by Katie Greer, Director of Communications
Representative Angie Chen Button, Chair of the International Relations and Economic Development Committee, joined TAB for a members-only virtual discussion called TxBizTalks. Rep. Button answered questions from TAB CEO Glenn Hamer. The two covered international trade, capital-intensive investments, semiconductors, and the tax policies that keep Texas competing with other states.
As an economic powerhouse, companies come to Texas by the droves for our low cost of living, lack of income tax, and a booming population that feeds a terrific workforce. Texas also has several economic development tools to attract large scale capital investments, including a program known as Chapter 313.
Rep. Button commented that the value of a business-friendly tax structure is that it brings dollars and jobs to Texas communities. TAB is working with stakeholders to reimagine a program that keeps the tax code as fair, clean and efficient as possible to ensure Texas can keep winning on the economic development front. Last November alone, Texas landed $47 billion in large scale capital investments related to the advancement of semiconductor manufacturing. This is a space TAB is passionate about as it directly impacts our nation’s ability to be the world’s top economic and military power. Rep. Button thanked U.S. Senator John Cornyn for his dedication to this issue. He authored the CHIPS for America Act, funding for which is currently tied up in the reconciliation process. Conferees are reconciling differences between the U.S. Innovation and Competition Act (USICA) and the House-passed America COMPETES Act. Rep. Button said that especially given the conflicts and uncertainty in rival countries, we need to speed up the process to allocate these critical funds.
Our nation’s reliance on external forces for essential products caused disruptions for businesses of every size. It is still one of the top three issues TAB hears about from local chambers and employers. When it comes to semiconductors, Taiwan alone produces 90 percent of the most advanced semiconductor chips. If Congress passes this chips funding, and makes Texas the home of the National Technology and Advanced Packaging Centers, we could bring greater stability to our supply chains – improving the flow of commerce for every Texan.