Incentives

The following economic development tools are available and/or negotiated on a case-by-case basis to assist primary employers to expand or locate in Wichita Falls.

Cash for Jobs

In 1997, the citizens of Wichita Falls adopted the 4A economic development sales tax to promote economic development. These sales tax proceeds may be used to fund promotional and development activities related to primary business retention, expansion, and attraction; financial assistance; land and building purchase, lease and upgrade; infrastructure upgrade and placement to promote the creation of primary employment; and training and education for primary employment.

The annual revenue from this incentive is approximately $3.0 million. The city encourages companies to contact the Chamber to discuss the details.

Property Tax Abatement (Real and Personal Property)

The City of Wichita Falls and Wichita County have agreed to abate their respective portions of increased Ad Valorem tax to existing and primary employers. Terms of these abatements are negotiated case-by-case based on economic impact (capital investment and new primary job creation) of the project. The city and county encourage companies to contact the Chamber to discuss details.

Non-Annexation Agreements

Sites and capital improvements located in the City of Wichita Falls' Extraterritorial Jurisdiction (ETJ) are exempted from any City of Wichita Falls' property tax liability. In return for providing primary employers with municipal services (water, wastewater, solid waste disposal, fire, and police protection), the City of Wichita Falls will enter into a "non-annexation" agreement with the business. Terms to be negotiated in the agreement will include a payment in lieu of taxes for the above mentioned services from the City.

As an indication to Wichita Falls' commitment to the retention of existing industry, every large corporation in the community that is located in the City of Wichita Falls' ETJ has in place a non-annexation agreement. For many of those corporations, these agreements are in their fourth and fifth generations (28 + years) and have served to underwrite the company's cost of operation in our community.

Triple Freeport Exemption

This local incentive exempts 100% of the ad valorem taxes (County, City and School) on all tangible, personal property other than oil, natural gas, or other petroleum products that is imported or acquired in Texas for the purpose of assembly, storage, manufacturing, processing, or fabrication if the property is transported outside Texas within 175 days of its acquisition.

Texas Enterprise Fund

The Texas Enterprise Fund is to be used to "close deals". The funds are provided by the Governor to make certain that high economic impact projects choose Texas rather than another state. The funds are provided by the Governor to make certain that high economic impact projects choose Texas rather than another state.

Enterprise Zone "Project" Designation

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. The refund cannot exceed $250,000 per year, nor $1.25M for the five year term of the Enterprise Zone designation.

Skills Development Grants

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 Grant program has been remarkably successful in Wichita Falls with over $5.0M having been received in recent years.

Financial Incentives

The State of Texas also provides for a range of financial incentives including: the Texas Capital Access Fund; the Linked Deposit Fund; the Texas Leverage Fund, as well as Industrial Revenue Bonds. Additionally, the State of Texas' General Land Office is now using its Permanent School Fund for economic development projects around the state. We are available to assist you in learning more about these state programs and how one of those might best suit your project's needs.

For more information on State of Texas Economic Development Incentives, visit the Governor's website at: http://www.governor.state.tx.us/divisions/ecodev/der/