In an 11th-hour deal, Texas lawmakers passed Sunday a new economic incentives package to help lure large companies to the state and replace the widely criticized tax abatement program known as Chapter 313, which expired last year.
Eligible companies would get a 50% abatement unless the project was located in an economically disadvantaged area that has been federally designated as an “opportunity” zone — in which case the abatement would be bumped up to 75%.
Before a new company can take the deal and move into a community in Texas, the school district in the area would host public hearings and decide whether the project should be considered by an oversight committee composed of legislative leaders. The abatement also could go to projects that seek to build or expand on existing “critical infrastructure” but bans participation by renewable energy companies like wind and solar — which composed a large share of the companies in the last program — from being eligible for the tax break, as well as battery power storage projects.
That provision was stronger in earlier versions of the bill, which excluded all companies with ESG policies, but it triggered warnings by both Democrats and Republicans — as well as some in the oil and gas industry — that it would inadvertently exclude far too many companies. Known by supporters as “payments in lieu of” taxes and by critics as “bribes” and “kickbacks,” the payments were a feature of Chapter 313 that detractors said created obvious inequities because only the districts lucky enough to win deals with companies could get the windfalls.
Two years ago, the Taylor ISD struck a deal with Samsung to build a base in its Williamson County district, north of Austin.
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