Investing in Odessa makes economic sense!
Local and state economic development incentives make relocating and operating a business in Odessa a wise investment. Locally, the Odessa Development Corporation offers incentives to maintain the existing industry base and attract new businesses. Infrastructure improvement grants, property tax incentives, training and workforce development are based on the number of new jobs created, annual payroll and capital investment. Apply for local incentives here.
Texas proactively invests in the future at the state level by offering competitive incentives to companies creating jobs and driving innovation in the Lone Star State.
Results
Odessa uniquely impacts a business’s bottom line through its Freeport Exemption. The incentive exempts a company’s inventory of goods in transit from property taxes from all taxing entities. The Freeport Exemption applies to the export of goods, wares, merchandise and other tangible property, with eligibility dependent on all property being assembled, stored, manufactured or fabricated locally and exported out of the state within 175 days.
As the most significant “deal-closing” fund of its kind in the nation, the Texas Enterprise Fund is a final incentive tool for projects where a single Texas site is competing with another viable out-of-state option. It offers performance-based financial incentives for projects that intend to provide significant job creation and capital investment levels.
The Texas Enterprise Zone Program is one of Texas’ most potent economic development tools in attracting new and growing business ventures, thereby increasing investment and job creation in local communities. The Odessa Enterprise Zone provides property tax abatements, local sales tax rebates and development fee rebates to qualified businesses starting, locating or expanding within the designated area
