As part of our special report on corporate relocation and expansion, the Dallas Business Journal submitted several questions to Texas Gov. Greg Abbott and the Office of the Governor. Here was the response from the governor’s office:
The Dallas-Fort Worth area is representative of Texas’ economic diversity and is a large part of why Texas has continued to attract businesses and create jobs despite the downturn in oil. From technology to manufacturing to financial services, the Dallas-Fort Worth metroplex has seen enormous growth due in large part to its quality workforce, superior logistics and low cost of conducting business.
The Texas Enterprise Fund has established and thorough procedures in place to ensure a full return on the state’s investment. Each applicant to the fund undergoes a thorough 11-step due diligence process. Corporate activity, financial standing, tax status, legal issues, credit ratings, and estimated economic impacts, as well as the business climates of competition locations, are assessed for each project and taken into consideration for all award decisions. Award dollar amounts are determined using a standardized analytical model applied uniformly to each TEF applicant. This model assures that the State of Texas will see a full return on its investment within the period of a project contract, due to the resulting increase in estimated sales tax revenues.
Texas will continue to build on the successes that recently had us ranked as the Best State for Business for the 12th year in a row by Chief Executive Magazine. The Governor’s successes during the 84th Legislative Session will help spur a new era of economic expansion in Texas and we hope to continue those efforts into the 85th Session. Since last session, the Governor cut the burdensome business franchise tax and property taxes by nearly $4 billion, freeing businesses and homeowners to invest more in new jobs, higher wages and stimulate the Texas economy. There are no limits on how many businesses and jobs we can bring to Texas.
See full article in Dallas Business Journal.