Economic development tools are important if Texas wants to continue to lead the nation in new capital investment and job growth. That is the message your Chamber public policy team took to Austin last week.
Chapter 313 of the Texas Tax Code has to be reauthorized in the upcoming legislative session or it will expire at the end of 2021. This is the provision of the tax code that allows independent school districts to cap the value of large capital investments for school maintenance and operations property taxes for up to 10 years. It is critical to petroleum processing investments on the gulf coast and to alternative energy production in the panhandle and plains. It can also be used for new nuclear energy projects, large manufacturing plants and for research and development facilities.
This message was delivered to the offices of Senators Kelly Hancock and Bob Hall and to Representative Jim Murphy.
Opponents of Chapter 313 generally are opposed to all economic development tools, calling them “corporate welfare”. They seem to see the Texas Miracle as a real miracle and not the result of the careful planning and effective legislating of generations of Texans. Incentives like Chapter 313 are well thought out inducements to get capital and jobs to choose Texas instead of low tax competing states. Texas has the 9th highest business taxes of any state.
While in Austin, your Chamber participated in a meeting of the Metro 8 Chambers of Commerce, representing the eight largest cities in Texas.