Texas has one of the highest property tax rates in the nation, and this can serve as a hindrance to recruiting new companies to Texas, as well as getting companies to expand operations. A major tool of Texas’ key economic development programs, Chapter 312 of the Tax Code, helps address this issue by allowing cities and counties to offer temporary tax abatements. This allows for Texas to be competitive in a national and international business environment. It is important to note that these programs more than pay for themselves, as new facilities become a permanent part of the community and pay property, sales, franchise, and other taxes.
Coming into the legislative session, the program had been set to expire in 2019. The Frisco Chamber of Commerce was actively engaged throughout the session to extend the life of Chapter 312, and with Governor Abbott's signature on House Bill 3143, the program has been expanded for another decade.
The Frisco Chamber would like to thank Frisco-area legislators Senator Angela Paxton, Senator Jane Nelson, and Representative Justin Holland for their support of this critical legislation for the Frisco business community.