Texas Home to the Next Boomtowns
From the peppering of “sir” and “ma’am” in sentences to chicken-fried steak as a menu option, it is hard to resist the sweet Texan drawl and dining options. But the Lone Star State has other benefits, in particular, a burgeoning business scene. To clarify, a recent Forbes analysis has ranked Texas as harvesting America’s next boom towns.
A boomtown, to be specific, is a community that undergoes sudden and rapid population and economic growth, or that is started from scratch because of an influx of people. Austin, Houston, Dallas and San Antonio all made Forbe’s top ten list of boomtowns. Indeed, Forbes says it best, “”the most vital parts of urban America can be encapsulated largely in one five-letter word: Texas.”
Moreover, Austin, Houston, Dallas and San Antonio, achieved double-digit job growth from 2010 through 2014, well above the national average of 8.1%. They also all have posted income growth well above the national average.
Texas also offers $19 billion per year in incentives for things like job creation, relocating business to Texas and R&D performed in Texas. The R&D tax credit for qualified research and development that is conducted within the state, provides up to a 6.125% credit rate. The Texas R&D tax credit adopts the guidelines of the federal R&D tax credit, meaning one can essentially receive two credits for one tax workup. Moreover, the Texas credit is valid until 2026, whilst the Federal credit has recently become permanent.
If your company is conducting R&D within the United States and would like more information on claiming the credit, please contact Texas Tax Credit.