Chapter 380 authorizes home-rule municipalities to offer loans and grants of public money and provide personnel and services of the municipality to promote local or state economic development and to stimulate business and commercial activity in the municipality.
Enables similar support as provided with 380 Agreements, but through the County.
Galveston IDC - Type B Sales Tax for Economic Development:
The Galveston Industrial Development Corporation oversees the allocations of the Type 4B Sales Tax for Economic Development. A project must be tied to the creation of primary jobs within the City of Galveston in order to qualify for consideration.
Chapter 313 Agreements:
Allows school districts to attract new taxable property by offering a tax credit and an eight year limitation on the appraised value of a property for the maintenance and operations portion of the school district property tax.
Galveston County Tax Abatement:
Businesses seeking tax relief from Galveston County may apply for abatement on their property taxes.
Foreign Trade Zone (Zone No. 36 - Galveston, TX):
Foreign Trade Zones (FTZ's) are sites in or near a U.S. Customs Port of Entry, where foreign and domestic merchandise is generally considered to be in international trade. Goods can be brought into a zone without formal customs entry or without incurring customs duties or excise taxes unless they are imported into the United States.
Freeport Tax Exemption:
The Freeport Tax Exemption allows local authorities (only applicable to the City of Galveston and the Galveston County Navigation District #1) to exempt from ad valorem property taxes all business inventories acquired in or brought into Texas for fabricating, assembling, manufacturing, storing, or processing and then exported outside the state within 175 days. All inventories are covered except oil, gas, and petroleum products, with no restriction on the destination of such goods. The goods must remain in the continuous ownership of the person who exports them from the time of their acquisition until the time of their export.
Non-Financial Tools & Resources:
Expedited permitting/processing; disaster preparedness; regulatory assistance; historical/environmental assistance.