Taxes, Incentives & Financing
Thanks to a cutting-edge upgrade at Wharton-based Exelon Generation fossil plant, 1,000 extra megawatts of clean, affordable electrical capacity is powering Wharton productivity. Thanks to our region’s new off-channel reservoir, an annual additional 117 million gallons of fresh water will generate greater comfort and enhanced prosperity.
In fact, good things are flowing in Wharton, and that includes the free flow of rich development incentives, adding speed to industrial startups and momentum to business and industrial success. Job creators are richly rewarded in Wharton.
Wharton EDC is here to bring together the resources you need to invest in Wharton and will assist you in your applications for grants and incentives to aid in your location decision. Here are a few of the incentives available for companies looking to locate in Wharton:
Texas Enterprise Fund
The State of Texas uses this fund to award deal-closing grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a performance-based financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.
New Market Tax Credit
These tax credits provide an incentive for investment in designated communities and are competitively allocated to intermediaries that select investment projects. Investors receive a tax credit against their federal income tax.
Federal Opportunity Zone
The Opportunity Zones program optimizes flexibility, allowing different types of investments that could benefit multiple parts of the community development ecosystem. For example, developers, service providers, and other small businesses critical to affordable housing delivery could receive new equity investments. Similarly, impact-motivated Opportunity Funds could help fill a capital gap that has been a barrier to scaling mixed-income and workforce housing.
Reduce costs and enjoy added flexibility in storing and moving goods with this valuable ad valorem tax abatement.
Property Tax Exemptions on Freeport Inventory
Wharton County offers an exemption from ad valorem taxes for manufacturing inventories that meet the definition of freeport. All inventories that remain in the facility for a period of no more than 175 days and are exported outside of the state of Texas within that time frame will be classified as freeport, and are therefore exempt from ad valorem taxation.
Expedited Plan Review & Permitting
In order to ensure that projects are allowed to begin business operations on a timely basis, the City of Wharton, on a case-by-case basis, may provide all plan reviews and permitting on an expedited basis, whether the company chooses to retrofit an existing building or engage in new construction.
State, county and city grants
Wharton has the means and the mission to tailor financial assistance to your specific operational needs.
Tax abatement, including Chapter 313 tax abatements
Wharton leverages Texas 313 abatement laws so that local industry enjoys the most lucrative abatement packages. 313 allows qualified projects to have their school tax abated.
Type B Incentives
Wharton EDC is funded by a ½ cent sales tax and can provide direct grants or finance infrastructure development for a development that will generate jobs and capital investments in the community.
The City of Wharton can provide sales tax rebates of up to 1% of sales tax for ten years. There is potential for other grants, or property tax rebates under this program. Wharton EDC will work with you to apply for this incentive with Wharton City Council.
Wharton County can provide reimbursement of sales and property taxes for developments that will create jobs and grow the economy. Wharton EDC can help you to apply for these incentives with the Wharton Commissioners Court.
Available from both the City and County of Wharton, this chapter of the Texas tax code allows exemption from all or part of the property tax value for up to 10 years. Wharton EDC can assist you in your applications for this incentive with both the County and the City.
Business Restoration Grants
Wharton EDC offers 50% reimbursable matching grants for exterior improvements to existing buildings (such as signage, paint, windows) in Wharton, up to $10,000.
Skills Development Fund
Skills Development Fund grants provide site-specific, customized training opportunities for Texas businesses and their employees to increase skill levels and wages of the Texas workforce.