Austin, TX — The Texas Association of Business (TAB) today released a statement thanking Governor Greg Abbott for signing House Bill 5, the Texas Jobs, Energy, Technology and Innovation Act, by Chairman Todd Hunter:
"By signing HB 5, Governor Greg Abbott gave Texas communities an edge over the competition. History shows economic development incentives are the deal sealers for big time manufacturing projects. On top of a low tax, light regulatory environment, a highly skilled workforce, and a robust infrastructure, Chapter 403 will help win jobs and investments for Texas communities," said TAB CEO Glenn Hamer.
Governor Greg Abbott is a champion for free enterprise, and the leading reason Texas has won 11 Governor's Cups by Site Selection Magazine. Under his leadership, Texas has also retained its title as CEO Magazine's Best State for Business for 19 consecutive years and has clinched the most Fortune 500 Companies for the last two years.
TAB Board Chairman, Massey Villarreal, attended the Governor’s bill signing ceremony. Massey is highly regarded for his work in economic development, having served three Texas governors in appointed positions and as Chairman of a local, state, and national Hispanic chamber.
TAB is one of over 260 organizations, including more than 100 chambers of commerce, that supported HB 5. In addition to the extraordinary leadership of the bill author, Chairman Todd Hunter, the business community thanks Lt. Governor Dan Patrick, Speaker Dade Phelan, Chairman Charles Schwertner, and Representative Hugh Shine for their leadership and dedication to securing a job-creating economic development tool for Texas communities.
HB 5 establishes a new, transparent and accountable economic development incentive program, Chapter 403. The program focuses on manufacturing facilities related to semiconductors, aerospace, pharmaceuticals, automotive, and the energy industry (from carbon capture to natural gas). Chapter 403 caps a property's value at 50 percent but can be increased to 75 percent if the project is to be located in a federally designated opportunity zone. Participants must create a certain number of jobs based on the size of the project; meet the eligibility guidelines; and adhere to reporting requirements.
TAB is the Texas State Chamber, representing companies of every size and industry. The Association’s purpose is to champion the best business climate in the world, unleashing the power of free enterprise to enhance lives for generations. Follow TAB on Facebook, Twitter, and LinkedIn.
Media Contact:
Katie Zarate
Director of Communications
Texas Association of Business
kzarate@txbiz.org
512-550-5147