Although the investigations into what caused the Deepwater Horizon accident are still ongoing, and the presidential commission on the oil spill has only begun its work, Congress has been busy with legislative initiatives that could significantly alter the landscape of energy production in America. Unfortunately these early measures (principally H.R. 3534 and S. 3663) may cause more problems than they solve, especially for Texas.
Why bring back a crony tax break program in Texas?
Calling business welfare, or crony capitalism, an economic development tool does not change what is happening in such transactions, nor does it make it better policy. In the 87th Session of the Texas Legislature, in 2021, a wonderful thing happened: Chapter 313 of the Texas Tax Code was allowed to expire without lawmakers renewing it....