Relocating or Growing a Business
State Incentives
• Texas has no personal or corporate income tax and no state property or unitary state tax. Texas Comptroller of Public Accounts Texas Comptroller of Public Accounts
• The Texas Linked Deposit Program encourages lending to historically underutilized businesses, childcare providers, non-profit corporations, and/or small or medium-sized businesses located in an Enterprise Zone. Proceeds may be used for working capital or the purchase, construction, or lease of capital assets. Office of the Governor - Economic Development & Tourism
• The Skills Development Fund program supports customized job-training projects for business and trade unions in Texas . During Fiscal Year 2005 the Texas Workforce Commission awarded 23 such grant totaling $8,562,419, which served 95 businesses, generated 3,351 new jobs and upgraded the skills of 8,896 workers in existing jobs Texas Workforce Commission
• Texas legislature appropriated $40 million for skills Development Fund grants to be used during 2005-06. • Office of the Governor Economic Development & Tourism. In 2005, the Texas legislature enacted the Emerging Technology Fund (ETF)) to improve research at Texas universities, help start-up technology firms, and facilitate commercialization.
Emerging technology projects are eligible for funding if they will result in the creation of high quality new jobs in Texas or have the potential to result in a medical or scientific breakthrough.
• The Texas Enterprise Fund can be used for infrastructure development, community development, job training programs and business incentives. To be eligible for Texas Enterprise Fund, the project must demonstrate significant returns on the state's investment, have strong local support and unanimous support from the Governor, Lieutenant
Governor and Speaker. The North Texas Regional Center for Innovation & Commercialization (NTXRCIC) is one of six regional agents tasked with identifying technology based entrepreneurial ventures for investment from the Texas Emerging Technology Fund (ETF). The NTXRCIC is a 501(C)(3) not-for-profit corporation committed to providing resources for our client companies, fostering entrepreneurship and accelerating the commercialization
of applied research through the ETF and our extensive network of partners in Industry, Academia and Government
• The Texas Industrial Revenue Bond Program provides tax exempt financing for land and depreciable property for industrial and manufacturing projects.
• The Economic Development and Diversification Program is a tax incentive that offers an in-state tuition waiver for family members who have relocated their company to Texas .
• Tax abatements are offered by individual cities in DFW and are available to eligible properties to encourage businesses to invest and/or expand. Individual city taxing boards grant a taxpayer a stay of paying a tax for a short or long term, for a total or percentage of the tax. Contact the McKinney Economic Development Corporation for information on local incentives available to business.
• Texas Enterprise Zones are designated by the State of Texas as any area that has a poverty level of 20 percent or greater. The federal government also may designate enterprise zones as a renewal community. Many localities offer additional incentives within enterprise zones including tax abatement, local tax refunds, reduced utilities, and development participation.