Texas Tax Code 313.002 – Findings
The legislature finds that:
(1) many states have enacted aggressive economic development laws designed to attract large employers, create jobs, and strengthen their economies;
(2) given Texas’ relatively high ad valorem taxes, it is difficult for the state to compete for new capital projects without temporarily limiting ad valorem taxes imposed on new capital investments;
(3) a significant portion of the Texas economy continues to be based in manufacturing and other capital-intensive industries, and their continued growth and overall health serve the Texas economy well;
(4) without a vibrant, strong manufacturing sector, other sectors of the economy, especially the state’s service sector, will also suffer adverse consequences; and
(5) the current ad valorem tax system of this state does not favor capital-intensive businesses such as manufacturers.