With another company filing bankruptcy after receiving millions of taxpayer dollars from the Emerging Technology Fund, Texans have one more reason to call for the end of all the state’s corporate welfare programs.
Terrabon, Inc, a Houston-based bioenergy producer, received $2.75 million in 2010 from the Texas Emerging Technology Fund. Now the Washington Post reports that company filed for bankruptcy in a Houston federal court in September.
That’s $2.75 million of taxpayer dollars down the drain, bringing the total amount lost by the Emerging Tech Fund up to $5 million.
Not exactly a sterling record of success.
If the crony practices of the Emerging Tech Fund and the state’s other corporate welfare programs aren’t enough of a reason to eliminate them, this latest failed venture with taxpayer money should be one more nail in the coffin.
Only with free markets, low taxes, and a fair legal climate can we ensure the greatest levels of economic prosperity. It’s time for the legislature to end these slush funds once and for all.