POPULATION: 24,782,302 (July 2009)
LABOR FORCE: 12,133,300 (July 2010)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Semiconductors, chemical and
allied products, petroleum, food
processing, transportation
equipment
EXPANDING INDUSTRIES: Automotive, biotech and medical
sciences, nanotechnology and
advanced materials, microelectronics,
telecommunications
COLLEGE GRADUATES: (Age 25 and over) 25.2% (2008)
BASIC BUSINESS TAXES:
Corporate Franchise Tax:
Effective
January 1, 2008, a reformed Texas
franchise tax will be imposed upon
each taxable entity that does business
in Texas, or that is chartered
or organized in Texas, at a primary
rate of 1 percent; the rate will be
0.5 percent for trade businesses
primarily engaged in retail or
wholesale trade; businesses with a
computed tax liability of less than
$1,000 will not be subject to the
tax, nor will small businesses with a
total revenue of less than or equal
to $1 million.
Sales and Use Tax: 6.25 percent on
retail sales of tangible personal
property and certain labor and
services; cities, counties, and transit
authorities may add to the sales tax
up to a maximum combined state
and local rate of 8.25 percent, with
exemptions.
Property (ad valorem) Tax: No
state property tax; real and tangible
personal property is taxed at
varying rates by local government
and special taxing districts; local
taxing entities have the option to
exempt freeport goods.
BUSINESS INCENTIVES
Texas Enterprise Fund
Texas Emerging Technology Fund
Small Business Incubator Fund
Industrial revenue bonds
Texas Small Business Industrial
Development Corporation
Texas Capital Fund:
• Real Estate Development Program
• Infrastructure Development
Program
• Main Street Improvements
Program
Texas Product/Business Fund
Texas Enterprise Zone Program
Defense Economic Readjustment
Zone Program
Foreign-trade zones
Maquiladoras
Texas Leverage Fund
Skills Development Fund
(Texas Workforce Commission)
Linked Deposit Program
Texas Capital Access Fund
Rapid Response Program
(re-employment assistance,
Texas Workforce Commission)
Downtown Revitalization Program
Empowerment zones
Renewal Community Development
zones
Product Development Fund
GO TEXAN Partner Program
(agricultural)
Texas Agricultural Finance
Authority financial assistance
programs (agricultural):
• Linked Deposit Program
• Young Farmer Loan Guaranty
Program
