Although there are many considerations in the corporate location decision process, the initiatives undertaken by economic development professionals (and funded by economic development sales tax receipts) have been the major contributing factors in many cases, and the Texas economy has benefited tremendously.
The Trump administration now says it is looking at a payroll tax cut as one way to offset fallout from the trade war.
The state's political leaders say they have reached a deal on legislation designed to slow the growth of rising property taxes.
The Dow broke through the 23,000 barrier last week and shows no sign of slowing down, but Dr. Perryman says how high it goes is up to Congress.
The Tax Foundation is out with its annual ranking of the business tax climate across the country, and Dr. Perryman says Texas came in 13th.
One issue getting a lot of attention in the legislature deals with reining in property taxes.
Lawmakers don't have to take up school funding after the Robin Hood formula was declared constitutional, but Dr. Perryman says essentially local property taxes have become a substitute for state revenue.
Recent quotes from many politicians claim that the proposed $3.5 trillion spending bill costs "zero." Just in case you were wondering, this is not so. Even if taxes are raised by enough to theoretically cover the costs (a problem in and of itself given the methods and time periods used to arrive at this conclusion), there are nonetheless negative effects on individuals, families, corporations, and the economy.
Over 20 years ago, the Texas Legislature passed the Texas Economic Development Act, which allows school districts to offer tax incentives for businesses that invest in their communities. The Act, commonly called "Chapter 313" because of its position in the Texas Tax Code, fundamentally improved the economic development landscape. Chapter 313 has been extended several times but is now set to expire December 31, 2022.
Every year, several entities compare taxes in each state and rank them from best to worst. Depending on the methods used and what is included, Texas sometimes looks pretty good on the surface, with a lower overall burden than many places. However, there's more to the story.