which the state ethics commission then investigates and can dismiss or answer with a fine.

Huffines, appointed by Gov. Greg Abbott in July, faces Democrat Sarah Eckhardt on the Nov. 3 ballot for a full term. SpaceX did not respond to the Tribune's requests for comment.

Sources

The Texas Tribune