Local Incentives
The McKinney Economic Development Corporation offers incentives to recruit new companies and help existing employers grow in our community. The Business Retention and Expansion Program (BREP) assists existing businesses with expansions and/or in resolving critical issues facing their businesses.
MEDC has recently expanded this program to include the recruitment of new technology companies that support and complement McKinney's diverse commercial tax-base.
Project criteria for incentives follow the same guidelines as new development as approved by the MEDC Board. The list of available incentives include:
- Forgivable Loans for capital investment
- State Enterprise Zone Program – a competitive State program
- Engineered Cost Segregation Analysis Information
For more information visit their website at www.mckinneyedc.com
Business Support Services
The Collin Small Business Development Center offers strategic planning consulting for any issue your business may be facing. To review their services and complete a new client intake form visit their website at www.collin.edu/sbdc/existing-business-consulting.html
State Incentives
The State of Texas offers a myriad of incentives to grow companies and create jobs in our great State. Here is an overview of some of the programs they offer.
• Texas has no personal or corporate income tax and no state property or unitary state tax. Texas Comptroller of Public Accounts
• The Skills Development Fund program supports customized job-training projects for business and trade unions in Texas.
• Office of the Governor Economic Development & Tourism. In 2005, the Texas legislature enacted the Emerging Technology Fund (ETF)) to improve research at Texas universities, help start-up technology firms, and facilitate commercialization. Emerging technology projects are eligible for funding if they will result in the creation of high quality new jobs in Texas or have the potential to result in a medical or scientific breakthrough.
• The Texas Enterprise Fund can be used for infrastructure development, community development, job training programs and business incentives. To be eligible for Texas Enterprise Fund, the project must demonstrate significant returns on the state's investment, have strong local support and unanimous support from the Governor, Lieutenant Governor and Speaker. The North Texas Regional Center for Innovation & Commercialization (NTXRCIC) is one of six regional agents tasked with identifying technology based entrepreneurial ventures for investment from the Texas Emerging Technology Fund (ETF). The NTXRCIC is a 501(C)(3) not-for-profit corporation committed to providing resources for our client companies, fostering entrepreneurship and accelerating the commercialization of applied research.
• The Texas Industrial Revenue Bond Program provides tax exempt financing for land and depreciable property for industrial and manufacturing projects.
• The Economic Development and Diversification Program is a tax incentive that offers an in-state tuition waiver for family members who have relocated their company to Texas.