Renewable Energy & Texas Economic Development Act

The Comptroller’s annual review of the Texas Economic Development Act is hot off the presses.

What you need to know about energy & the Texas Economic Development Act to be conversant:

• Chapter 313 projects have invested approximately $59.5 billion in Texas through 2013

• 259 active projects (as of May 2014) 
  • 53% are renewable energy 
• $123 billion estimated investment under the 259 agreements
  • 21% are in renewable energy.
  • 3% of the investments are in research and development and electric power generation (Integrated Gasification Combined Cycle)
• Jobs breakdown. Total jobs: 5,487 qualifying jobs
  • 10% are in renewable energy.
  • 1% of jobs are in research and development. 
• Gross tax benefit break down. Total benefit:  $5.5 billion
  • 26% for renewable energy projects
  • 2% for research & development
• Renewable energy projects are returning 20% of their tax benefits back to the school districts through supplemental payments