Issues

Economic Development

Position

While many regions across the nation face contraction and recession, the Golden Triangle's strong regional economy has played a crucial role in keeping Texas at the forefront of economic development, job creation, and commerce. For this statewide success to continue, it is important that several formidable challenges in the Golden Triangle be addressed to ensure continued growth. First among these challenges are inadequate workforce training and housing, each necessary to support the expected $15-20 billion industrial expansion.

For economic development to continue, entrepreneurs must be able to explore new technologies and businesses encouraged to employ local contractors. Though implementing the revised margin, or franchise, tax in 2006 was the best option at the time, modifications are needed this session to ensure the new system is fair to businesses of all sizes. To this end, the Golden Triangle encourages the reimplementation of research and development (R&D) tax credits as well as the exclusion of contract worker compensation from a company's taxable margin.

For the sake of economic prosperity, the Golden Triangle encourages the following:

- Support continued funding of the Texas Enterprise Fund, Texas Emerging Technology Fund, in order to attract new business and encourage innovation.

- Support continued funding of the Skills Development Fund at the Texas Workforce Commission to improve workforce training.

- Support tax abatements and other economic development incentives providing maximum local control and flexibility.

- Support continued use of the economic development sales tax law and encourage efforts that prevent raids on these funds for purposes unrelated to economic development.

- Support a long term state policy to place Texas as the leader for fuel cell technologies, biofuels, hydrogen and other alternative power sources by encouraging research and a supportive climate for investment.

- Support reinstatement research and development (R&D) tax credit incentives created in 1999 (SB 441) and inadvertently abandoned by the new margin (franchise) tax in 2006.

- Support changes to the margin (franchise) tax to allow businesses to subtract from their taxable margin any compensation paid to contract workers that provide a service to that company.

News

  • Banking on infrastructure is good policy, election or not
    Sep 9, 2010 — The Boston Globe
    It would exist as a public-private partnership, supplementing existing programs. That's unfortunate, because both Republicans and Democrats ought to see a lot of good in this particular plan. A non-political governing board for an infrastructure bank could set in motion regional projects that the congressional decision-making process often impedes.
  • Body's handling to be examined by funeral board
    Sep 9, 2010 — The Herald-Sun
    Her doctor signed the death certificate. Carrboro police then contacted Lawson to pick up the body, since police couldn't find her next of kin. Lawson would be able to introduce evidence to defend his actions. The board members will then decide if Lawson should be punished for leaving the body in the hearse. The harshest penalty would be if the board decided to suspend or revoke Lawson's mortuary license.
  • Business or pleasure? Cities pay up for club memberships
    Sep 9, 2010 — The Virginian-Pilot
    Harris had a city-paid membership to the Town Point Club that included the use of the Greenbrier Country Club between January 2008 through March of this year.
  • Franklin Street welcomes Arts Commission to Chapel Hill home
    Sep 9, 2010 — The Herald-Sun
    Her agency is among recipients of Arts Commission grants this year. The plentiful signs alerting the community to the Arts Commission's presence will further that goal, she said. "It's like church.
  • Ground is broken for court complex in Portsmouth
    Sep 9, 2010 — The Virginian-Pilot
    ...city's Economic Development Authority recently approved a $100,000 grant to keep engineering firm CDI (NYSE:CDI) Marine Company in town. CDI will be moving more than 90 employees to a site on Victory Boulevard, said Vince Webb, a company spokesman. Williams said about half of the people working out of the Port Centre site will be moved to CDI locations outside Portsmouth. Woolpert, another large employer, relocated to Chesapeake. Portsmouth Economic Development Director...
  • Obama Lays Out Economic Proposals and Assails G.O.P.
    Sep 9, 2010 — New York Times
    Obama said, “we should not hold middle class tax cuts hostage any longer." Mr. Boehner, for his part, was fast out of the gate on Wednesday, rebutting Mr. Obama’s proposals before he had made them.
  • Obama, GOP jostle over tax-break policies
    Sep 9, 2010 — USA Today
    His plan to let businesses deduct 100% of their new equipment investments through 2011 is similar to one offered by John McCain during the 2008 presidential campaign. His plan to expand and make permanent the tax credit for research and development is similar to a plan backed by Texas Sen.
  • Pasco going after small, high-tech firms
    Sep 9, 2010 — Tampa Tribune
    That business model fizzled when major players such as Dell (NASDAQ:DELL) moved into the same territory. So Rozoff turned to software.
  • Residential boom often brings retail along
    Sep 9, 2010 — The Pittsburgh Tribune-Review
    The total cost of the development is estimated at $160 million, according to Allegheny County Economic Development.
  • Small towns won't stand in Triangle rail's way
    Sep 9, 2010 — The Herald-Sun
    A session in Durham, downtown at Durham Station, will follow on Sept. 21.
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