Incentive

Chapter 380 Economic Development Agreements

Summary

Chapter 380 of the Texas Local Government Code allows Princeton to offer a range of incentives for economic development, including the ability to rebate some of the city's portion of the 1.0% sales and use tax collected from business entities located in the jurisdiction.

Municipality Agreements

Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects. Specifically, it provides for offering loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business and commercial activity.

Pre-Requisites for application:

  • Company must establish place of business within the City

  • Minimum annual sales tax revenue: $100k

  • Maximum amount of City sales tax revenue paid: 70%

  • Duration: Initial term not to exceed 10 years

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