“Get Ready for a Texas-Sized Tax Break: It May Get a New Life”

Texas businesses and investors have been eagerly awaiting the return of Chapter 313 tax incentives, credited with bringing billions of dollars in investments to the state. Tesla, Samsung and Toyota are just a few companies that built massive manufacturing plants thanks to tax abatements from local school districts under this legislation. Although it had a sunset date of December 31, 2022, pressure from the business community has resulted in The Texas Jobs and Security Act (HB5) being introduced on the floor of the Texas State House. While its contents remain unknown at this time, Governor Greg Abbott has promised to sign it if passed by legislators. This could mean big things for businesses looking for an incentive unlike any other in Texas’ history!