Relating to the repeal of the Texas Jobs, Energy, Technology, and Innovation Act.
Impact
If enacted, the repeal of the Texas Jobs, Energy, Technology, and Innovation Act could lead to significant shifts in state policies regarding economic development. Supporters of the bill believe that removing this act would allow for the introduction of new legislation that better reflects current economic realities and promotes innovative sectors. However, critics warn that the repeal might undermine existing initiatives that have provided support to job-seekers and technology companies across Texas, potentially destabilizing industries that have relied on those benefits.
Summary
House Bill 178 seeks to repeal the Texas Jobs, Energy, Technology, and Innovation Act. The legislation is introduced with the aim of reassessing the state's approach to economic development and its commitments under the existing act. Proponents of the repeal argue that the current act has not delivered the expected growth in job creation and economic stimulation, and they are calling for a more streamlined focus on sustainable development initiatives that align with contemporary energy and technology needs within the state.
Contention
There is notable contention surrounding the repeal of this act, with advocates emphasizing the need for government accountability and efficiency in economic programs. Conversely, opponents argue that dismantling such frameworks could lead to job losses and hinder Texas's capacity to attract new businesses in the energy and technology sectors. The debate is particularly heated among various stakeholder groups, including business executives, economic scholars, and local government officials, all of whom have vested interests in the outcomes of these policies.
Texas Constitutional Statutes Affected
Tax Code
Chapter 313. Texas Economic Development Act
Section: New Section
Chapter 23. Appraisal Methods And Procedures
Section: 03
Chapter 26. Assessment
Section: New Section
Chapter 171. Franchise Tax
Section: 602
Chapter 312. Property Redevelopment And Tax Abatement Act
Relating to the eligibility of certain foreign individuals or entities for a limitation on the taxable value of property for school district maintenance and operations ad valorem tax purposes under the Texas Jobs, Energy, Technology, and Innovation Act.
Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.
Relating to the findings required to be made by the comptroller of public accounts in order to recommend for approval an application for a limitation on the taxable value of eligible property for school district maintenance and operations ad valorem tax purposes under the Texas Jobs, Energy, Technology, and Innovation Act.
Relating to public education and public school finance, including the rights, certification, and compensation of public school educators, contributions by a public school to the Teacher Retirement System of Texas, and an education savings account program for certain children.