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Winnsboro Texas News

Texas' biggest tax incentive set to double by 2022

Friday, February 17, 2017

The Texas Comptroller's biannual report on tax exemptions is pretty dry reading, describing all the loopholes and options that the state has to let individuals and corporations off the hook. But in this year's edition, there was a bit of a surprise. 

The state's most powerful tool for luring companies to locate capital-intensive projects in Texas is called a Chapter 313 agreement, which temporarily lowers the otherwise very high property tax burden businesses would have to pay. Usually, the bean counters in Austin only project the cost of already-signed agreements. For 2017, however, they forecast what the program will cost if new agreements are signed at the historical rate.

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