The Chamber is committed to providing our members with resources and information during this unprecedented time. While we continue to help our members navigate their “new normal,” we are continuing our public policy efforts. This week, the Chamber reached out to state officials for updates.
During the interim, legislation is typically drafted, and Senate and House committees discuss what is needed for the next session. After reaching out to our representatives in Austin, we discovered many activities during the interim are on hold. While Capitol employees may be in the Capitol, many are working from home. The Capitol is locked down for visitors. Currently, House and Senate committee hearings are canceled. The Senate Natural Resources and Economic Development Committee canceled their April 30th hearing on the renewal of Chapter 313.
Chapter 313 is a valuable economic development tool that allows school districts to cap the value of new capital investment on the tax roles for up to 10 years as a financial incentive to invest in their district. The companies most affected are those who would be funding the campaign to reauthorize Chapter 313.
Chapter 313 is not the only issue that will be set aside for now. Stay at home orders coupled with a price war started by Russia and Saudi Arabia has caused oil prices to fall dramatically. State revenue is down. The funds for transportation will likely decrease because they are tied to sales and oil taxes. The Rainy Day Fund may have to be used to fund some essential state priorities.
Due to the temporary legislative hold, the time for drafting legislation and promoting causes will be compressed into a shorter period before the next session. We have to engage in the late summer and fall to continue to advocate on behalf of businesses. Moving forward, we must consider how to fund the HB3 innovations in education.
Once we get through this pandemic together, we will all have to focus on what is vital to business in the upcoming legislative session. We indeed are stronger together, and together we must be prepared to gear up on legislative issues quickly when this is over.