Incentives

 

Allen's reputation has grown as a proactive, pro-business community. It has adopted every economic development incentive program available! Qualified companies can take advantage of cost-saving incentives through the Triple Freeport Inventory Exemption and Tax Abatement. Additionally, the Allen Economic Development Corporation, funded through a half-cent sales tax, can assist with infrastructure, relocation costs and other development activities.

Allen is very aggressive in the recruitment of new companies and expansion of existing industries. Incentives are based on a case-by-case basis with consideration given to the type of industry, capital investment, annual payroll and number of jobs.

Prospect Questionnaire - Economic and Fiscal Impact Analysis

Companies seeking incentives are asked to complete an Economic and Fiscal Impact Analysis Form, which gives the AEDC some of the background information necessary to determine the most beneficial package based on the company's qualifications. Representatives of the AEDC will meet with the company to determine any special needs. The process is streamlined to expedite meeting with the AEDC Board at the monthly meeting or at a "Special-Called Meeting," to determine the level of assistance. Once a project is approved, the City of Allen will work with the company to move the project through the city process quickly and efficiently.

Allen Economic Development Corporation

The AEDC receives funding from a half-cent sales tax to promote economic development in the City of Allen. The AEDC is able to structure beneficial incentives to qualifying companies on a case-by-case basis. Incentives include infrastructure, relocation assistance, job training, and items deemed important to the company.

Tax Abatement

Tax abatements may be considered on the taxable real property (building and improvements) and business personal property (furniture, fixtures, machinery and equipment). Abatements are offered by the City of Allen and Collin County. Recommendations for the abatement are made by the AEDC Board to the taxing entities. The AEDC will facilitate in drafting the legal documents and making recommendations to the various taxing authorities.

Infrastructure Assistance

The AEDC is able to provide infrastructure assistance to qualifying projects. Assistance may be provided for, but not limited to, utilities, roads, drainage, telecommunications and other types of infrastructure required for the project.

Relocation Assistance

The AEDC is able to provide grants for relocation assistance to qualifying projects to help in offsetting corporate relocation costs.

Triple Freeport Inventory Exemption

This valuable exemption is offered by the Allen Independent School District, City of Allen, Collin County and Collin County Community College to qualifying companies. It offers a tax exemption for qualified inventory that is leaving the state within 175 days.

Job Training - Job Consortium

The AEDC can assist with job training through its partnership with the North Central Texas Workforce Board, Collin County Community College and the Business Solutions Group. The State of Texas has allocated approximately $50 million annually for training grants to attract new business and industry to Texas. Incentives are available for job training depending on the needs of the company. The state and local programs allow companies to take advantage of customized programs to develop and upgrade skills of their employees and new hires.

State of Texas Incentives

  • A variety of state incentive programs are offered. Contact the Economic Development & Tourism division of the Office of the Governor at (512) 936-0101 for information on these programs.
  • Companies relocating to Collin County are eligible for several state franchise tax credits. These include the Research and Development Credit, Job Creation Credit, Investment credit and Child Care Credit. Franchise Tax Credit Forms are available on the State Comptroller's website and additional information on tax credits can be found here.
  • Financing Incentive Programs are also available through the State of Texas. Click here to visit the Texas Economic Development Bank website.
  • Click here for a full brochure on the benefits of doing business in Texas. Visit the Governor's website for additional information on state incentives.