Texas Enterprise Zone Program
Over the past six years the Texas Enterprise Zone Program (EZP) has helped create and retain more than 100000 jobs and generate $15.8 billion in capital investment.
What is the Texas Enterprise Zone Program?
The Texas EZP is a tax incentive program created to help companies expand their business in Texas. It is an economic development tool for local communities to partner with the State of Texas to promote job creation and capital investment in economically distressed areas of the state.
How does it work?
The EZP is performance based and allows qualified businesses to receive a refund of state sales and use taxes ranging from $2500 - $7500 per job created and/or obtained during a five year designation period up to a maximum of $1.25 - $3.75 million. The level and amount of refund is related to the capital investment and jobs at the qualified business site.
How does a company qualify?
Communities may nominate projects for a designation period up to five years non-inclusive of a 90-day window prior to the application deadline. Employment and capital investment commitments must be incurred and met within this timeframe. Per state biennium communities with a population less than 250000 may nominate up to six projects and a community with a population of 250000 or more may nominate up to nine projects.
What are the requirements?
Projects may be physically located inside or outside of an enterprise zone. In a zone a company commits that 25 of their new employees will meet economically disadvantaged or enterprise zone residency requisites. Outside a zone a company commits that 35 of their new employees will meet economically disadvantaged or enterprise zone residency requisites.
Who should I contact?
Companies interested in the EZP should contact their city or county public officials.
For more information visit:
http://www.texaswideopenforbusiness.com/financial-resources/tax-incentives.html
