Texas: The Lone Star State Expands
1 Nov 2022
With its low tax burden, Texas allows businesses to invest in growing their workforce, improve facilities, and boost their bottom line. Texas extends several broad incentives and financing options for companies considering relocation or expanding to the state. Its reach is far as home to more than 1,600 foreign-owned companies, and enterprises of all sizes find opportunity with 2.7 million small businesses operating in the state.
Texas is one of only six states that doesn’t impose a corporate income tax. Additionally, Texas offers a number of advantages for businesses such as franchise tax exemption to manufacturers, sellers, or installers of solar energy devices and a sales tax exemption for manufacturing machinery and equipment and R&D-related materials, software, and equipment. Property tax abatements, permit fee waivers, local cash grants, and local funding are also available to assist companies looking to relocate or expand in the state.