TX launches new property tax incentive program to lure businesses [Video]

AUSTIN, Texas — Texas has launched a new economic incentives program intended to bring new companies and jobs to the state, replacing a prior job creation system that lawmakers phased out after complaints that it contributed to inequity in public schools.

Gov. Greg Abbott announced the opening of applications for the Texas Jobs Energy, Technology, and Innovation, or JETI, program. Passed with bipartisan support by lawmakers last year, it will provide property tax cuts to eligible companies that move into Texas communities in exchange for job creation.

It replaces Chapter 313, the widely criticized old abatement program that expired at the end of 2022. The new program includes more oversight of participating companies, introduces additional job and salary requirements and halves Chapter 313’s property tax cuts.

“Texas is America’s jobs engine, thanks to our …