March 27, 2024

Fiscal Notes: New Tax Incentive Program Succeeds Chapter 313

(AUSTIN) — In the latest Fiscal Notes, the Texas Comptroller of Public Accounts examines the state’s newest economic development tool — the Jobs, Energy, Technology and Innovation Act (JETI) — aimed at helping Texas stay competitive in attracting company investments. 

JETI succeeds the Texas Economic Development Act, more commonly known as the Chapter 313 tax-incentive program. JETI differs from Chapter 313 by excluding the option to waive the job creation requirement, which occurred frequently under Chapter 313. Applicants also must prove that the JETI program is a compelling factor for competitive site selection in Texas by providing evidence that the investment was made due to the tax incentives offered through the program.

“The Legislature designed the JETI program to encourage projects that strengthen the state's power grid and unleash potential in the research, development and manufacturing of high-tech equipment, among other categories — all while boosting statewide employment,” Texas Comptroller Glenn Hegar said. “Lawmakers wanted to create a program that aligned with the needs of Texans and the Texas economy.”

The online issue of Fiscal Notes features a Q&A with John Villarreal, manager of the Comptroller's economic development team, who explains the new program.

This month's Fiscal Notes also shows readers how they can use Texas' government tech solutions to jump-start their vacations. Whether you're looking for wildflowers, embarking on an adventure or planning a staycation, state agencies have invested in digital tools to help plan a worthwhile and safe experience.

Fiscal Notes provides information, original research and balanced analysis on the Texas economy. It’s one of the ways the Comptroller's office strives to assist and inform taxpayers and the people of Texas. Fiscal Notes content is an extension of the Comptroller's constitutional responsibilities to monitor the state's economy and to estimate state government revenues.

Articles and analysis appearing in Fiscal Notes do not necessarily represent the policy or endorsement of the Texas Comptroller of Public Accounts. Space is devoted to a wide variety of topics of Texas interest and general government concern.

Fiscal Notes is available online and can be received by subscribing via the Comptroller's website.