Texas steered millions to Tesla as it ends Chapter 313 tax breaks, lawsuit charges

  • 📰 HoustonChron
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Two wind companies claim their projects were denied millions in incentives even though they qualified, and other ventures, like Tesla, were approved.

Jeffrey Beicker, the CEO of Permico Energia, did not mince words in his July 2018 email to the Texas Comptroller’s Office, which had just denied his company’s request for a Chapter 313 property tax incentive package. “We refuse to lie to receive the tax abatement,” he wrote. “Apparently our competitors do not share this moral dilemma.

The looming deadline created a land rush of applicants seeking to lock in the valuable tax breaks before the program was shuttered. “The Texas Legislature did not give the Comptroller the unilateral authority to decide which projects to review on the merits, and which ones to ignore,” the lawsuit argues, asking the Texas Supreme Court to either order the comptroller to expedite his consideration of the Chapter 313 applications, or to extend the deadline into next year.

The comptroller’s office said it has rejected 57 of 413 proposals this calendar year because of the limited timeframe. It declined to say why some companies were approved and others denied.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

This is what fascist and crony capitalist, tin pot dictator states do.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 609. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Elon Musk ‘fanboy,’ Tesla investors furious as shares hit two-year lowShares of Tesla, the world’s most valuable carmaker, is one of the worst performing stocks among major automakers and tech companies this year. Oh, not Biden for tanking the economy?
Source: nypost - 🏆 91. / 67 Read more »

Sears Hometown files for Chapter 11 bankruptcy protection | CNN BusinessSears Hometown Stores Inc., a franchise-owned spinoff from Sears, has filed for Chapter 11 bankruptcy protection Dude. Sears just needs to give it up. Please be the voice of Mohammad Mehdi Karami. He is only 22 years old, innocent and tortured to confess to a murder crime he didn’t commit. He is in danger of execution. MohammadMehdiKarami محمدمهدی_کرمی IranRevolution Sears has been dead since the 90's... it just took a while for their CEO to bleed them dry.
Source: CNN - 🏆 4. / 95 Read more »