Tex.
Tax Code Section 313.002
Findings
(1)
many states have enacted aggressive economic development laws designed to attract large employers, create jobs, and strengthen their economies;(2)
given Texas’ relatively high ad valorem taxes, it is difficult for the state to compete for new capital projects without temporarily limiting ad valorem taxes imposed on new capital investments;(3)
a significant portion of the Texas economy continues to be based in manufacturing and other capital-intensive industries, and their continued growth and overall health serve the Texas economy well;(4)
without a vibrant, strong manufacturing sector, other sectors of the economy, especially the state’s service sector, will also suffer adverse consequences; and(5)
the current ad valorem tax system of this state does not favor capital-intensive businesses such as manufacturers.
Source:
Section 313.002 — Findings, https://statutes.capitol.texas.gov/Docs/TX/htm/TX.313.htm#313.002 (accessed Jun. 5, 2024).
