EL PASO, Texas (UBM) — The office of Texas Governor Greg Abbott issued a press statement stating that the governor made a trip to Vinton, Texas, on Thursday in order to make an announcement regarding the opening of applications for the new Texas Jobs, Energy, Technology, and Innovation (JETI) program.
On February 20, at two o’clock in the afternoon, the press conference was conducted in the fabrication shop known as Vinton Steel.
The Joint Economic Transformation Initiative (JETI) initiative is a new and transparent economic development incentive mechanism that will assist our communities in continuing to attract transformative capital investments that will result in the creation of jobs that pay well for future generations, according to Abbott. As a result of our hospitable business climate, robust infrastructure, and talented and expanding workforce, Texas is the engine that drives the creation of jobs in the United States. However, we cannot afford to be complacent because we are now competing on a national and international scale in industry sectors that are essential for growth in the future. I am grateful to my colleagues in the Texas Legislature for making this significant initiative an investment in the future of our state as well as the futures of the people of Texas. With strategic and ongoing investments in infrastructure, education, and workforce development, as well as new economic development incentive tools such as JETI, we will continue to attract even more innovative industry leaders and promote increased prosperity for Texans across our entire state, with the ultimate goal of creating a Texas that is even larger and more audacious.
According to Abbott, the JETI Act was created by signing House Bill 5 into law after the 88th Regular Legislative Session. The purpose of the JETI Act is to attract major, capital-intensive economic development projects that bring in new capital investment and create new employment in Texas towns that pay well.
According to Abbott, the Joint Education and Taxation Act (JETI Act) makes it possible for a firm, a school district, and the Governor’s Office to reach an agreement on a maintenance and operations (M&O) tax assessed value limitation of fifty percent for a school district over a period of ten years, based on qualifying job and capital investment minimums.
Moreover, according to Abbott, projects that are situated in Opportunity Zones that meet the requirements are eligible for an extra 25 percent limitation on the taxable value.
According to Abbott, the program is placing El Paso on the map and promoting Texas as a competitive location for the oil and technology industries. Both of these things are happening simultaneously.
“We want the entire El Paso region to experience the same economic growth that you see in Houston, in Dallas, and in Austin,” said the spokesperson for your organization. “When it comes to our vision of what the future of Texas is going to look like in terms of economic development, El Paso is right at the top of the list,” Abbott said.
To add insult to injury, Abbott was joined at the news conference by the Chairman of Vinton Steel, Masahiro Kitada, the Judge of El Paso County, Ricardo Samaniego, the Mayor of Vinton, Rachel Quintana, and the Chief Executive Officer of Borderplex Alliance, Jon Barella.
