Texas Gov. Greg Abbott (R) signed a bill Wednesday to revive an expired incentive that provided property tax breaks to businesses doing new construction in the state.
The new plan (HB 5) replaces a program known as Chapter 313, which offered property tax abatements to renewable energy and manufacturing projects until it expired on Dec. 31, 2022. The revised plan excludes renewable energy projects, which previously accounted for almost two-thirds of the executed deals, and expands eligibility for industries such as semiconductor chip manufacturing.
The abatement is generally limited to 50% of a property’s market value, but projects ...
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