Petroplex News

On Aug. 22, Texas Gov. Greg Abbott's economic efforts took center stage at the Texas Association of Business (TAB) South Texas Development Summit, where his work to strengthen Texas' economy and implement significant property tax reductions was acknowledged, highlighting his influential role in shaping the state's financial trajectory. The summit provided a platform to underscore Abbott's leadership in the realm of economic advancement and prudent fiscal measures. 

"Honored to receive the 2023 Economic Trailblazer Award from the Texas Association of Business," Gov. Abbot wrote in an Aug. 22 social media post on X, formerly Twitter. "From historic investments in workforce development to cutting red tape, Texas went BIG this year to strengthen our booming economy. Proud of what we accomplished to build the Texas of tomorrow."

According to Texas Border Business, Gov. Greg Abbott was honored with the 2023 Economic Trailblazer Award by the TAB during a virtual fireside chat at the TAB South Texas Development Summit. Abbott praised legislative achievements aimed at enhancing Texas' workforce and economy, including the largest property tax cut in state history and the reduction of local regulations. He emphasized that these measures, totaling $18 billion in tax cuts, are a game changer for homeowners and businesses, contributing to the state's economic success.

In his social media post, Abbott highlighted the substantial strides made to fortify Texas' economy, including significant investments in workforce development and the reduction of bureaucratic obstacles. The governor underscored his pride in these achievements that contribute to shaping a prosperous Texas for the future. He further marked the occasion by ceremonially signing HB 5, a move designed to introduce fresh incentives fostering economic growth within the state.

HB 5, recognized by the TAB, establishes a transparent and accountable economic development incentive program, applauded for reinforcing Texas' economic development reputation, according to Texas Border Business. The legislation garnered significant support from the Texas Legislature, aiming to generate high-paying jobs and long-term revenue, critical for competing on a global scale for substantial projects like semiconductor facilities.

The most significant change brought about by HB 5 is the near elimination of school districts’ involvement in the tax incentive process, according to KE Andrews.