New tax breaks for businesses same as the ones lawmakers killed - bad for Texas
. The now-defunct program will have cost Texans $31 billion by the time the last tax break expires in 2049.school districts approved too many packages for companies that never produced the promised jobs and granted abatements to projects that would have been built anywayChambers of commerce have spent the past two years lobbying for a replacement and House Speaker Dade Phelan promised to prioritize it. Thus was born House Bill 5.First, it excludes renewable energy.
More than 1,000 Texas chambers of commerce and local economic development officers officially supported the bill Monday. “We need to have a robust program in place to be competitive,” Bob Harvey, CEO of the Greater Houston Partnership, told lawmakers. “We are competitive on every level except on property tax.”
Marina Gonzales, of the San Antonio Hispanic Chamber of Commerce, said the bill “will help our region remain competitive to attract transformative economic change.”, executives demand an auction where local and state governments bid ever-larger tax breaks in return for building in their jurisdictions. In Texas, the property taxes levied by school districts are the most expensive taxes paid by corporations.
Texas chronically underfunds schools, though, so districts are loathe to offer tax breaks unless the Legislature makes them whole. Under Chapter 313, districts often demanded cash payments in return for approving incentive programs, allowing them to have their cake and eat it too.
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