The Jacksonville Economic Development Corporation (JEDCO) aims to mitigate the hurdles businesses encounter when entering new markets or expanding. We want to be an advocate for your business and serve as your liaison through the necessary development processes.
We understand the importance of creativity and collaboration in developing incentive packages to meet unique needs and work with businesses to fully leverage available programs and assistance. Below is a summary of incentives available at the local, State, and Federal level.
Local Incentives
Type B EDC Assistance
Available directly from JEDCO in partnership with the City of Jacksonville. Assistance for industrial projects and capital investment typically include:
- Job-creation grants
- Capital investment grants
- Land grants
- Assistance with employee training and recruitment
Chapter 380/381 Agreements
Provides cities/counties legal authority to allocate funds and/or resources for the purposes of private economic development. Available assistance may include items such as infrastructure improvements, sales tax sharing agreements, property tax rebates, etc. subject to approval by their respective governing body.
City/County Property Tax Abatement
The City of Jacksonville and Cherokee County have legal authority to abate property taxes for a maximum of 10-years commensurate with the magnitude of investment. Terms are negotiated by each entity individually and subject to approval by their respective governing body.
State Incentives
The State of Texas offers several programs to assist industry, primarily through Texas Economic Development. For additional information please visit www.businessintexas.com.
Texas Skills Development Fund
Provides training dollars free to qualified businesses. It is a collaboration between the Texas Workforce Commission (TWC), the public community and/or technical college, and employer. Grants for a single business may be limited to $500,000.
Texas Enterprise Fund
The largest “deal closing” fund of its kind in the nation. The fund is a cash grant used as a financial 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. In the past, awards have ranged from $194,000 to $50,000,000.
Texas Enterprise Zone Program
An economic development tool for local communities to partner with the State of Texas to promote job creation and capital investment in areas that may be economically underserved. The level and amount of refund is related to the capital investment and jobs created at the qualified business site. Businesses may apply for a refund of State sales and use taxes on qualified expenditures.
Texas Capital Fund-Infrastructure Grant Program
Provides grant monies for public infrastructure needed to facilitate the location/expansion of an industry. Grants range from $5,000 to $500,000 not exceeding 50% of the total project cost.
Pollution Control Equipment Incentive
Provides an exemption from property taxation for pollution control. The intent is to ensure that compliance with environmental mandates, through capital investments, did not result in an increase in a facility's property taxes. To be eligible, the property must have been purchased, acquired, constructed, or installed after January 1, 1994, to meet or exceed federal, state, or local environmental laws, rules, or regulations.
Texas Capital Access Fund Program
Designed to increase the availability of financing. Eligible borrowers can be any small business or non-profit corporation with fewer than 500 employees. The proceeds may be used for working capital of the purchase, construction, or lease of capital assets, which include land, buildings, and equipment.
Federal Incentive
New Markets Tax Credit (NMTC)
Program incentivizes community development and economic growth using tax credits that attract private investment to distressed communities. The NMTC tax credit is based on the total project investment and can be monetized at the onset of the project. On average, the value of the NMTC creates an estimated 18% to 22% net benefit to the project. Eligible project costs can include land, facility acquisition, rehab costs, new construction, equipment, site prep, and soft costs such as closing costs, tenant improvements and working capital.
