Texas Gov. Greg Abbott received another award Tuesday recognizing the economic success the state has had under his administration.
The Texas Association of Business (TAB) named the governor the recipient of its 2023 Economic Trailblazer Award during a fireside chat at a South Texas development summit it hosted.
“When it comes to economic development, Governor Abbott is the heavyweight champion of the world,” TAB CEO Glenn Hamer announced. “Texas employers appreciate his dedication to the free-market principles that keep our economy booming.”
“I want to thank TAB for your collective leadership for Texas businesses and working to make sure we had a successful legislative session regarding economic development in our state,” Gov. Abbott said in a statement received by The Dallas Express.
“Recently passed property tax relief is transformative and enormous, and part of that credit belongs to the men and women here today,” he continued. “It’s the business owners, the business operators, and all those involved in Texas’ economic development.”
“You all have helped provide Texas with a record amount of revenue for the largest budget surplus in the history of our state. We were committed to returning that budget surplus to Texas taxpayers,” Abbott added.
“The House and Senate worked together, and I was able to sign property tax cuts of $18 billion,” he said, touting recent efforts to reduce the Texans’ tax burden. “This is a game changer, not just for homeowners, but for businesses across our state.”
Abbott also ceremonially signed House Bill 5, the Texas Jobs, Energy, Technology, and Innovation Act, which aims to incentivize economic development through tax abatements and other methods.
Hamer said, “By signing HB 5, [Gov. Greg Abbott] gave Texas communities an edge over the competition. History shows economic development incentives are the deal sealers for big time manufacturing projects.”
“On top of a low tax, light regulatory environment, a highly skilled workforce, and a robust infrastructure, Chapter 403 will help win jobs and investments for Texas communities,” he added.
HB 5 and similar programs have been criticized, however, as a scheme to use taxpayer money to fund businesses.
Former Sen. Don Huffines claimed, “Texans do not win when tax abatements are granted to these businesses,” as reported by The Dallas Express. “Abatements are simply a transfer of wealth from regular taxpayers to big companies.”
“Tax abatements — giving tax breaks to politically connected businesses — while continuing to raise everyone else’s property taxes to pay for the abatements is theft,” he added.
