Proposition 10 (Tax Exemption for Life Science Manufacturing Equipment) Has Passed
What this means for the future of Generation Park
What is prop 10?
Proposition 10 has passed which will pave the way for innovation in the biomedical and life science fields in Texas! But what does proposition 10 really bring to the table? With enough votes secured, prop 10 levels the playing field for Texas to expand its growing biomedical manufacturing sector, including the potential to create 100,000 high paying jobs over the next ten years. (EPS Economic Impact Study)
How This Will Be Achieved
Proposition 10 eliminates personal property taxes that were previously assessed on specialized equipment and inventory in the life science and medical industries. Tax exemptions on such products will enable more companies from across the nation and the world to set up shop within Texas’ borders, which both makes such pharmaceutical and medical supplies more readily available to Texans and provides quality jobs for Texans. Massachusetts, California, North Carolina, and other states with robust life science sectors do not have similar taxes on personal property. This currently makes Texas the only leading state that has such a tax on medical equipment, thus making other states more attractive for manufacturers. (Teconomy Partners & IMPLAN)
How Prop 10 Benefits Generation Park
Generation Park is committed to the development of a life science manufacturing cluster for the Houston region. McCord Development recently announced BioHub Two, a shovel ready 66-acre master planned biomanufacturing campus capable of accommodating over 750,000 square feet for manufacturing, labs, and office. BioHub Two benefits from its close proximate to the recently announced Center for Biotechnology, which is a partnership between San Jacinto College and the National institute of Biotechnology Research and Training (NIBRT).
The new Center, to be completed in March 2025, will provide the Houston region with first-class life science manufacturing training on state-of-the-art equipment. Prop 10 bolsters our efforts into the biomedical space, leveling the playing field and will make Texas, and Generation Park a competitor in the biomedical and life science sector.
