It also would require a biennial report to the legislature from the comptroller detailing the impact of all projects throughout the state. Garcia said the bill brings more transparency and accountability to incentive deals, requiring companies to project the full economic benefit and tax and revenue consequences on the school district over 25 years. They’re a lot more capital-expenditure intensive.” “Currently, Texas is operating without a real tool to compete and attract these major projects, and you know, what we’re seeing in the marketplace is these projects are getting bigger and bigger. “When we’re competing for projects with major competitors like Arizona, Florida and North Carolina, we have to have a tool that makes the playing field as competitive as possible,” Garcia said. Matt Garcia, senior vice president of public policy for the Dallas Regional Chamber, said House Bill 5 is a key priority for the organization. “The Texas Jobs and Security Act gives communities the competitive edge they need to attract major manufacturing projects that create jobs and generate long-term revenue for public services.” “The positive economic impact of these incentives is undeniable, and underscores the need to pass HB 5,” Texas Association of Business CEO Glenn Hamer said in a statement.
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