Incentives & Taxes:

  1. Taxes & Incentives
    1. Taxes
      1. No state income tax
        1. One of four states that do not have state income tax
      2. No prescription Medicine tax
      3. Sales tax: 6.25% to state/2% to city=8.25%
    2. Incentives
      1. 4a
      2. 4b
      3. Property tax abatements
        1. The City of Wichita Falls and Wichita County have agreed to abate their respective portions of increased Ad Valorem tax to existing and primary employers.
      4. Cash for jobs
      5. State Incentives
        1. The state of Texas offers a large variety of economic development incentives including a research & development tax credit, renewable energy incentives, cancer prevention & research bonds, skills development funding and much more.  https://businessintexas.com/sites/default/files/11/05/15/incentivessummary-web.pdf
      6. Texas enterprise
        1. The Texas Enterprise Fund (TEF) is the largest “deal-closing” fund of its kind in the nation. The fund is used as a final incentive tool for projects that offer significant projected job creation and capital investment and where a single Texas site is competing with another viable out-of-state option. https://businessintexas.com/services/texas-enterprise-fund
      7. Non-annexation agreements
        1. In return for providing primary employers with municipal services (water, wastewater, solid waste disposal, fire, and police protection), the City of Wichita Falls will enter into a “non-annexation” agreement with the business.
      8. Fund skills development grant
        1. The Chamber and Vernon College partner to assist an existing primary employer or a new employer with the evaluation and packaging of state and federal training programs. The State’s Skills Development Fund program has been remarkably successful in Wichita Falls. https://businessintexas.com/services/workforce-development
      9. Texas enterprise zone project
        1. The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and significant private investment that will assist economically distressed areas of the state. https://businessintexas.com/services/tax-incentives?view=texas%20enterprise%20zone%20program
      10. Triple freeport exemption
        1. This local incentive exempts 100% of the ad valorem taxes (County, City and School.)