Incentives similar to the recently expired Chapter 313 program that approved billions of dollars in property tax breaks to companies such as Tesla, Toyota,...
, authored by Rep. Todd Hunter, R-Corpus Christi, similarly aims to create new, high-paying jobs in the state and recruit projects that would otherwise go elsewhere. Although the bill has many of the same components as Chapter 313, Hunter said House Bill 5 excludes renewable energy projects and improves on the earlier version with built-in audit and transparency provisions.
The new program could be even more attractive to businesses. About two-thirds of projects with active agreements under the expired Chapter 313 program would see bigger discounts using HB 5′s model, according to aBeneficiaries of the previous program included Texas Instruments’ chip-making plants in North Texas, Tesla’s gigafactory near Austin and Toyota’s truck plant in San Antonio. In 2021, the comptrollerthat the Chapter 313 program at the time had saved businesses more than $10.
“There is no reason Texas – the 9th largest economy in the world – should be reliant on other nations for the products we need,” said association president Todd Staples in a statement. “HB 5 will help onshore the supplies our citizens rely upon and provide our school districts and local communities with the same tools used by other states in order to keep Texas competitive, attract jobs, generate tax revenue, and help fund education.
Matt Garcia, senior vice president of public policy for the Dallas Regional Chamber, said House Bill 5 is a key priority for the organization. The organizations said Chapter 313 diverted resources to a small number of school districts. They said corporate tax breaks have “exceptionally limited effectiveness” in incentivizing corporate relocation,study that estimated 85% to 90% of projects supported by Chapter 313 from 2002 to 2014 would have located in Texas without the program.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Texas House to vote on restoring corporate tax break program, with billions at stakeThe new iteration of Chapter 313 would cut local taxes for manufacturing and oil and gas companies, excluding renewable energy.
Read more »
Texas House votes to restore corporate tax break program, with billions at stakeThe Texas House is set on Thursday to consider reviving the state’s largest corporate tax break program, a proposal that closely mirrors the one lawmakers refused to extend two years ago.
Read more »
Swift Current Energy takes step to open Texas solar farm in SE TexasSwift Current Energy closed project financing with ING Capital for its planned solar farm about 150 miles south of Houston in Calhoun County, advancing a project that is expected to feed 195 megawatts of electricity to the Texas power grid.
Read more »
When do STAAR results come in 2023? A guide for parents on how to access scoresWhen do STAAR results come in 2023? A guide for parents on how to access scores and what happens next
Read more »
Gulfton has enough space for 500 new trees, study shows, a possible relief to heatAn analysis conducted by Texas A&M Forest Service and The Nature Conservancy in Texas...
Read more »
Texas House’ honors’ Uvalde victims, then dishonors them with inaction (Editorial)Texas House ‘honors’ Uvalde shooting victims and dishonors them with inaction on gun bill (Editorial)
Read more »