The memo said projects like these don't create many jobs, but do add value to citizens' lives while injecting substantial capital investment in the market. The changes would eliminate job creation requirements, but would clearly define what projects are considered quality of life. To qualify, companies must meet the first three guidelines, and then some. With the new phase-in program, the abatement starts out at 100 percent in first year, then drops by ten percent each year, reaching 50 percent by year six. In year seven, the abatement dips to 20 percent, then sits at 10 percent for the program's last three years.
Companies prefer to have their tax savings up front as opposed to waiting for future benefits.
The proposed guidelines will also be presented to El Paso county officials, Thomason Hospital and the El Paso Community College for approval. Rules of the game Providian officials say Texas is an important expansion territory for them. The El Paso service center is their fourth in the state. Elias added that El Paso's bilingual workforce is another plus for Providian as the company continues to attract additional Spanish-speaking customers across the United States. It's the fourth service center the company has opened in the last 12 months.