Why Should You Do Business in Texas?
Texas has been home to many of the United States rich and powerful – George Bush, Mark Cuban, Ross Perot, to name a few. Indeed, there is no denying that Texas has worked hard to develop and sustain a business-friendly operating environment. Moreover, this year Texas was ranked as the number one state for future job growth and was positioned in the top ten states for business.
Generating the question, what sets Texas apart from the rest?
To begin with, Texas invests in the future by proposing competitive incentives to businesses that generate jobs and drive innovation as they do business in our state. Examples of these are as follows:
- Regional Centers of Innovation and Commercialization (RCICs)
RCICs concentrates on supporting the activities for businesses related to research and development. They provision activities in specific region such as: research and development, growth and acceleration for businesses related to research and development, commercialization of research and development, and workforce training.
- Texas Emerging Technology Fund
Texas Emerging Technology Fund specializes in start-up, seed and early stage investments. The fund seeks to invest in companies based in Texas and that have demonstrated an economic development benefit.
- Texas Enterprise Fund (TEF)
A cash grant and financial incentive for projects that proposition a substantial job creation prediction and capital investment. The TEF has granted over $500 million in grants since its conception in 2004.
- The Research and Development Tax Credit
In 2013, House Bill 800 was signed re-establishing Texas R&D tax credits through 2026. The majority of expenditure completed on a federal R&D tax credit return applies to a Texas return too, thus, individuals may be able to get two tax credits for just one tax workup.
Certainly, as one can see from the above, the Texas incentives landscape is constantly involving. Companies that take advantage of these incentives in Texas can create tax savings, including generating cash for their past and future investments. If your company is interested in claiming the R&D Tax Credit in specific, please contact one of our specialists for more information.