An applicant’s proposed new project as of February 2006 must:
1) Increase tax roll value of new real property by at least $1,000,000.
2) Create at least 25 new full-time permanent positions at the project site.
3) Be competitively sited. In other words, senior management is actively evaluating jurisdictions, in addition to Harris County, and, but for tax abatement, the project would not be constructed in Harris County.
Amount and Duration of Tax Abatement:
1) Dollar value eligible for abatements is $1,000,000 per new job created, which primarily benefits capital intensive projects, such as petrochemical facilities.
2) Amount of abatement will be a constant 50%, per year, up to 10 years. This enables a greater number of applicants to qualify, especially small to midsize companies who have limited access to primary capital markets and who must finance facilities through lease-buyback transactions with renewal intervals of less than 10 years.
Contact: Kelly Violette, AICP
Tomball Economic Development Corporation
29201 Quinn Rd., Suite B
P.O. Box 820
Tomball, TX 77375