""These new numbers are extremely concerning and I will say they're unsustainable. I plan to look at filing legislation to either repeal the exemption or take a very close look at it and see.""
""From 2014 to 2022, the exemption amounted to between $5 million and $30 million in lost state revenue per year. By 2023, that skyrocketed to more than $150 million.""
""The money Texas is poised to lose from the tax break on a yearly basis could pay for the entirety of the state's new school voucher program, or it could double the size of a state disaster fund to help local communities like Kerr County prevent flooding.""
Texas is projected to lose at least $3.1 billion in sales tax revenue over the next two years due to tax exemptions for data centers. This tax break has become one of the state's most expensive incentive programs, with losses increasing from $5 million to over $150 million annually. Lawmakers are considering proposals to limit or repeal the exemption, as the financial impact could fund significant state programs. The rapid growth of data centers has led to unsustainable revenue losses, prompting urgent legislative action.
Read at Truthout
Unable to calculate read time
Collection
[
|
...
]