More Texas $ Going to France!

Houston-based Engie North America Inc. — an arm of France-based Engie SA (EPA: ENGI) — has started construction on the 160 megawatt Jumbo Hill Wind Project according to the Houston Business Journal.

Texas Tax Code Chapter 313, also called the Texas Economic Development Act, allows school districts to give tax breaks to certain kinds of industrial projects as a means of drawing investment into Texas. Because of the way the Texas school funding formula works, school districts can sometimes make more money — at the expense of broader state education funding — by abating taxes on a project, even if the project would have been built otherwise.

If it secures all the incentives for which it applied, Jumbo Hill will reap a tax benefit of over $20 million, according to the comptroller document. One of those benefits is a Chapter 313 agreement with Andrews Independent School District to the tune of about $9 million over the course of 10 years.

Isn't it great that Texans give tax breaks to French companies. Maybe we can pay them in gas and oil! It is like giving Spanish companies the authority to build and operate toll roads - thank you Governor Perry!

I am sure the foreign companies laugh all the way to the bank about the stupid Texans.

Tell your state legislators it is time to eliminate tax breaks for renewable energy companies!