Texas Economy Shines Brighter After 88th Session
Texas has long led the country in attracting job-creating business investments thanks to the strength of our young, growing workforce and the best business climate in the nation.
These unmatched advantages are why Texas has been named the Best State for Business every year I have been Governor, why Texas employers have added more than 2 million jobs since I first took office, and why Texas continues to lead all states in population growth.
“Today, with strong support from my legislative partners in the Texas House and Senate, we are delivering on my promise to build an even stronger Texas of tomorrow with historic, strategic investments in economic development, higher education, workforce training, infrastructure, and innovation.”
— Gov. Abbott
But we cannot be complacent. Everything is bigger in Texas, including our desire to be the No. 1 destination for business in the entire world.
During the 88th Regular Legislative Session, I worked with lawmakers to pursue a robust, jobs-focused economic agenda to maintain Texas’ dominance in critical industries and support our continued leadership in job creation.
Today, with strong support from my legislative partners in the Texas House and Senate, we are delivering on my promise to build an even stronger Texas of tomorrow with historic, strategic investments in economic development, higher education, workforce training, infrastructure, and innovation.
Among the transformative programs we passed during the legislative session that will help drive continued job creation and economic expansion across this great state:
Texas Jobs, Energy, Technology, and Innovation Act: A new competitive economic incentive program to attract large-scale economic development projects, bringing new capital investment and creating high-paying jobs in Texas communities.
Texas Small and Rural Community Success Fund: Provides loan funding to economic development corporations in Texas to support continued growth in more regions of the state.
Texas Moving Image Industry Incentive Program: Provides qualifying moving image productions the opportunity to apply for a cash grant based on a percentage of a production’s in-state spending, including eligible wages for Texans.
Media Production Development Zones: Now permits smaller communities to be designated, allowing for certain tax exemptions for construction, maintenance, or renovation of a media production facility, based on factors such as job creation and wages.
Texas Music Venue Incubator Grants: Eligible music venues and music festival promoters can apply for a partial rebate of certain taxes to encourage expansion of the live music industry and support more jobs in Texas communities.
Texas Space Commission and Texas Aerospace Research and Space Economy Consortium: Support the development of emerging technologies, research, workforce training, and infrastructure for space exploration and commercial aerospace; promote innovation; and attract capital investment and new good-paying jobs. The new commission is supported by higher education leaders with a joint mission to develop a comprehensive strategic plan to strengthen Texas’ undisputed leadership in civil, commercial, and military aerospace activity.
Texas Enterprise Fund: Awards “deal-closing” grants to companies considering Texas for a new project. The fund serves as a performance-based financial incentive for projects that would contribute significant capital investment and create new jobs across Texas.
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Texas Semiconductor Innovation Consortium and Texas Semiconductor Innovation Fund: A new program that will develop a statewide strategic plan for semiconductor industry growth and ensure the state’s continued leadership in advanced semiconductor research, design, and manufacturing. The fund will provide matching financing to Texas colleges and universities for semiconductor manufacturing and design projects and provide the opportunity for eligible businesses to apply for grants to encourage economic development and job creation.
Moving at the speed of business, Texas is also now creating specialty business courts. With judges who specialize in complex areas of commercial litigation, businesses will have further predictability in Texas law and free up the dockets of general jurisdiction courts in Texas.
By continuing these strategic investments that leverage our state’s strengths and drive new opportunities, Texas will remain a global force for innovation and prosperity for generations to come. ♦