Lawmakers hope to hammer out a program to replace the embattled Chapter 313 program before the legislative session ends Monday.
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The defunct program, which the new plan is designed to replace, was allowed to expire in December after 20 years of offering tens of billions of dollars in tax abatements. Participants were able to get a 10-year discount on their school property taxes. Critics complained it caused massive inequity in schools and amounted to a corporate welfare program that allowed rich companies to break their promises about job creation.
The plan that left the Senate floor Wednesday was crafted with the help of reticent Democrats and Republicans who had pushed for stronger accountability measures and guardrails to keep the program from being abused., R-Georgetown, who likened the process of crafting the plan to threading a needle.“This bill addresses those concerns directly.
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