Business and legislative leaders push to replace expired tax break with a new one

  • 📰 ksatnews
  • ⏱ Reading Time:
  • 73 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

Business groups warned lawmakers that Texas could lose business to other states without something to replace the so-called Chapter 313 tax break, which gave some companies big breaks on school taxes.

, represents Corpus Christi and its industry-dense environs in Nueces and Aransas counties, where school districts have awarded Chapter 313 agreements to numerous petrochemical companies.

Under HB 5, approved companies would be required to report various project data to the comptroller’s office, including the total number of jobs created by the project, the total wages paid and the total amount of the investment. “Just because you have to report on something doesn’t mean there are any standards,” he said. “Why wouldn’t a school district just approve anything if state taxpayers have to pay for it?”, existing Chapter 313 agreements — hundreds of which were approved in a mad rush in the months before the bill expired — have “put taxpayers on the hook for a projected $31 billion in tax breaks for nearly three decades to come.

“I think it needs to be redone to address the concerns folks have about the 313 process. It needs more transparent reporting mechanisms,” he said. “Accountability means that the system or program doesn’t get abused, that it’s not cheating school systems in Texas and that it’s fair and equitable in terms of how it’s used to grow industry.”Lozano serves as chair of the House Higher Education Committee.

“A serious program would be targeted at those specific projects where it’s really necessary to have an incentive to attract them to Texas,” Lavine said, “where the approval process is a thoughtful and legitimate one and not one where school districts are paid to say yes.” “They can’t escape the connection: Tax breaks for big businesses equals less money for school districts,” he said.

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:

 /  🏆 442. in US
 

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

United States United States Latest News, United States United States Headlines

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

Texas Speaker Prioritizes Bills to Court Business, Create New JobsWith the 88th legislative session underway, Speaker Dade Phelan (R) announced additional priorities for the Texas House on Tuesday.
Source: NBCDFW - 🏆 288. / 63 Read more »