Fort Bend County works with our city partners to encourage business development, business retention, capital investment, and job growth. We aggressively encourage qualified companies to move to and expand within the county to bring jobs and capital to the county and expand our commercial footprint. Each city offers a variety of potential incentives, including sales tax rebate, the Freeport Tax exemption, tax abatements, and direct incentives.
The county, working through the Fort Bend Economic Development Council, also offers incentives that must be approved by commissioners court to qualified companies.
Chapter 380 of the Texas Local Government Code allows the cities in Fort Bend County to offer a range of incentives for economic development, including the ability to rebate some of the city's portion of the 1.0% sales and use tax collected from business entities located in the jurisdiction.
The Commercial and Industrial Standard Offer Plan is provided by CenterPoint energy. The program provides incentives to new or existing facilities for qualified energy efficiency upgrades.
Port Freeport sponsors Foreign-Trade Zone (FTZ) #149 which covers all of Fort Bend County. Qualified companies engaged in international shipping may apply for tax protections through this program.
The Fort Bend Industrial Development Corporation (FBIDC) may issue Industrial Revenue Bonds (IRBs)to provide a source of tax-exempt or taxable bond finance for projects involving significant private activity that promote new and existing businesses, encourage employment, and expand the tax base of our community.
The Fort Bend County Property Assessed Clean Energy (PACE) Program provides low cost, long-term, 100% financing for qualified energy and water saving improvements to commercial, industrial, and multifamily properties. Eligible upgrades are financed over time through a voluntary County PACE assessment attached to the property. PACE improvements add value to the property and reduce utility bills with the upgrades that pay for themselves with positive cash flow over the life of the assessment.
Chapter 381 of the Local Government Code allows Fort Bend County to enter into a performance agreement. The agreement provides incentives encouraging developers to build in the county's jurisdiction, but they must meet specific requirements lined out in the agreement such as job creation or investment. A county may administer and develop a program to make loans and grants of public money to promote state or local economic development and to stimulate, encourage and develop business location and commercial activity in the county.
Companies looking to expand or relocate to Fort Bend County have the opportunity to apply for a county property tax abatement on the new value created by the project. The abatement may not be longer than 10 years and the abatement terms will be based on a variety of factors including the value created and number of new jobs.
The county may create a TIRZ for large scale development and redevelopment of strategic areas which need additional infrastructure and improvements. For qualified projects, a TIRZ jumpstarts development and, ultimately, generates new tax revenue.
This tax exemption includes the Freeport Exemption, Goods-in-Transit Incentive and Pollution Control Equipment Incentive.
On November 6, 2007, Texas voters approved Proposition 15 - HJR 90, the constitutional amendment which allows the State of Texas to establish the Cancer Prevention and Research Institute of Texas (the Institute) and allows the Institute to issue $3 billion in general obligation bonds over ten years to fund grants for cancer research and prevention. The Institute may invest the grants strategically in cancer research, clinical trials, and laboratory facility construction in Texas. The Institute will continue to implement the Texas Cancer Plan.
The Defense Economic Adjustment Assistance Grant Program (DEAAG), created in 1997, is a job creation grant program designed to assist adversely impacted defense communities that are responding to or recovering from a U.S. Department of Defense Base Realignment and Closure (BRAC) action, or reductions or termination of defense contracts. The program was later expanded to assist defense communities that have been positively affected by BRAC with new or expanded military missions, as well as qualified job retention.
Economic Development & Diversification In-State Tuition for Employees is a program that allows employees—and those employees’ family members—of a qualified business considering a relocation or expansion of its operations in the State of Texas to pay in-state tuition rates at public institutions of higher education in the state without first establishing residency.
Effective Jan 1, 2014 House Bill 500 provides authorization for a company to deduct moving expenses from their apportioned margin while calculating their franchise liability
TCEQ and the Office of the Governor Economic Development & Tourism division have established a relationship to assist companies, which may experience unwarranted delays in their environmental permitting process for projects that could affect job creation or have a high economic impact.
The Product Development and Small Business Incubator Fund (PDSBI) is a revolving loan program financed through original bond issuances. The primary objective of the program is to aid in the development, production and commercialization of new or improved products and to foster and stimulate small business in the State of Texas.
Tax Code Section 171.056 extends a franchise tax exemption to manufacturers, sellers, or installers of solar energy de- vices. The state also permits a corporate deduction from the state’s franchise tax for renewable energy sources. Business owners may deduct the cost of the system from the company’s taxable capital or deduct 10 percent from the company’s income.
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.
Texas businesses are exempt from paying state sales and sales tax on the following expenses: Manufacturing machinery & equipment, natural gas & electricity and data center exemption.
Supports rural business development, retention and expansion by providing funds for public infrastructure, real estate development, or the elimination of deteriorated conditions.
The Texas Capital Fund Real Estate Development Program is designed to provide financial resources to non-entitlement communities. Funds must be used for real estate development (acquisitions, construction and/or rehabilitation) to assist a business, which commits to create and/or retain permanent jobs, primarily for low- and moderate-income persons.
In 2001, the 77th Texas Legislature enacted House Bill 1200 creating Tax Code Chapter 313, Texas Economic Development Act, to encourage large-scale manufacturing, research and development, renewable energy, nuclear and integrated gasification combined cycle electric generation facilities and other large capital investment projects in the State of Texas.
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.
The Texas Leverage Fund (TLF) provides a source of financing to Economic Development Corporations that have adopted a Type A or Type B economic development sales tax.
The Revolving Loan Fund provides a low cost source of revenue to eligible communities who meet the application criteria. The minimum amount of a loan is $1 million, while the maximum amount of a loan is determined by the availability of funds and the creditworthiness of the applicant, State funding will be obtained through the sale of general obligation bonds. The State may provide up to 100 percent of the cost of the described project, dependent upon the creditworthiness of the applicant.
In 2007, the 81st Texas Legislature establishing the Texas Moving Image Industry Incentive Program which is administered by the Texas Film Commission under the Economic Development and Tourism Division of the Office of the Governor. The program is designed to provide grants to qualified applicant production companies to promote film, television, video game, animation and commercial industry and workforce growth in Texas.
In 2013, the 83th Texas Legislature enacted House Bill 800 creating a Research & Development tax credit effective Jan. 1, 2014. Providing companies a choice between a franchise tax credit and a sales tax exemption for materials, software, and equipment used for R&D purposes. Tax Code Chapter 171, subchapter M effectively establishes the qualifications, definitions and eligibility criteria for the credit.
The Work Opportunity Tax Credit (WOTC) is a federal income tax benefit administered by the U.S. Department of Labor (DOL) for employers who hire individuals from specified target populations. WOTC reduces a business’s federal tax liability, serving as an incentive to select job candidates who may be disadvantaged in their efforts to find employment.
Centerpoint Energy offers incentives to participants (Project Sponsors) who install energy efficient retrofit projects in commercial and industrial facilities. This program also accepts new construction projects, which exceed minimum energy efficiency standards.