Encourages private sector investment in qualified zones through tax benefits, including tax deferral and exclusions of deferred gains over time.
Foreign-Trade Zones (FTZ) are secure areas under U.S. Customs and Border Protection (CBP) supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States' version of what are known internationally as free-trade zones.
Established by the 74th Legislature in 1995, The Skills Development Fund was designed to better utilize the public community and technical college system in Texas as well as other training organizations and have them partner with businesses throughout the state (with priority on small businesses) to train workers to meet the labor needs of employers and the regional labor market.
Supports rural business development, retention and expansion by providing funds for public infrastructure, real estate development, or the elimination of deteriorated conditions.
The Texas Enterprise Fund (TEF) awards “deal-closing” grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.
The Texas Enterprise Zone Program (EZP) is a state sales and use tax refund program designed to encourage private investment and job creation in economically distressed areas of the state.
Chapter 313 of the Texas Economic Development Act authorizes an agreement in which a taxpayer agrees to build or install property and create jobs in exchange for a 10-year limitation on the taxable property value for school district maintenance and operations tax. The City of Mesquite will facilitate the Chapter 313 process in partnership with a qualified project.
Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development for commercial and retail projects. The City of Mesquite will consider offering grants based on the added value to the tax base created by a catalyst project.
Tax Code Section 11.251 was adopted as the enabling law. Freeport property includes various types of property that are detained in Texas for a short period of time (175 days or less) to be transported out of Texas. The goods must be in Texas for certain purposes, such as assembly, storage, manufacturing, processing or fabrication. This exemption was proposed to enhance economic development.
Tax Increment Financing (TIF) is defined as a public financing mechanism through which the growth in taxes (increment) associated with new development or redevelopment can be captured and used to pay costs associated with economic development for the public good. The area in which TIF is being used is known as a Tax Increment Reinvestment Zone (TIRZ).