Amarillo is a thriving hub for innovation and business growth, offering a welcoming business community and a variety of incentives and resources to support long-term success. From startups to small businesses to well-established enterprises, Amarillo provides an excellent business environment for entrepreneurs to reach their potential.
This blog highlights several Amarillo small business incentives, tax credit programs, and AEDC support services available to help local businesses and entrepreneurs thrive.
Business Incentives in Amarillo
One of Amarillo’s strongest draws for business investment is its wide range of financial incentives. These incentives are intended to lower expenses, increase profitability, and motivate companies to invest in the community’s economy.
Workforce Development
Workforce development is highly valued in Amarillo, as it guarantees firms have access to a prepared and skilled labor pool. The Amarillo Economic Development Corporation (AEDC) works with local academic institutions to offer training courses that meet the demands of the business community. Customized training programs help businesses prepare staff members for specific jobs, increase productivity, and shorten the onboarding process.
Infrastructure Assistance
To support expansion, Amarillo helps businesses with the costs of developing and expanding facilities, including utility infrastructure, site preparation, and land purchase. To facilitate companies’ establishment and expansion in Amarillo, the AEDC works closely with them to meet their infrastructure needs.
Property Tax Abatement
A major benefit for qualifying businesses is property tax abatement. Companies that extend their current facilities or invest in new ones can receive temporary tax relief, allowing them to cut operating expenses and devote more funds to expansion and innovation.
Amarillo Tax Credit Programs
Businesses can lessen their financial burden with the help of tax credits, and Amarillo has several programs that offer significant tax savings.
Texas Enterprise Zone
This statewide initiative provides tax breaks to companies that invest in economically distressed areas. Participating businesses in Amarillo may qualify for state sales tax refunds and other benefits, based on their capital investment and job creation levels. This initiative helps companies save costs while promoting the redevelopment of Amarillo’s underdeveloped neighborhoods.
Research and Development Tax Credits
Amarillo’s economic ecosystem is built on innovation, and the city offers tax credits to promote research and development (R&D). Companies that conduct research and development (R&D) can claim tax credits for costs associated with creating new goods, procedures, or technologies. This incentive lowers the cost of innovation and motivates businesses to take on innovative projects that boost their competitiveness and growth.
Investments Tax Credits
Businesses that invest large sums of money in Amarillo may qualify for investment tax incentives. These credits can cover various significant capital investments, such as purchasing machinery or equipment. These credits reduce upfront expenses and encourage reinvestment in local operations.
The AEDC Business Grant Initiative
The AEDC Business Grant Program primarily assists Amarillo’s small business community. This program funds various projects, such as marketing campaigns, facility improvements, and equipment acquisitions. These grants help remove financial barriers and empower small businesses to reach their next stage of growth.
City of Amarillo Business Improvement Grant
In addition to AEDC-led efforts, businesses may also benefit from the City of Amarillo’s Business Improvement Grant program. This initiative helps fund exterior improvements, signage, and facade upgrades for eligible projects costing $40,000 or more.
State and Federal Grants
In addition to local programs, small businesses in Amarillo have access to federal and state grant programs. These funds are given for various reasons and across multiple sectors, including community and technology development. Businesses can improve their chances of receiving financing by finding and applying for these grants with the help of the AEDC and the Small Business Development Center (SBDC).
Grow Your Business with AEDC Support
Amarillo is dedicated to supporting companies of all sizes by offering various grants, tax credits, and incentives. These resources ease financial burden, foster an atmosphere of innovation, and make Amarillo a standout location for launching or expanding your business.
Ready to take advantage of all Amarillo has to offer? Contact the Amarillo Economic Development Corporation today to explore local incentive programs and discover how we can help you reach your business goals. Together, let’s create a more promising future in Amarillo!
