Property Tax Relief Bill Approved by Texas House to Reimpose Corporate Tax Break

The Texas House approved the Property Tax Relief bill that will reimpose the state’s corporate tax break. Reports say this bill was similar to the incentives denied of extension almost two years ago.

On May 4, with 118-22 votes, the Texas House initially approved the Property Tax Relief bill that intends to reimpose the state’s corporate tax break program. Today, May 5, the House is expected to give its final approval to the bill, after which it will be sent to the Senate.

According to Christen, the Property Tax Relief bill was relatively similar to the proposed incentives that several Texas lawmakers denied of extension almost two years ago. This denied proposal was the Chapter 313 program that provided discounts for energy and manufacturing companies on school property taxes. These discounts were reportedly intended to persuade the companies to choose Texas over other U.S. states.

READ ALSO: $1.2 Billion In 2023 Tax Relief For Florida Residents To Be Approved By Legislature

New Property Tax Relief Bill

An article in the Houston Chronicle states that the new Property Tax Relief bill that replaced the Chapter 313 program is the House Bill 5. This bill reportedly intends to provide even more profitable incentives for most companies in Texas, while excluding renewable energy projects.

Reports say through the new Property Tax Relief bill, Republican House Speaker Dade Phelan prioritizes the reimposition of the corporate tax break program and the billions of dollars it is expected to provide. Nonetheless, the House Bill 5 will follow through with some eligibility criteria that were the main focus of the Chapter 313 program.

READ ALSO: Nebraska’s Economic Future Looks Bright: $6.3 Billion Revenue, Tax Relief, And Investments On The Horizon!