Texas Number of the Week:

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It’s rare to find a policy position where both Democrats and Republicans agree, but both party platforms call for eliminating corporate welfare. A step was taken in that direction last year when Texas lawmakers allowed Section 313 of the Texas Tax Code to expire at the end of 2022. Section 313 provides tax relief, primarily to manufacturing and green energy companies, as an incentive to do business in Texas.

According to the Texas Comptroller’s office, the 509 agreements that have been made under Chapter 313 provisions have reduced tax revenue by $10.8 billion ([link removed]) . Proponents of the program argue that it’s needed not only to incentivize businesses in Texas, but also to promote green energy policies. Opponents decry the program as wasteful and as the government picking winners and losers. In a speech last week to the Texas Oil and Gas Producers Ad Valorem Tax Conference, Republican Speaker of the House Dade Phelan ([link removed]) suggested lawmakers would work to bring back the controversial program in the next legislative session.
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