Texas IAF Blocks $10 Billion Dollar Corporate Tax Giveaway to Big Oil

[Excerpts]

When organizers set out to overturn Texas’s giveaway program for the oil and gas industry, they had a long game in mind. Over 20 years, the tax exemption program known as Chapter 313 had delivered $10 billion in tax cuts to corporations operating in Texas — with petrochemical firms being the biggest winners. This year, for the first time in a decade, the program was up for reauthorization. [Texas IAF] organizers decided to challenge it for the first time....

At 4 a.m. last Thursday, it became clear that something unexpected was happening: The deadline for reauthorization passed. “The bill never came up,” Greco told The Intercept. Organizers stayed vigilant until the legislative session officially closed on Monday at midnight, but the reauthorization did not materialize....

In 19 months, Texas’s subsidy program will expire, but that doesn’t mean the fight is over.

“We know there’s going to be a big conversation over the interim — we are under no illusions that this is not going to be a long-term battle.”

Organizers, though, recognize that the subsidy’s defeat marks a shift: “The table has been reset.”

In Blow to Big Oil, Corporate Subsidy Quietly Dies in Texas, The Intercept [pdf]

How Skeptical Texas Lawmakers Put an End to a Controversial Tax Incentive Program, Houston Chronicle [pdf]

Texas Legislature Dooms Chapter 331, Which Gives Tax Breaks to Big Businesses, Business Journal [pdf]

Missed Deadline Could Doom Controversial $10B Tax-Break Program, Houston Chronicle [pdf]

A Texas Law Offers Tax Breaks to Companies, but It's Renewal Isn't a Done DealTexas Tribune [pdf]

Losers and Winners from Chapter 313Central Texas Interfaith


Volunteer Donate