Texas launches new economic incentive program
AUSTIN — Gov. Greg Abbott on Thursday announced the opening of applications for the Texas Jobs, Energy, Technology, and Innovation program, a new competitive economic incentive tool that will attract new jobs and investments to the state.
“The JETI program is a new, transparent economic development incentive tool to help our communities continue to attract transformational capital investments that will create good-paying jobs for generations to come,” said Abbott in a news release.
“Texas is America’s jobs engine, thanks to our welcoming business climate, robust infrastructure, and skilled and growing workforce. But we cannot be complacent as we now compete both nationally and globally in industry sectors critical for growth tomorrow.
“I thank my partners in the Texas Legislature for investing in our state’s future — and Texans’ futures — through this important program.
“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.”
Abbott signed House Bill 5 into law following the 88th Regular Legislative Session, creating the Texas Jobs, Energy, Technology and Innovation Act to attract large, capital-intensive economic development projects that bring new capital investment and create new, good-paying jobs in Texas communities while ensuring robust reporting and transparency.
The JETI Act allows a company, school district, and the Governor’s Office to enter into an agreement for a 10-year school district maintenance and operations tax appraised value limitation of 50%, based on qualifying job and capital investment minimums. Projects located in qualified Opportunity Zones are eligible for an additional 25% limitation on taxable value.
Eligible projects include: manufacturing facilities; dispatchable electric generation facilities; natural resource development facilities; research, development, or manufacturing facilities for high-tech infrastructure equipment or technology; and the construction or expansion of critical infrastructure. Renewable energy projects or energy storage facilities are not eligible.
Application forms and detailed program requirements are available on the Texas Comptroller’s website at comptroller.texas.gov/economy/development/prop-tax/jeti.