The future of Austin metro without Chapter 313 tax incentives..
It will expire at the end of next year and was not renewed by Texas State Legislature, recently. In a nutshell, Chapter 313 allows a school district to offer a cap of up to 10 years-between 10 and 100 million of the taxable property value of new manufacturing or renewable energy projects. It helped to bring Tesla and Samsung to the Austin metro. Samsung got approved for it by Manor ISD in 2005 and 2012 which spurred massive development in the northeast quadrant of the city. Del Valle ISD approved it for Tesla and will save Tesla approximately 50 mil over 10 years.
What does that mean? The Austin metro will have less of a competitive advantage for big corporations to move to the metro after 2022. That has been a card that the metro has been playing for decades. Very interesting!
Texas State Congress is supposedly reconvening for a special session but is unlikely to consider this case.
Only time will tell of the consequences.