DALLAS — A Texas oversight agency has turned down an oil refinery’s request for a tax break that could have cost local governments and school districts millions of dollars in refunds and lost property tax revenue.

The Texas Commission on Environmental Quality has notified Valero Energy Corp. that it does not qualify for a partial tax-exemption on expensive hydrotreaters it installed to remove sulfur dioxide from diesel and gasoline fuel.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.