There are no personal income taxes in the State of Texas.
There are no Corporate Taxes in the State of Texas. There is however a Franchise Tax as follows.
The Texas franchise tax is a privilege tax imposed on each taxable entity chartered/organized in Texas or doing business in Texas. Please see the following website for more information. www.comptroller.texas.gov/taxinfo/franchise
Ad-Valorem Tax Rates – Local
Following are the ad-valorem tax rates per $100 valuation for each of the applicable jurisdictions:
Other Area AV Rates:
Inventory would be taxed at the same rates as noted above. Qualifying businesses can apply for Freeport Tax Exemption and Goods-in-Transit Exemption in some cases.
Sales and Use Tax Rates
Following are the sales and use tax rates for the proposed location:
The Fairfield EDC (FEDC) is Fairfield’s lead agency for coordinating economic assistance and incentive agreements for the business community seeking to expand or relocate operations to Fairfield. Incentives are available from both the FEDC and the City of Fairfield as noted below.
Fairfield EDC Incentives
The Fairfield EDC is funded by one half of 1% sales tax approved by the citizens of Fairfield and this is the primary source for FEDC incentives. The FEDC has a proven record of providing incentives to facilitate the location or expansion of businesses in the City.
To qualify for incentive funding through the Fairfield EDC, a thorough review of a company’s business plan and financial information will be conducted.
The amount of incentive funds, if any, are granted on a case-by-case basis based on the merits of the project, including number, type and average wage of primary jobs. Additional consideration will be taken for sales tax revenue and ad valorem tax value. Following are incentives available from the FEDC:
City of Fairfield Incentives
The City stands ready to partner with the FEDC to provide a desirable business with incentives necessary to commit to a Fairfield location.
The State of Texas offers a wide variety of incentives to attract businesses to Texas. Texas takes the initiative to invest in its future by offering competitive incentives to companies who are creating jobs and driving innovation in Texas. The incentives in this section are a summary of the most commonly utilized state offerings administered by the Department of Economic Development Finance.
Please see the following link for details — www.businessintexas.com/sites/default/files/pdfs/incentivessummary.pdf
Texas Enterprise Fund
The Texas Enterprise Fund (TEF) is the largest “deal-closing” fund of its kind in the nation. The 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.
Nicole Ryf, Econ. Dev. Finance Director
Texas Enterprise Zone Program
The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and significant private investment that will assist economically distressed areas of the state.
Skills Development Fund
The Skills Development Fund is an innovative grant program created to assist Texas public community and technical colleges finance customized job training for their local businesses.
Dale Robertson, (512) 463-8844
Texas Workforce Commission
Texas Capital Fund
The Texas Capital fund Infrastructure Development and Real Estate Programs are economic development tools designed to provide financial resources to non-entitlement communities. Funds from the program can be utilized for public infrastructure needed to assist a business that commits to create and/or retain permanent jobs, primarily for low and moderate income persons. Funds from the real estate program must be used for real estate development to assist a business that commits to create and/or retain permanent jobs, primarily for low and moderate-income persons. The real estate and/or improvements must be owned by the community and leased to the business.
Product Development and Small Business Incubator Fund
The Product Development and Small Business Incubator Fund (PDSBI) is a revolving loan program financed through original bond issuances. The primary objective of the program is to aid in the development, production and commercialization of new or improved products and to foster and stimulate small business in the State of Texas.