Texas is dedicated to investing in its future by providing competitive incentives to businesses that create jobs and foster innovation. These incentives, sometimes referred to as corporate welfare, are commonplace in every state and are becoming increasingly contentious. The state offers special tax exemptions for companies that make large investments in the state, such as the Chapter 313 program established in 2001. This program allows certain industries to avoid most school taxes for ten years by constructing large projects in the state. In addition, Texas has a performance-based financial incentive tool for projects that offer substantial job creation and capital investment.
This fund has helped hundreds of billions of dollars to make private investments, including automotive plants, semiconductor factories, chemical refineries, natural gas processors, and dozens of wind and solar energy projects. Cedar Park also has several performance-based financial incentive programs for businesses that are generating new employment opportunities, expanding the local tax base, and increasing the level of local per capita income. The Texas House of Representatives is reinstating tax exemptions for business property, which are credited with providing billions of dollars in incentives for major job-creation projects by companies such as Tesla, Toyota, Samsung, and Texas Instruments. Todd Hunter, a Republican from Corpus Christi, is also aiming to create new high-paying jobs in the state and recruit projects that would otherwise go elsewhere.
Decisions made in the next legislative session could squander billions of taxpayer dollars and divert much-needed resources from other areas, such as Texas schools. It is important to note that local incentives and tax breaks are not included here. For local incentives, contact your local economic development representative.
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Bowcutt Dental Cedar Park
2501 S Lakeline Blvd
Cedar Park, TX 78613