We’re committed to helping new and existing businesses every step of the way and providing useful information. Learn about the range of incentives offered in our metro. Its no surprise Texas is # 1 when it comes to business.
LOCAL GOVERNMENT INCENTIVES
There are 6 municipal governments in El Paso County. Most of them offer some form of economic incentives based on the target industries. The City of Socorro offers one of the most attractive incentive policies to promote new industry and business expansion. EPTMC has partnered with Socorro to support its economic development strategies.
LOCAL INCENTIVES THAT MAY BE AVAILABLE
Chapter 4A or 4B Economic Development Corporation
Chapter 4A or 4B of the Development Corporation Act provides legislative authority for Texas municipalities the ability to finance new and expanded business enterprises in their local communities through economic development corporations.
Chapter 380 Economic Development Grant Program (Socorro)
Chapter 380 of the Local Government Code provides legislative authority for Texas municipalities to provide grants or loans of city funds or services in order to promote economic development.
Chapter 381 Economic Development Grant Program (County of El Paso)
Chapter 381 of the Local Government Code provides legislative authority for Texas counties to provide grants or loans of county funds or services in order to promote economic development.
In Texas, freeport and goods in transits allow regions to remain competitive on a global scale. El Paso County supports freeport and goods in transit. This has provided warehouse & distribution centers that store goods and raw materials such as consumer electronics, automotive parts, apparel, and technology components to prosper in the region.
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. Local incentives and tax abatements are not included here. For local incentives, please contact the local economic development representative.
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.
The Events Trust Fund program applies local and state gains from sales and use, auto rental, hotel, and alcoholic beverage taxes generated over a specified period of time. Eligible events are not restricted to sports, but the venue must have been selected through a highly competitive selection process.
The Governor’s University Research Initiative grant program (GURI) has a goal to bring the best and brightest researchers in the world to the State of Texas. This program is a matching grant program to assist eligible institutions of higher education in recruiting distinguished researchers.
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.
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.
The Skills Development Fund is an innovative program created to assist Texas public community and technical colleges finance customized job training for their local businesses. The Fund was established by the Legislature in 1995 and is administered by the Texas Workforce Commission. Grants are provided to help companies and labor unions form partnerships with local community colleges and technical schools to provide custom job training. Average training costs is $1,800 per trainee; however, the benefit may vary depending on the proposal.
The Self-Sufficiency Fund is a job-training program that is specifically designed for individuals that receive Temporary Assistance for Needy Families (TANF). The program links the business community with local educational institutions and is administered by the Texas Workforce Commission. The goal of the Fund is to assist TANF recipients become independent of government financial assistance.
The Fund makes grants available to eligible public colleges or to eligible private, nonprofit organizations to provide customized job training and training support services for specific employers. A joint application from the employer and the eligible public college and/or eligible private, nonprofit organization is required to be submitted to the Local Workforce Development Board for review and comment prior to approval.
Additional Incentive Programs
FEDERAL GOVERNMENT INCENTIVES
FOREIGN TRADE ZONE # 68 A foreign-trade zone (FTZ) is a site within the United States, in or near a U.S. Customs port of entry, where foreign and domestic merchandise is generally considered to be in international commerce. Foreign or domestic merchandise may enter this enclave without a formal Customs entry or the payment of Custom duties or government excise taxes.
The EB-5 Program offers a pathway to U.S. citizenship for foreign capitalists investing in job-generating ventures for a period of no less than two years; the program is administered by the United States Citizenship and Immigration Services (USCIS).
New Guidelines (Effective Nov. 21, 2019) USCIS announced several new rules to the EB-5 program. These new rules increase the investment requirements and eliminate the states’ ability to designate certain geographic and political subdivisions as high unemployment areas. The Dept. of Homeland Security directly reviews submissions. More information can be found in the USCIS website.