Release Date: November 6, 2013
Austin -- The Texas Association of Manufacturers (TAM) today applauded voter approval of two Texas constitutional amendments, which the Association says are critical to fortify the Texas economy. Voters approved Proposition 3, which will keep Texas aerospace industry competitive and Proposition 6, which provides funding for critical water infrastructure projects statewide.
Proposition 3 gives local taxing jurisdictions the option to extend the period of time aircraft manufacturers can temporarily hold inventory like aircraft and aircraft parts in those jurisdictions without incurring a property tax penalty. Prop 3 was a priority for TAM as Texas currently ranks in the top three states nationally in aerospace and aircraft manufacturing with 240 companies across the state.
"The Texas aerospace and aircraft manufacturing sector contributes nearly $49 billion to our state’s economy and provides 200,000 jobs," according to Tony Bennett, president of TAM. "It's important to keep Texas competitive to maintain and attract even more aerospace investment and jobs here."
Proposition 6 authorizes use of $2 billion from the state's Rainy Day Fund to fund water infrastructure development projects.
"Texas is growing by leaps and bounds," said Bennett. "Maintaining our state's competitive edge across manufacturing sectors and ensuring that we have access to critical water infrastructure are key to sustaining economic growth and job creation in Texas."