The Greater Waco Chamber Economic Development Team is here to assist your business every step of the way in procuring the incentives you need on local, state and federal levels. Our team is ready to welcome new businesses and support existing industries in our community.
WMCEDC, a partnership between the City of Waco and McLennan County, provides grants for qualified capital investment that creates new full-time jobs with specified wages and health benefits for local residents.
Regional economic development corporations and municipalities outside of Waco work in partnership with the Greater Waco Chamber to support business growth within their jurisdictions. EDC’s can provide incentives in the form of grants, loans and development assistance.
Chapter 380 (City) and Chapter 381 (County) of the Texas Local Government Code authorize these entities to offer incentives such as loans, grants, subsidized utility services, tax abatements, sales tax refunds, and more.
Inventory tax exemption available to companies for products that leave the state of Texas within 175 days of manufacture or entry into Texas.
Real and/or personal property tax abatements for value-added investment and job creation in new facilities and business expansion.
The City has historically utilized Tax Increment Reinvestment Zones (TIRZ) as a powerful vehicle to develop and redevelop qualified projects based on City goals and objectives.
Three designated incentive zones within Waco’s central city for revitalization and development projects.
The Waco Industrial Foundation (WIF) is a local 501c6 non-profit with a mission to develop land for economic development purposes. The Foundation holds a portfolio of land that is sold at or below the market rate to industries that will generate job growth and capital investment.
The Work Opportunity Tax Credit (WOTC) is a federal income tax benefit administered by the U.S. Department of Labor (DOL) for employers who hire individuals from specified target populations. WOTC reduces a business’s federal tax liability, serving as an incentive to select job candidates who may be disadvantaged in their efforts to find employment.
Economic Development & Diversification In-State Tuition for Employees is a program that allows employees—and those employees’ family members—of a qualified business considering a relocation or expansion of its operations in the State of Texas to pay in-state tuition rates at public institutions of higher education in the state without first establishing residency.
The Texas Enterprise Zone Program (EZP) is a state sales and use tax refund program designed to encourage private investment and job creation in economically distressed areas of the state.
The Product Development and Small Business Incubator Fund (PDSBI) is a revolving loan program financed through original bond issuances. The primary objective of the program is to aid in the development, production and commercialization of new or improved products and to foster and stimulate small business in the State of Texas.
The Texas Enterprise Fund (TEF) awards “deal-closing” grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.
Supports rural business development, retention and expansion by providing funds for public infrastructure, real estate development, or the elimination of deteriorated conditions.
Established by the 74th Legislature in 1995, The Skills Development Fund was designed to better utilize the public community and technical college system in Texas as well as other training organizations and have them partner with businesses throughout the state (with priority on small businesses) to train workers to meet the labor needs of employers and the regional labor market.
Texas businesses are exempt from paying state sales and use tax on the purchase of machinery exclusively used in processing, packing or marketing agricultural products by the original producer at a location operated by the original producer.
Leased or purchased machinery, equipment, replacement parts and accessories that have a useful life of more than six months, and that are used or consumed in the manufacturing, processing, fabricating or repairing of tangible personal property for ultimate sale, are exempt from state and local sales and use tax.
Texas companies are exempt from paying state sales and use tax on electricity and natural gas used in manufacturing, processing or fabricating tangible personal property. The company must complete a “predominant use study” that shows that at least 50% of the electricity or natural gas consumed by the business directly causes a physical change to a product.
Designed to provide financial resources and encourage business development and expansions in non-entitlement communities (unincorporated areas of McLennan County are considered non-entitled) for real estate development.
Workforce Solutions for the Heart of Texas is an arm of the Texas Workforce Commission, with the regional facility located in Waco, TX. Workforce Solutions provides comprehensive screening at no cost to businesses seeking to hire in the State of Texas.
Exemption from franchise tax for businesses engaged solely in the business of manufacturing, selling or installing, solar and wind energy devices.
McLennan County includes 5 Qualified Opportunity Zones. To stimulate private participation in revitalization of economically distressed areas, taxpayers who invest in Qualified Opportunity Zones are eligible to benefit from capital gains tax incentives available exclusively through this new legislation.
Foreign-Trade Zones (FTZ) are secure areas under U.S. Customs and Border Protection (CBP) supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States' version of what are known internationally as free-trade zones.
Waco is home to FTZ #246. Sites can be designated for FTZ status through subzone designation or minor boundary modification. Inventory held within the Zone is exempt from inventory taxes.