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Business Incentives
Freeport Exemption
In 1989, Texas voters approved a constitutional amendment giving local taxing jurisdictions the option to exercise or not exercise their authority to tax specific personal property known as freeport goods. Smith County is one of only a few counties in the state in which all taxing entities elected to grant the Freeport exemption, providing a substantial financial benefit to Smith County primary employers, which by definition, manufacture or distribute products that are shipped outside of Texas.
Tax Abatement
The city of Tyler and Smith County have set up reinvestment zones for development. Companies investing in the zones are eligible for up to 10-year 100 percent abatement of taxes on all new plants and equipment.
Enterprise Zones
The city of Tyler and Smith County have partnered with the State of Texas to encourage job creation and capital investment in economically distressed areas. The Texas Enterprise Zone Program offers sales tax refunds to qualifying firms investing in areas with
a poverty rate of at least 20 percent. Other incentives, such as tax abatement, may also be available to these companies.
Tax Increment Financing
The city of Tyler has established a tax increment financing zone that includes the Tyler Junior College West Campus. It was used to finance construction of the 70,000-square-foot Skills Training Center. The center is a joint venture between Tyler Junior College and Tyler Independent School District for the purpose of providing state-of-the-art technical skills training in a variety of emerging technologies.
Training Programs
The State of Texas offers the Skills Development Fund, which provides grants averaging $1,500 per qualified employee for training. The Tyler Junior College West Campus provides customized training programs at their location or at the client’s facility and can help complete the application for this grant.
Smith County
Revolving Loan Fund
The Smith County Revolving Loan Fund is available to manufacturing firms and other primary employers who create or retain permanent jobs in Smith County. The maximum loan allowed is $200,000. Eligible uses include equipment, working capital and land acquisition.
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