Preserving the state's ability to be competitive in recruiting new businesses has taken center stage in recent weeks at the Texas Capitol. Speaker Dade Phelan announced on Tuesday, February 28 his next set of priorities that includes a series of bills under the title “Defending the Texas Miracle.” Within this new set of priorities is House Bill 5, the Texas Jobs & Security Act.
This bill will provide Texas with an economic development tool to create additional jobs, investments, and tax revenue, keeping the state competitive in recruiting businesses to relocate or expand in Texas. Under House Bill 5, the incentives will be targeted and temporary in attracting large-scale, capital-intensive projects related to the manufacturing, national security, and energy infrastructure industries.
The announcement by Speaker Phelan comes on the heels of Governor Greg Abbott mentioning economic development in his State of the State Address. He recognized being ranked the number one state for business every year he has been Governor. He pointed out that the success, “has been aided by strategic economic development tools. To keep Texas the best state for business, our local communities need new economic development tools this session.”
Opportunity Austin signed onto a letter encouraging legislators to be part of the solution and pass legislation supporting a new, modern economic development tool that was delivered this week. The bill filing deadline is next week and the session will start moving fast. Please watch for legislative updates and action alerts as the session progresses.
Related Categories: Economic Development