New Texas program offers property tax relief to manufacturers – KTEN [Video]

(KTEN) — An economic incentive program launched in Texas on Thursday could help attract new companies and jobs.

Gov. Greg Abbott announced applications opened for the Jobs, Energy, Technology and Innovation Act, also known as JETI.

Under the plan, manufacturing companies would sign an agreement with local school districts and the governor’s office. The tax abatement is contingent upon qualifying job and capital investment minimums, for a 10-year school district maintenance and operations tax assessed value restriction of 50 percent. Initiatives situated inside designated Opportunity Zones may qualify for an extra 25 percent tax value limitation.

Manufacturing facilities, dispatchable electric generation facilities, facilities for developing natural resources, facilities for researching, developing, or manufacturing high-tech infrastructure technology, and the building or expansion of critical infrastructure are among the projects that qualify. Energy storage facilities or renewable energy projects will not be eligible.