Chapter 380 of the Texas Local Government Code allows Farmersville to offer a range of incentives for economic development, including the ability to rebate some of the city's portion of the 8.25% sales and use tax collected from business entities located in the jurisdiction.
Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects. Specifically, it provides for offering grants of city funds or services to promote state and local economic development and to stimulate business and commercial activity.
These incentives are based on a number of factors including total job creation and wages, capital investment, the financial strength of the applicant, the applicant's business history, and an analysis of the relevant business sector.Â
Contact Rodney Williams to learn more.