The Odessa Development Corporation (ODC) was authorized by the Development Corporation Act of Texas to collect sales tax economic development incentives. The ODC incentives are based on the number of new jobs created, the annual payroll and the amount of your capital investment. Possible incentives include:
- Infrastructure improvement grants
- Property tax incentives
- Recruiting and screening of employees
Businesses that locate in designated zones may be eligible for local and/or state benefits in the Texas Enterprise Zone Program. The Governor's Office of Economic Development & Tourism may grant state benefits if a business is awarded "Enterprise Project" status.
Example state benefits include:
- State sales tax refunds of taxes paid on machinery and equipment, building material, labor for the rehabilitation of existing buildings, and electricity and natural gas purchased for use in the Enterprise Zone.
- Franchise Tax Reductions.
- Priority status for other state administered programs.
- Additionally, companies that locate in non-entitlement communities may receive funds to be used for needed infrastructure through the Texas Capital Fund Infrastructure Program.
- The Skills Development Fund is designed to help businesses apply for job training funds in partnership with local community colleges and technical schools to finance customized job training.
- Worker Opportunity Tax Credits (WOTC). A federal tax credit available to employers hiring individuals who are economically dependent.
- Texas Workforce Commission Skills for Small Business Program. Employers with fewer than 100 employees may be reimbursed for new hire and incumbent employees.
There are plenty of reasons to relocate your business in Odessa. Probably the most important are those that can positively affect your bottom line. Depending on your type of business, moving to Odessa means you could qualify for a variety of lucrative local and state incentive packages.
Come join the companies that have chosen Odessa, Texas for their business:
- Cudd Energy Services
- Family Dollar Stores, Inc.
- Constellation Energy
- Weatherford Artificial Lift Systems
- Desert Industrial X-Ray
- Standard Structures
- Micro Information Services
- Athletic Supply
- Bear's Machine and Manufacturing, Inc.
- MidCon Compressors
- Standard Sales
- TMP IPSCO
- Industiral Piping Specialist
- FMC Technologies