A tax holiday is a temporary reduction or elimination of a tax. Programs may be referred to as tax abatements, tax subsidies, tax holidays, or tax reduction programs. Governments usually create tax holidays as incentives for business investment. Tax holidays have been granted by governments at national, sub-national, and local levels, and have included income, property, sales, VAT, and other taxes. Some tax holidays are extrastatutory concessions, where governing bodies grant reduction in tax not necessarily authorized within the law. In developing countries, governments sometimes reduce or eliminate corporate taxes for the purpose of attracting Foreign Direct Investment or stimulating growth in selected industries.

Tax holiday stimulate community revitalization, retain City residents, attract homeowners to the City, and to reduce development costs for homeownership and rental projects. The program provides a benefit for residents who improve their homes and encourages home shoppers to buy in the City. The tax abatement benefits stay with the property the entire length of the abatement and will transfer to any new property owner within that period.

James Richard "Rick" Perry (born March 4, 1950) is the 47th and current Governor of Texas. Perry, a Republican, was elected Lieutenant Governor of Texas in 1998 and assumed the governorship in December 2000 when then-governor George W. Bush resigned to become President of the United States. Perry was elected to full gubernatorial terms in 2002, 2006 and 2010. With a tenure in office to date of &1000000000000001100000011 years, &10000000000000188000000188 days, Perry is the longest continuously serving current U.S. governor, and the second longest serving current U.S. governor—after Terry Branstad of Iowa. Perry served as Chairman of the Republican Governors Association in 2008 (succeeding Sonny Perdue of Georgia) and again in 2011. Perry is the longest serving governor in Texas state history. As a result, he is the only governor in modern Texas history to have appointed at least one person to every eligible state office, board, or commission position (as well as to several elected offices to which the governor can appoint someone to fill an unexpired term, such as six of the nine current members of the Texas Supreme Court).