Gov. Greg Abbott has announced the opening of applications for the Texas Jobs, Energy, Technology, and Innovation (JETI) program, a new competitive economic incentive tool that will attract new jobs and investments to the state.
Abbott signed House Bill 5 into law following the 88th Regular Legislative Session, creating the JETI Act to attract large, capital-intensive economic development projects that bring new capital investment and create new, good-paying jobs in Texas communities while ensuring robust reporting and transparency.
The JETI Act allows a company, school district, and the Governor's Office to enter into an agreement for a 10-year school district maintenance and operations (M&O) tax appraised value limitation of 50 percent, based on qualifying job and capital investment minimums. Projects located in qualified Opportunity Zones are eligible for an additional 25 percent limitation on taxable value.
Eligible projects include manufacturing facilities; dispatchable electric generation facilities; natural resource development facilities; research, development, or manufacturing facilities for high-tech infrastructure equipment or technology; and the construction or expansion of critical infrastructure. Renewable energy projects or energy storage facilities are not eligible.
Application forms and detailed program requirements are available on the Texas Comptroller's website at comptroller.texas.gov/economy/development/prop-tax/jeti.
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