House Bill 3390 was recently passed regarding changes to the Texas Economic Development Act. Effective January 1, 2014, this bill makes the following amendments:,
- The Act is extended from December 31, 2014 to December 31, 2024.
- School tax credits are repealed.
- The qualifying time period is extended from 8 to 10 years.
- The requirement that companies must pay wages that are 110% of the county’s average weekly wage for manufacturing jobs has been repealed.
- The definition of “qualified investment” includes the expansion of an existing building as part of a separate project to increase capacity
- The definition of “qualified job” is a permanent, full-time job that provides group health care coverage in accordance with the federal Patient Protection and Affordable Care Act and pays at least 110% of the county average weekly wage for all jobs in the county.