Local Economic Development Sales Tax Fund
The Mexia Economic Development Corporation (MEDC) was created under the Development Corporation Act of 1979, as amended in August of 1998 and is governed by Section 4B of the Act for the purpose of developing, implementing, providing, and financing Community and Economic projects. The MEDC is funded by a $.005 in sales tax within the City of Mexia. The MEDC may also issue Industrial Revenue bonds should it be necessary.
No Personal Income Tax
Texas is one of the few States not to have a state income tax. This fact provides citizens of the Lone Star State savings year after year.
No State Ad Valorem Tax
Again, the citizens of Texas are spared taxation by not having a state property tax.
Local Ad Valorem Tax Abatement
Local governments levy taxes on commercial chattel (tangible personal property) and all real property. Businesses that create new jobs may apply for abatement of local ad valorem taxes. Tax may be abated on such items as buildings, machinery, equipment, furniture and fixtures that are used as part of the business. The MEDC will represent a business to local taxing jurisdictions when that new or expanding businesses is requesting tax abatements. The MEDC has a total success record for these activities.
Enterprise Zone
Mexia's Enterprise Zone package offers tax credits and other incentives to businesses locating in or expanding within the Mexia Enterprise Zone. Benefits of the program include a refund of state sales tax and use fees up to $2,000 for each net new employee added to the payroll. In addition, the company's franchise tax can be reduced by 50%. These benefits are for the first five years of the contract period.
State and Federal Programs
The MEDC will assist with the preparation of applications and documents to secure any of these program funds.
U.S. Department of Commerce
- Economic Development Administration
- SBA 504 and 7 (A) Programs
- SBA Low-Doc Loan Program
U.S. Department of Agriculture
- Rural Economic Development Fund
Office of the Governor for Economic Development and Tourism
- Texas Enterprise Fund
- Texas Leverage Fund
Texas Workforce Commission
- Skills Development Funds, Employment Testing and Pre-employment Screening
