IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 23 Sep 2013 | Removal date: open ended
Still in force

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 #265, was reached between the Goose Creek school district and ExxonMobil Corporation on September 23, 2013. At issue is a facility for the manufacture of goods falling within code 324110 of the North American Industry Classification System (i.e., petroleum refining). According to the Texas Comptroller of Public Accounts, the estimated total gross tax benefit to the company resulting from this agreement amounts to $115,218,898 over an eleven-year period.

AFFECTED COUNTRIES

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AFFECTED SECTORS AND PRODUCTS

333 Petroleum oils & oils of bituminous materials, other than crude
2710 Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic con
271012 Light oils and preparations
271019 Other
271020 Petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the bas
399 Other wastes & scraps
2710 Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic con
271099 Other

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