Tax & Accounting Blog

Amendments to the Economic Development Act in Texas

Blog, ONESOURCE, ONESOURCE Property Tax September 10, 2013

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  • School tax credits are repealed.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that companies must pay wages that are 110% of the county’s average weekly wage for manufacturing jobs has been repealed.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.