Starting a business is tough, let alone seeing that business grow into something truly successful. It’s for this & a slew of other reasons why the Lone Star State has invested so much in Texas business incentives. Fostering businesses at inception to helping provide a guiding hand for operations who are eyeing expansion, Texas has stood tall in their quest to have businesses both large & small feel comfortable.
It should be noted that Texas isn’t alone in providing a number of incentives to companies looking to relocate. The more a company feels as though it’s being welcome, the better it feels about moving. Not only does every company coming in add to the corporate cachet of Texas, but they also bring in their greatest resource – jobs & job creation over time. As such, states vie for companies by incentivizing a corporate move because it’s an investment by the state for its citizens.
For anyone who owns & runs a business, making sure you’ve got your finances in check is not easy. You have to worry about keeping the lights on, as well as paying rent. If you’ve got a single vehicle or small fleet that is central to your business, upkeep is essential to keep things running & customers happy. Don’t forget you also have to keep items in stock, have a place to stock that isn’t on the shelves, and you’ve likely got employees that are depending on you for their pay & any benefits included. After all this, you also need to be sure your mortgage & utilities are taken care of, groceries & other essentials are bought, and that you’ve got some money in the bank.
Right now, you may be finding yourself in a position where your business could use a change of scenery. You’ve watched the news, and it seems like everyday, more corporations & celebrities are flocking to Texas in droves. There must be something there that’s aces, right? If you’re seriously considering a move to the Lone Star State, here are a handful of business incentives you could qualify for:
Sales & Use Tax Exemptions – All of us have purchased things & then had to do the math to find out how much sales tax was going to bump the price up. This goes for businesses as well. But in terms of the number & size of items they need to buy, the sales tax adds up in a big way. This benefit can extend to machinery, natural gas & electricity, as well as computers.
Texas Enterprise Fund (TEF) – The mother of all business incentives, the TEF is the ultimate financial flex for the state. If a corporation is torn between possible destinations, the TEF can be called upon to help sweeten the deal to come to Texas (so long as certain eligibility requirements are met).
No Personal Income Tax – No personal income tax is actually written into the Texas Constitution. Re: corporate taxes, there is none but wording on taxation falls into other categories like franchise tax.
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Product Development & Small Business Incubator (PDSBI) Fund – As the name alludes to, this incentive is a revolving loan program aimed at growing small businesses. It can come in the form of flexible loan terms & below-market interest rates.
Chapter 380/381 Economic Development Agreements – This is actually Local Government Code that allows cities/counties/municipalities the ability to offer a range of incentive at the local level including tax abatement agreements.
Even though there are a number of Texas business incentives available (those listed above only scratch the surface), some work on your part has to be done to see if you qualify for the benefits. This is where the right partnership can be a lifesaver. Local economic development organizations in Texas are available to work with you to find the biggest benefits possible for you. These organizations can also provide a wealth of resources to help you & your family navigate a move to the Lone Star State.