Texas Tax Code Chapter 313 (aka the Texas Economic Development Act) creates a state tax incentive program for certain large businesses to limit the appraised value on their property for the purposes of local Texas public school district property taxes. Created by the Texas legislature in 2001, and initially set to expire in 2007, the program has been renewed several times. In 2013, the Texas Legislature reset the expiration date of the program to December 31, 2022. The Texas Comptroller's website posts documents related to the projects.
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| - Texas Tax Code Chapter 313 (en)
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| - Texas Tax Code Chapter 313 (aka the Texas Economic Development Act) creates a state tax incentive program for certain large businesses to limit the appraised value on their property for the purposes of local Texas public school district property taxes. Created by the Texas legislature in 2001, and initially set to expire in 2007, the program has been renewed several times. In 2013, the Texas Legislature reset the expiration date of the program to December 31, 2022. The Texas Comptroller's website posts documents related to the projects. (en)
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| - Texas Tax Code Chapter 313 (aka the Texas Economic Development Act) creates a state tax incentive program for certain large businesses to limit the appraised value on their property for the purposes of local Texas public school district property taxes. An appraised value limitation is an agreement between a taxpayer and a Texas school district in which the taxpayer proposes to build or install property—and create jobs meeting certain job and wage requirements—in exchange for a ten-year limitation on the taxpayer's property value for school district maintenance and operations tax (M&O) purposes. For ten years, school M&O property taxes are not levied on the value in excess of the limitation amount. Limitation amounts are established by statute and vary by school district from $10 million to $100 million. Unlike abatements based on a percentage of the property value, the structure of the program benefits primarily extremely large projects. The majority of projects are in the petrochemical or energy sectors, although some are typical manufacturing. Created by the Texas legislature in 2001, and initially set to expire in 2007, the program has been renewed several times. In 2013, the Texas Legislature reset the expiration date of the program to December 31, 2022. Companies seeking a limitation submit an abatement application to the school district in which the project may be located. The school district forwards the application to the Texas Comptroller for evaluation. The school district may not grant final approval of the abatement without Comptroller analysis and approval. For the 10 years of the tax benefit period, reduced local school district revenues are substantially replaced with state funds through the state public school finance system. The Texas Tax Code gives to the Texas Comptroller's office responsibility and authority to adopt rules necessary for the implementation and administration or the program. The Comptroller's office delegates to school districts the responsibility to enforce provisions of the limitation agreements. In 2013, in House Bill 3390, the Texas legislature charged the Comptroller's office with reviewing the number of qualifying jobs created in future projects receiving tax limitations. The Texas Comptroller's website posts documents related to the projects. (en)
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