LAND YOUR BUSINESS IN WICHITA FALLS
Many communities brag about being business-friendly, but all players in Wichita Falls pull together and become integral partners helping us provide quick turnarounds on proposals and ensure your needs are met in a timely manner.
Texas is a state known for its’ progressive business climate. Partnering with State Departments is often necessary to make the project happen and by offering both local and state incentives our economic development team is here to assist you with the needs of your company. From the ground up to expansions – we’re ready to help you!
Vice President of Business Attraction
Cell: 1 (940) 217.4383
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
Wichita Falls offers a vast inventory of first class industrial, commercial and office buildings to suit the needs of any industry.
Looking for industrial space, consider 8600 N. Central Freeway which offers over 450,000 SF of space along Interstate 44 and access to rail.
If office SPACE is your needs, you can locate in the heart of downtown Wichita Falls at 719 Scott or several adaptable spaces throughout the city.
If you need smaller, more flexible space for commercial, light industrial or logistics: our team can show you a strong inventory of buildings along multi-laned Highway 287.
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.
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.
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.
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.
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.
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.
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.
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
THE FREEPORT AND GOODS IN TRANSIT EXEMPTION
Section 11.251 of the Tax Code provides for a freeport exemption applying to goods, wares, ores,
& SMALL BUSINESS
Offers long-term, asset-backed loans to near-bankable businesses commercializing new or improved products and small businesses or entities which foster
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 Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds. View the map here.