Q1 2020 Texas CEO Magazine

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The Legislature also authorized a record-breaking $6.1 billionwithdrawal from the Economic Stabilization Fund (or “RainyDay Fund”) for large-scale infrastructure projects and HurricaneHarvey recovery.Economic Incentives. The Texas Enterprise Fund—thegovernor’s “deal-closing” fund to attract large companies and theirjobs—received a whopping $535 million boost. Texas EnterpriseFund projects are centered largely in the big cities. Some willargue that rural Texas needs and deserves similar attention.The Texas Film Incentive program, which had languishedand lost pace with other states for the past several years, wasincreased to $50 million dollars.Property Tax Reform. The Legislature (via Senate Bill 2)barred cities, counties, and special districts from increasingproperty tax collections more than 3.5 percent in any yearwithout a vote of the public; school districts are capped at 2.5percent, a major reduction from the current cap of 8 percent.School Finance Reform. The Legislature accomplishedsomething many insiders thought impossible—enactingwholesale school finance reform without a court mandate.The legislation provides a total of $11.6 billion in new statefunding for public education:(i)(ii)$4.5 billion for a 20 percent general increase inper-student baseline funding, and targeted fundingincreases for pre-kindergarten programs, third-gradereading proficiency, and dyslexia;$2 billion for an average salary increase of $4,000 forteachers, librarians, nurses, and counselors; and(iii) over $5 billion for “buying down” school districts’maintenance and operation tax rates to providetaxpayer relief (an average of 8 cents per $100property valuation in 2020 and an additional 5 centsper $100 property valuation in 2021).House Bill 3 will also provide future school tax relief by limitinglocal school property tax growth to 2.5 percent per year (absentvoter approval). And because state government is increasingits share of public education funding from 38 percent to 45percent, it is decreasing the “Robin Hood” recapture paymentsrequired from wealthy districts by $3.6 billion per biennium, or47 percent overall.Even with the passage SB 2 and HB 3, Texans are unlikely to seetheir property tax bills fall in absolute terms, as increasing homevalues will continue to drive those bills upward. But the reformpackage should prevent the dramatic increases Texans have beenseeing in high-growth areas.State vs. Local Control. The revenue limitations in SB 2 andHB 3 are fairly extreme examples of state preemption over localcontrol. On the other hand, cities were successful in defeatinglegislation that would have removed their ability to enact localordinances requiring employers to provide paid sick leave orregulating short-term rental companies like Airbnb.In November, Texans went to the polls and passed Proposition 6to fund the Cancer Prevention and Research Institute of Texas(CPRIT) for another decade. Not only has CPRIT played arole in reducing cancer-related mortality; it has also spawnedcompanies that create innovative technologies and related jobs.Propositions 1 and 7 to fund infrastructure projects in areasimpacted by Hurricane Harvey were also approved by voters.Legislative InterimSoon, Texas legislative interim committees will begin hearingson issues expected to be debated in the 87th Legislature,including the impact of business taxes on job creation and thenation-leading Texas economy.For example, the Senate Finance Committee will be examiningbusiness personal property taxes, among 20 total issues withvarying impact on the business community. Where and how totax distribution of online purchases will also be examined.Chapter 313 of the Texas Economic Development Code—whichallows for local property tax abatements to attract jobs—will alsobe scrutinized in the interim year.What’s Next?The 2020 elections will determine who controls the redrawing oflegislative district lines (a.k.a. redistricting) when the 87th TexasLegislature convenes in January 2021, so every competitive racewill be hotly contested. Those elections will also influence theapproach to a variety of issues important to the Texas businesscommunity.If the economy continues to flourish and property tax bills stayat least level, expect the Legislature to stay close to its currentcomposition. But the state’s demographics are changing rapidly,with a growing Hispanic population and in-migration from moreliberal states that could change our politics—and our policy—faster than anticipated.Either way, these once-a-decade redistricting sessions havealways included fireworks. 2021 will be no exception.Craig Casselberry is founder and CEO of Quorum Public Affairs Inc. anda 30-year veteran of Texas policy and politics. He is a former aide to twoTexas governors and has provided government and public affairs servicesto companies, issue coalitions, and economic developers since 1994.58 Texas CEO Magazine Q1 2020
GLOBAL FORECASTINGLUNCHfeaturing Dr. George FriedmanDATE AND TIMETue, February 11, 202011:30 AM – 1:00 PM CSTLOCATIONBaylor University’sExecutive MBA Campus3107 Oak Creek DriveAustin, TX 78727ONE OF THE MOST IMPORTANT TASKS FORA CEO IS PREDICTING THE FUTURE. JOIN USFOR A LUNCH WITH EXPERT FORECASTERDR. GEORGE FRIEDMAN.ABOUT THIS EVENTWhat global and domestic events will affect markets that impact yourbusiness? How will you be prepared for these? How will you maneuverto help your business survive and thrive?Your ability to predict the future and plan for it greatly impacts yourbusiness. To help you get the insights you need for success, Texas CEOMagazine and YTexas are hosting this exclusive lunch with Dr. GeorgeFriedman. We invite you to join us as he forecasts the future andanswers your questions.EVENT DETAILSThis event will be held at the Baylor Executive MBA campus in north Austin.Parking is free and convenient, right outside the building.A gourmet lunch will be provided.Space is very limited, so book your tickets early!ABOUT DR. FRIEDMANDr. George Friedman is an internationallyrecognized geopolitical forecasterand strategist on internationalaffairs and the founder and chairmanof Geopolitical Futures.Dr. Friedman is a New York Times bestsellingauthor. His most popular book,The Next 100 Years, is kept alive by theprescience of its predictions. Other bestsellingbooks include Flashpoints: TheEmerging Crisis in Europe, The Next Decade,America’s Secret War, The Future of War, andThe Intelligence Edge. His books have beentranslated into more than 20 languages.Dr. Friedman has briefed numerousmilitary and government organizationsin the United States and overseasand appears regularly as an expert oninternational affairs, foreign policy,and intelligence in major media.For almost 20 years before resigningin May 2015, Dr. Friedman wasCEO and then chairman of Stratfor,a company he founded in 1996.Friedman received his bachelor’sdegree from the City College of theCity University of New York andholds a doctorate in governmentfrom Cornell University.TO GET YOUR TICKETS, VISIT TEXASCEOMAGAZINE.COM/FEB11HOSTED BY:SPONSORED BY:
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Q1 2020 Texas CEO Magazine

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