Incentives and Financing
The City of Granbury, Hood County and economic development partners support business retention and expansion and new business attraction through economic development incentive and assistance programs. Please find the City of Granbury's incentive application here.
Chapter “312” Property Tax Abatement on Real and Personal Property are potentially available for qualifying companies. A city of county reinvestment zone is required to establish an abatement agreement. Types of projects include new and expansion of and modernization of existing facilities. Industries and developments considered include manufacturing, corporate offices, distribution warehouse facilities, research parks, advanced and emerging technology facilities, energy producing or energy related facilities, aviation related facilities. Abatement may be extended to the value of buildings and structures, fixed machinery and equipment, site improvements and office space and other improvements necessary to the operation and administration of the facility. Agreements are developed for a percentage of the new improvements and new value established within the reinvestment zone and for number of years, based on the capital investment and number of jobs created.
Tax Increment Reinvestment Zone (TIRZ) - The city of Granbury has established a 6,000 + acre Tax Increment Reinvestment Zone which allows for tax increment financing “TIF” in the zone for public infrastructure improvements without a property tax increase.
Chapter 380 of the Local Government Code, authorizes municipalities to offer a range of incentives designed to promote state or local economic development. Specifically, it allows for the provision of loans and grants of city funds, as well as the use of city staff, city facilities or city services, at minimal or no charge. On a case by case basis, the City of Granbury considers Chapter 380 agreements for qualified projects and has provided property and sales and use tax rebates on multi-year basis from five to ten years based on the salaries, capital investment, revenue generation by type of industry and/or project. For more information, visit https://comptroller.texas.gov/economy/local/ch380-381/index.php.
Chapter 381 of the Local Government Code allows counties to provide incentives encouraging developers to build in their jurisdictions. A county may administer and develop a program to make loans and grants of public money to promote state or local economic development and to stimulate, encourage and develop business location and commercial activity in the county. The county also may develop and administer a program for entering into a tax abatement agreement. On a case by case, Hood County considers Chapter 381 agreements for qualified projects and has provided property tax rebates on multi-year basis based on the salaries, capital investment, revenue generation type of industry and/or project. For more information, visit https://comptroller.texas.gov/economy/local/ch380-381/index.php.
The Triple Freeport Exemption is an ad valorem property tax exemptions for goods, wares, merchandise, ores, certain aircraft and parts, if they have been detained in Texas for 175 days or less for the purpose of assembly, storage, manufacturing, processing, or fabricating. In the Commerce Centre of Granbury this tax exemption includes all three taxing authorities, the City of Granbury, Hood County, and Granbury Independent School District. Freeport property includes goods, wares, merchandise, ores and certain aircraft and aircraft parts. For certain aircraft parts, a community, by official action, may extend the deadline to 730 days. Texas Constitution Article 8, Section 1-J: http://www.statutes.legis.state.tx.us/Docs/CN/htm/CN.8.htm; Application for Exemption of Goods Exported from Texas (50-113): https://comptroller.texas.gov/forms/50-113.pdf.
Goods-in-Transit Incentive: House Bill 621 of the 80th Texas Legislature amends the Tax Code and the Government Code to add an exemption from ad valorem taxation for goods-in-transit. To qualify for the exemption, personal property used for assembling, storing, manufacturing, processing or fabricating purposes would have to be acquired in Texas or imported into Texas and stored at a Texas location in which the owner of the goods does not have a direct or indirect ownership interest. The goods-in-transit would have to be transported to another location in Texas or out of state no later than 175 days after the property was acquired in or imported into the state. The City of Granbury and Hood County provide this exemption. Oil and gas and their immediate derivatives, aircraft and dealer’s special inventories would not qualify for the exemption. http://www.capitol.state.tx.us/BillLookup/BillSummary.aspx?LegSess=80R&Bill=HB621: http://www.capitol.state.tx.us/tlodocs/80R/fiscalnotes/html/HB00621F.HTM
Local Workforce Programs: The Workforce Solutions Office for the North Central Texas Ecosystem of Services and Partnerships connects companies to workforce and training resources. Granbury Economic Development staff works with the Workforce Solutions and assists companies interested in applying for assistance. This includes:
- Recruitment Assistance: Connect with our region’s highly skilled workforce.
- Workforce Planning: Leverage our insight and projections of potential skill gaps in your workforce.
- Reduced Training Costs: Save when you enhance the skills of your current employees.
- Tax Credits: Beneﬁt from tax credits when hiring new employees.
- Fidelity Bonding: Gain peace of mind by using our ﬁdelity bonding business insurance program.
- Labor Market Information: Make more informed business decisions using our economic and labor market data.
- Dedicated Business Development Professional: Get the most out of our services and partnerships through this knowledgeable resource.
- Colleges and Technical Training: Work with our education partners to create custom training programs for your employees.
- Career Exploration and Job Shadowing: Expose students to your in-demand occupations while meeting the region’s up-and-coming talent.
- Mobile Workforce Unit: Use our technology-enabled, fully accessible RV for your on-site recruiting, job fair, rapid response, or disaster recovery needs.
- Hiring Events: Meet employers who have immediate job openings.
- Career Coaching: Discover career possibilities, areas for development or opportunities for career advancement.
- In-Demand Occupational Training : Take customized programs through our education and technical training partners to learn new and enhance existing skills that employers need.
- Tuition Support: Reduce the cost of your occupational education or skills training.
- Paid Work-Based Learning Opportunities: Earn while you learn with on-the-job training and apprenticeships offered by local employers.
- Child Care Financial Assistance: Receive childcare at a reduced cost if eligible.
- Dedicated Career Development Specialist: Get a step-by-step plan developed by a career development specialist that will help you reach your career goals.
- Veterans Services: Participate in custom hiring events and receive priority service from the Texas Veterans Commission staff located in our workforce centers.
- Adult Education Literacy: Build skills necessary to succeed in the workplace through courses offered by our Adult Education and Literacy partners.
- Vocational Rehabilitation: Prepare for, ﬁnd, or retain employment if you have a disability through our partnership with Texas Workforce Solutions-Vocational Rehabilitation Services.