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LOCAL INCENTIVES

Incentives for a relocation or expansion project in the Wichita Falls MSA comes from two sources – The state of Texas and the local community. The incentive evaluation process is based on a variety of economic factors including, but not limited to, new jobs created and capital investment. 

Possible available local incentives: Cash for jobs, property tax abatements, non-annexation agreements, and relocation/recruitment.

Wichita Falls is poised to offer many incentive options to fit varying needs. Please contact us and let us help you to grow your business. Economic Development team.

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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