US oil major ExxonMobil has failed to meet the terms of its tax abatement agreement with the Texas county of Montgomery and may have to pay about US$4 million to it unless it can boost compliance within 30 days, county commissioners said on March 23.
The company, according to Montgomery County Community Impact Newspaper has signaled it would rather opt for the payment, county officials said.
The report in the community newspaper said that in 2013, Montgomery County Commissioners Court and The Woodlands Township board of directors each approved two 10-year 100% tax abatements to ExxonMobil for one and a half office buildings and an 11-story parking garage in the Hughes Landing development in The Woodlands.