The Chapter 313 program, authorized in 2001, allows Texas school districts to cap the taxable value of a property for some new projects, saving companies tens of millions of dollars in taxes, or more. It is set to expire at the end of December, after a bipartisan coalition in 2021 stopped efforts to reauthorize the program.
Critics of Chapter 313 call it corporate welfare that deprives Texas public schools of funding....
"We draw a hard line at using school funding for corporate tax funding," Brandon said at the hearing. "In our minds, it is shameful to take money from school children to line the pockets of wealthy corporations. It seems like greed of biblical proportions. Economic development should never be a threat to the well-being, competitiveness and growth of our most precious, God-given assets. More precious than fossil fuels, more precious than green energy, more precious than electric cars, more precious than computer chips: our children, whose education and future are being bankrupted by Chapter 313."
[Image Credit: KVUE]
State Lawmakers Discuss Bringing Back Tax Incentive Program for School Districts, KVUE [pdf]
Clock is Ticking on Texas' Chapter 313 Incentives -- and Major Projects May Miss Out, Austin Business Journal [pdf]