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 set of deals, designated as agreements #376, 377, and 378, was reached between the Sabine Pass school district and Golden Pass Products LLC on November 3, 2014. At issue is a facility for the manufacture of goods falling within code 325120 of the North American Industry Classification System (i.e., hydrogen, acetylene, etc. manufacturing). According to the Texas Comptroller of Public Accounts, the estimated total gross tax benefit to the company resulting from this agreement amounts to $797,003,200 over an eleven-year period.
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