Central Texas Interfaith calls on tech companies to withdraw their applications for Chapter 313 tax breaks.
Central Texas schoolchildren and taxpayers are getting ripped off by large corporations rushing to take last-minute advantage of a failed state program that will be phased out by the end of this year. Applied Materials, with $23 billion in 2021 profits, has applied to Hutto ISD for a decade's worth of Chapter 313 tax breaks, and Germany-based Infineon Technologies, with a market capitalization of over 50 billion euros, wants the same from Del Valle ISD.
Now that time is running out, there is a last-minute rush by oil, gas, and major manufacturing companies to take advantage of Chapter 313 before it expires in December. This includes some high-tech firms already in Central Texas like Applied Materials and Infineon, even though Chapter 313 is supposedly intended to encourage companies to relocate to Texas, not to finance the expansion of companies already here.
Central Texas Interfaith has worked for years on city and county tax incentive policies, ensuring that in exchange for these breaks, companies must pay living wages, benefits, and have a career ladder and a strategy to hire locally. But we draw the line at school districts: It is shameful to take money from schoolchildren to bolster the profits of major corporations.
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