Cash for Jobs
This 4A economic development sales tax is used to promote economic development and provides cash incentives to job creators in Wichita Falls.
Property Tax Abatements
The City of Wichita Falls offers property tax abatements (temporary reduction of property taxes) to certain categories of businesses. These abatements are offered based on primary job creation and investment.
For potential employers that may need to locate outside the city limits, the City of Wichita Falls may consider entering into a non-annexation agreement with the business. Such non-annexation agreements are reserved for industries creating primary jobs and typically provide the company with utility services (water, wastewater and solid waste) at rates less than what would normally be charged to other commercial customers located outside the city limits. Additionally professional fire protection would be provided to the company through a payment-in-lieu of tax at rates lower than what the property tax rate is for companies locatd inside the city limits. These agreements typically run for 5 to 10 years and serve similar purposes as tax abatement agreements that are offered to businesses located within the city limits. Once the term expires, the property is either annexed into the city limits, or a new agreement is required at rates equal to those assessed to companies located inside the city limits.
Incentives are available for companies who recruit Primary Job employees, from outside of Wichita County, in which new employee(s) establish and maintain their primary residence in Wichita County. This incentive is a matching dollar incentive.
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.
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.
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.
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.
The State of Texas has established several tax-related state and local economic development programs that provide support and incentives for companies that invest and expand their operations and workforces in Texas communities.
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.