OVERVIEW
The Dallas–Fort Worth area has a strong business culture. The municipalities within the region offer a variety of local incentive programs to expand or relocate businesses, ranging from tax abatements and tax increment financing to the development of infrastructure and freetrade zones. The programs help maintain the low cost of doing business, enabling job-creating companies to gain a competitive advantage. Programs vary by city but offer a breadth that can provide value for a variety of projects.
Additionally, statewide programs, including the Texas Enterprise Fund, Events Trust Fund, Workforce Development, and Product Development and Small Business Incubator Fund, are in place to encourage companies that create jobs and drive innovation to set up shop in the Lone Star State.
LOCAL INCENTIVES
City of Dallas Economic Development Incentive Policy
The City of Dallas Economic Development Incentive Policy prioritizes investment in designated target areas that align with Texas Enterprise Zones, many of which are located in Southern Dallas. New incentive tools include as-of-right tax abatements, community development loans and grants, predevelopment loans, and an infrastructure investment fund.
STATE INCENTIVES
Texas Enterprise Fund
The Texas Enterprise Fund (TEF) is the largest “deal-closing” fund of its kind in the nation. The fund is used as a performance-based financial 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.
Events Trust Fund
The Events Trust Fund program applies local and state gains from sales and use, auto rental, hotel, and alcoholic beverage taxes generated over a specified period of time. Eligible events are not restricted to sports, but the venue must have been selected through a highly competitive selection process.
Texas Enterprise Zone Program
The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and significant private investment that will assist economically distressed areas of the state.
Product Development and Small Business Incubator Fund
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.
Skills Development Fund
The Skills Development Fund is an innovative program created to assist Texas public community and technical colleges finance customized job training for their local businesses. The Fund was established by the Legislature in 1995 and is administered by the Texas Workforce Commission. Grants are provided to help companies and labor unions form partnerships with local community colleges and technical schools to provide custom job training. Average training costs is $1,800 per trainee; however, the benefit may vary depending on the proposal.
Self-Sufficiency Fund
The Self-Sufficiency Fund is a job-training program that is specifically designed for individuals that receive Temporary Assistance for Needy Families (TANF). The program links the business community with local educational institutions and is administered by the Texas Workforce Commission. The goal of the Fund is to assist TANF recipients become independent of government financial assistance.
The Fund makes grants available to eligible public colleges or to eligible private, nonprofit organizations to provide customized job training and training support services for specific employers. A joint application from the employer and the eligible public college and/or eligible private, nonprofit organization is required to be submitted to the Local Workforce Development Board for review and comment prior to approval.
LATEST NEWS
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UNT Dallas scores highest in North Texas in key categories on two new college rankings
by Amanda CharaThe University of North Texas at Dallas (UNT Dallas) has scored the best in North Texas in key categories on two newly released rankings of colleges and universities in Texas …
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Jennifer Skinner has been named assistant vice president for student affairs and dean of students at the University of North Texas at Dallas, the university announced. Skinner has served since …
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Redbird Officially Welcomes Jarvis Christian University To New Location As HBCU Kicks Off 2023 Capital Campaign
by Amanda CharaPeter Brodsky, owner of Redbird Mall welcomed Jarvis Christian University to their new space at 7222 Westmoreland Road as the university marked the kickoff of its 2023 Capital Campaign. This …