The following can be attributed to Tony Bennett, president & CEO of the Texas Association of Manufacturers:
The Senate’s unanimous passage of SB 2206 to extend the state’s research and development (R&D) tax credit sends a strong signal that Texas is serious about leading the world in advanced technology and innovation. For many industries like manufacturing, high-tech, energy, and biotechnology, the R&D process represents the critical ‘first phase’ where questions, ideas, and problems are fleshed out in labs, the field, or production facilities to become the products and solutions that change, improve, and save lives. Encouraging this groundbreaking work through smart tax policy keeps Texas at the forefront of innovation, investment, and progress. The Texas Association of Manufacturers and our colleagues across the innovation economy thank Senator Paul Bettencourt for his leadership and understanding of what it takes to keep Texas on top in the global marketplace.
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The Texas Association of Manufacturers (TAM) actively represents more than 500 large and small companies from every manufacturing sector. Texas manufacturers employ more than 847,000 Texans in jobs that pay an average compensation of over $123,000 annually – roughly 36 percent higher than other non-farm Texas workers. Manufacturing accounts for 11.3 percent of the total output in the state, contributing more than $292 billion in 2023. On average, each manufacturing job created provides 5 additional jobs in our communities. Texas remains the number one exporting state for manufactured goods in the United States, now for more than 20 years running.
Media contact: Gretchen Fox, 512-694-4326