Economic Incentives: Local & State of Texas

• Local Economic Incentives: City of Corsicana, Navarro County

  Tax Abatements (Up to 10 Year Term, 50% Level of Abatement)

  The City of Corsicana, Texas (City) offers a wide variety of economic incentives and financial inducements that are unsurpassed. These economic incentives and financial inducements include local tax abatement consideration for industrial expansion projects available from the City, Navarro County, and Navarro College for taxable capital investments of at least one million dollars ($1,000,000.00) and the creation of at least twenty (20) new, full time jobs.

  • Procedure (Specific Steps Involved in the Tax Abatement Process)
  • Guidelines, Criteria & Policy (Overview of Term and Level of Tax Abatement)
  • Application Form (2011 Tax Abatement Application Form)

  In addition to the unsurpassed local tax abatements, a conditional land grant/loan may be available from the City of Corsicana to industrial expansion projects for capital investments with a minimum taxable value of at least ten million dollars ($10,000,000.00) and the creation of at least fifty (50) new, full time jobs.

  • Conditional Land Grant/Loan (20 Year Term, Pro-rated Annually)

• State Economic Incentives: State of Texas

  Also, the full compliment of economic incentives may be available to industrial expansion projects from the State of 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 capital investment in economically distressed areas of the state." (Source: Office of the Governor, P.O. Box 12428, Austin, Texas 78711, Phone: (512) 463-2000, Fax: (512) 463-1849)

  • Summary of State of Texas Incentives & Programs (Texas Economic Development)
  • Emerging Technology Fund (Research, development, and commercialization of emerging technologies)
  • Texas Capital Fund Program (To assist in the creation of new permanent jobs or retention of existing permanent jobs, primarily for low and moderate income (LMI) persons)
  • Texas Enterprise Zone Program (To promote job creation and capital investment in economically distressed areas of the state)
  • Texas Skills Development Fund (Grants can fund the development and implementation of targeted training through a community college or other training provider)
  • Texas Enterprise Fund (For economic development projects, including infrastructure development, community development, job training programs and business incentives)
  • Rural Municipal Finance Program (For the purchase of real estate, construction of buildings and site improvements, equipment, water and wastewater systems, municipal infrastructure projects)