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LOCAL INCENTIVES

 LAND

The Wichita Falls Economic Development Corporation (WFEDC) owns a first-class, 535-acre Wichita Falls Business Park.

This park has the following infrastructure in place – water, sewer, storm sewer, electric, gas, and fiber – and can greatly reduce the price of land for tenants creating new jobs.

The list price of the land at the business 75 cents per sq. Ft. The WFEDC owns additional tracts of land around the city (click here) Land and building prices are negotiable based on the type of project and are subject to board approval

See Available Properties Here

BUILDINGS

The WFEDC currently owns two industrial buildings –  171,000 square feet and 141,000 square feet – and would discount the price of these facilities for any company creating 100 or more new jobs.

The WFEDC could also structure a favorable lease whereby lease rates in the first few years of operation would be at a reduced or $0 cost, with lease rates ramping up over a period of time, thus assisting a company with critical cash flow in the first few critical years of operation.

See Available Properties Here

SALES TAX ON EQUIPMENT

Texas sales and use tax (8.25%) exempts tangible personal property that makes a chemical or physical change in the product being manufactured or is necessary and essential in the manufacturing process.

Other states under consideration a project may charge sales and use tax for manufacturing equipment.

CITY & COUNTY REAL AND PERSONAL PROPERTY TAX ABATEMENT

Should a company build a new facility in the City of Wichita Falls, the company is  eligible for a ten-year property tax abatement, whereby 100% of real and personal property taxes will be abated in the first year, 90% in the second year, and a 10% reduction in the abatement each year until year ten when the abatement will be 0%.

This incentive saves companies 55% on real and personal property taxes over the ten-year life of the abatement.

Should a company buy an existing facility here, only the incremental value of any improvements would be subject to the real property tax abatement, but new machinery and equipment would all still qualify for the ten-year abatement described above.

Any tax abatement for machinery and equipment must be approved before the equipment is brought into the city and put into use.

FORGIVABLE LOAN

The WFEDC can provide forgivable loans for companies who create and retain new positions. 

Traditionally, the WFEDC has financed machinery and equipment contingent on acquiring a first lien position or purchase money security interest on said equipment.

The term of the loan is based on the depreciable life of the equipment being financed.  For every year the Company creates and retains the number of new positions as mutually agreed, the debt service for that particular year is forgiven.  Should the Company fail to maintain the number of new positions as mutually agreed, the company would pay back a portion of the loan.  

CITY & COUNTY REAL AND PERSONAL PROPERTY TAX ABATEMENT

Should a company build a new facility in the City of Wichita Falls, the company is  eligible for a ten-year property tax abatement, whereby 100% of real and personal property taxes will be abated in the first year, 90% in the second year, and a 10% reduction in the abatement each year until year ten when the abatement will be 0%.

This incentive saves companies 55% on real and personal property taxes over the ten-year life of the abatement.

Should a company buy an existing facility here, only the incremental value of any improvements would be subject to the real property tax abatement, but new machinery and equipment would all still qualify for the ten-year abatement described above.

Any tax abatement for machinery and equipment must be approved before the equipment is brought into the city and put into use.

CASH FOR JOBS

Create a new Primary job in Wichita Falls and retain that job for at least six months, and your company may be eligible for a direct cashback incentive.

TRIPLE FREEPORT EXEMPTIONS

Companies are eligible for a 100% exemption from Ad Valorem taxes (City, County, and School) on inventory that leaves the State of Texas within 175 days of arrival.  This incentive requires no prior approval and is in effect as long as the company has qualifying inventory.

TRAINING

The WFEDC can provide funding to assist with employee training. The amount per position would be negotiated based on the training needs. The Company pays for the training and then petitions the WFEDC for reimbursement. 

Travis Haggard

Travis Haggard

VP of Business Retention & Expansion

Archives

Wichita Falls Chamber of Commerce

900 8th Street, Suite 218 Wichita Falls, Texas 76301 WichitaFallsChamber.com Building a strong community through economic development and business support.

Economic Development Sales Tax in Wichita Falls

In 1998, the voters of Wichita Falls approved a 1/2 cent economic development sales tax. Since 1998, the WFEDC has approved $69 million for 81 projects.  Funds may be used individually or collectively. 

Type A EDCs are typically created to fund industrial development projects such as business infrastructure, manufacturing and research, and development. Type A EDCs can also fund military base realignment, job training classes, and public transportation. 

Type B EDCs can fund all projects eligible for Type A, as well as parks, museums, sports facilities, and affordable housing. However, Type B EDCs are subject to more administrative restrictions than Type A. 

Get more information from the Comptroller.

STATE INCENTIVES

Texas Enterprise Fund

The Texas Enterprise Fund 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.
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The Freeport and Goods in Transit Exemptions

Section 11.251 of the Tax Code provides for a freeport exemption applying to goods, wares, ores and merchandise other than oil, gas and petroleum products (defined as liquid and gaseous materials immediately derived from refining petroleum or natural gas) and to aircraft or repair parts used by a certificated air carrier. The freeport goods qualify if they leave Texas within 175 days from the date they are brought into or acquired in the state.
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Texas Enterprise Zone

Under the Texas Enterprise Zone Program, the city of Wichita Falls can adopt a company as a Qualified Business and thereby request that the State of Texas grant that company Enterprise Project status. Once the project has been so designated by the state, the project is eligible for a refund of state sales and use tax.
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Product Development and Small Business Incubator Fund

Offers long-term, asset-backed loans to near-bankable businesses commercializing new or improved products and small businesses or entities which foster growth of small businesses. The program targets those businesses which may be unable to obtain full financing or financing on workable terms in traditional capital markets.
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Skills Development Fund

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.
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SALES TAX

Sales tax: 6.25% to state and 2% to the city.
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PROPERTY TAX

The City’s property tax rate on real property is $.072988 per $100 of assessed value
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