Under the Texas Economic Development Act, what percentage of total school property taxes can companies qualify for as an exemption?

Under the Texas Economic Development Act, companies can qualify for a property tax exemption of up to 50% on total school property taxes. This act was designed to encourage business investment in Texas by reducing the financial burden of property taxes for qualifying companies. The rationale behind this exemption is to promote economic development and job creation within the state by making it more attractive for businesses to invest in Texas.

This percentage allows companies to benefit considerably while still contributing to the funding of schools through property taxes, ensuring a balance between economic incentives for businesses and the needs of the educational system. By understanding this mechanism, it becomes clear that the Texas Economic Development Act is aimed not just at fostering business growth but also at maintaining a level of responsibility towards community services such as education.