ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
The Texas Economic Development Act (Chapter 313 of the Tax Code) provides for the extension of investment incentives manufacturers and others through tax abatements. The law allows school districts to attract new taxable property development by offering a value limitation on the appraised value of the property for the maintenance and operations portion of the school district’s property tax.
One such deal, designated as Agreement #250, was reached between the Goose Creek school district and Chevron Phillips Chemical Company LP on October 14, 2013. At issue is a facility for the manufacture of goods falling within code 325110 of the North American Industry Classification System (i.e., benzene, butadiene, etc.). According to the Texas Comptroller of Public Accounts, the estimated total gross tax benefit to the company resulting from this agreement amounts to $129,165,708 over an eleven-year period.
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