Economic Development Incentives
The decision to expand or relocate your business is not an easy one. The Burkburnett Development Corporation (BDC) is eager to form a partnership and assist you through the decision process.
Burkburnett is committed to providing you, the customer, the service and support you so much deserve.
The following list of incentives have been provided to give the business representative an overview of the types of assistance that can be provided to any qualified new or expanding business.
| INCENTIVES |
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| Tax Abatement: |
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The City of Burkburnett and Wichita County can abate their respective portions of increased Ad Valorem tax. Terms of these abatements are negotiated on a case-by-case based upon economic impact of the project. |
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| Enterprise Zone: |
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The City of Burkburnett can nominate a company as a qualified business and thereby request that the State of Texas grant that company Enterprise Project status. Once the project has been so designated by the state, the project is eligible for a refund of sales and use tax paid on machinery and equipment, building materials, and labor. The term of the designation is five years.
Additionally, Enterprise Projects are eligible for a franchise tax reduction on its annual report filing for each year of their five-year designation.
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| Industrial Foundation: |
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Yes |
| Foreign Trade Zone: |
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No |
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Tax
Increment
Reinvestment Zone: |
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Yes
(Click
here for TIF
Zone Map) |
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| Freeport Exemption: |
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The local incentive exempts 100% of the ad valorem taxes (County, City and School) on all tangible property other than oil, natural gas, or other petroleum products that is imported or acquired in Texas for purpose of assembly, storage, manufacturing, processing, or fabrication if the property is transported outside Texas within 175 days of its acquisition. |
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