There are plenty of reasons to relocate your business in Odessa, but the local and Texas economic development incentives are the ones that can positively affect your bottom line.
Odessa is unique. The city offers a quintuple Freeport Exemption from all taxing entities on goods in transit. Just one more reason that Odessa is the right place for your business.
This business incentive is designed to exempt some or all of a company’s inventory from property taxes. Businesses involved in the export of tangible property such as goods, wares, and merchandise may be eligible for the Freeport Exemption. For your business to be eligible, all property must be assembled, stored, manufactured or fabricated locally and then exported out of the state within 175 days.
Odessa has Enterprise Zone status and provides property tax abatements, local sales tax rebates, and development fee rebates to qualified businesses locating or expanding within the designated area. This Enterprise Zone incentive is available for both local and state resources.
The Texas Enterprise Zone Program is one of Texas’ strongest economic development tools in attracting new and growing business ventures. Through the program, the Department of Commerce is committed to succeed in increasing investment and creation of jobs for Texans.
Established in Texas in 1987, the Enterprise Zone Program encourages the creation of permanent jobs to induce capital investment. Enterprise Zones constitute viable options to businesses looking to start-up, expand or locate a site. Businesses located in the designated enterprise zones can qualify for tax incentives and other economic program benefits.
Texas takes the initiative to invest in its future by offering competitive incentives to companies that are creating jobs and driving innovation in the Lone Star State.
The Texas Enterprise Fund (TEF) is the largest “deal-closing” fund of its kind in the nation. This fund is used as a final incentive tool for projects that offer significant projected job creation and capital investment, and where a single Texas site is competing with another viable out-of-state option. For more information, visit the Fund’s website or contact us.
The Odessa Development Corporation (ODC) actively recruits and attracts new business, as well as maintains our existing industry base. ODC incentives are based on the number of new jobs created, annual payroll, and the amount of capital investment.
Possible incentives include:
- Infrastructure improvement grants
- Property tax incentives
- Recruiting and screening of employees