There are many incentives for new industries locating in Hale County. These incentives are based on the projected number of new jobs that will be created by the new industry. Incentives take different forms depending on the needs of the new industry.
Tax Abatement programs through the City and County are available. Plainview-Hale County EDC cash incentives may apply based on number of employees, hourly wage and capital invested.
Industrial Revenue Bonds
The Hale County Industrial Development Corporation was created specifically to facilitate the issuance of Industrial Revenue Bonds. These bonds are available for issuance in Hale County and the surrounding counties for various industrial and environmental purposes.Industrial Revenue Bonds are issued for financing projects. The purpose of the issuance is that the interest from the bond will be tax-free to its holder, which creates a lower interest rate to the company financing their project.The long term interest savings to an industry through the issuance of the Revenue Bonds can be quite substantial. Visit with the Executive Director of the Plainview Hale County Industrial Foundation for more information on this financing option.
Texas Capital Fund
The Texas Capital Fund (TCF) program is administered by the Texas Department of Agriculture through an interagency agreement with the Texas Department of Rural Affairs (TDRA). This program encourages business development, retention, or expansion by providing funds to eligible applicants. Funds will be awarded for the express purpose of assisting in the creation of new permanent jobs or retention of existing permanent jobs, primarily for low and moderate income (LMI) persons. These funds are a part of the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Brant (CDBG) program. In Texas, this program is known as the Texas Community Development Program. It is only available to non-entitlement city or county governments.
The Enterprise Zone designated by the city of Plainview. This can qualify a new or expanding industry for rebates on sales taxes paid on the expansion project. See State of Texas Enterprise Zone.