Applications recently opened for the Texas Jobs, Energy, Technology, and Innovation (JETI) program, an innovative economic incentive tool designed to attract new companies and bring even more business expansion to the Lone Star State. The program exists to help advance Texas’ robust pro-business climate, growing infrastructure and talented workforce to maintain the state’s status as a preeminent economic powerhouse in America.
TAB was proud to support Chairman Todd Hunter’s House Bill 5 last session – which passed with bipartisan support and created the JETI program – which will allow Texas to maintain its state-of-the-art competitive edge by creating new job opportunities and attracting new valuable investments to the state. This initiative will replace the expired Chapter 313 and targets manufacturing and research companies starting new projects in Texas.
These eligible firms can receive a 10-year property tax reduction to local school districts, provided they generate new jobs with competitive wages and health benefits. There are a few key differences between JETI and the previous program – namely, extra criteria pertaining to job creation and wages, increased supervision of enrolled companies, and a 50 percent cut in property tax reductions, which increases to 75 percent in federally designated opportunity zones. State leaders have expressed optimism about its potential impact on the economy and communities throughout Texas.
“With strategic, ongoing investments in infrastructure, education, and workforce development, coupled with new economic development incentive tools like JETI, we will continue to attract even more innovative industry leaders and promote increased prosperity for Texans across our entire state for an even bigger, bolder Texas,” said Governor Greg Abbott in a press release announcing the opening of applications last week.
Combined with Texas’ low taxes, minimal regulation, and the outstanding pro-business leadership of Governor Abbott and the Texas Legislature, JETI will allow Texas to maintain its position as the nation’s top state for new business projects, as evidenced by Texas recently winning Site Selection Magazine’s Governor's Cup for a record 12th year in a row.
The passage and implementation of JETI is yet another decisive move that signifies Texas' commitment to strengthening its business-friendly environment while ensuring the prosperity of its residents. By offering attractive incentives and prioritizing investment in critical areas, Texas can continue to attract top-tier companies from across the nation and globe, stimulating more job growth, capital investment, and innovation.
To read more about detailed program requirements or find application forms, click here.
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