Together, we’re working to build a stronger, more diversified economy – one business at a time.
SUPPORTING
LOCAL & NEW BUSINESS
The Amarillo community depends on the success and influence of its local businesses, along with the attraction of new, primary businesses. The Amarillo EDC helps support these local businesses, while also attracting new businesses, by providing guidance and financial assistance.
AEDC Job Creation Incentive
The Amarillo EDC may provide economic development incentives for the creation of new primary jobs. A primary job is defined as a position available at a business for which most of its products and/or services are ultimately exported to regional, statewide, national or international markets thereby infusing new dollars into the local economy. Job Creation Incentives will be considered based on the capital expenditure and the average annual salary of the newly created jobs.
Job Creation Incentive Criteria:
| Capital Investment | Full-Time Primary Jobs Created/Retained | Average Gross Wage Per Job | One-Time Per Job Incentive |
|---|---|---|---|
| ≥ $2,000,000 | ≥ 10 | ≥ $50,000 | Up to $10,000 |
| ≥ $4,000,000 | ≥ 10 | ≥ $60,000 | Up to $12,500 |
| ≥ $6,000,000 | ≥ 10 | ≥ $70,000 | Up to $15,000 |
| ≥ $8,000,000 | ≥ 10 | ≥ $80,000 | Up to $20,000 |
Tax Abatement
The Amarillo community has traditionally been supportive of economic growth and may consider extending abatement of property taxes on both equipment and buildings. Local property tax is assessed by the city, county, water district, junior college, & various school districts. The taxing entities can enter into tax abatement agreements for eligible projects based on the capital expenditure and job creation created.
New Development Tax Abatement Criteria:
| Capital Investment | Full-Time Primary Jobs Created/Retained | Average Gross Wage Per Job | % Annual Abatement Sliding Scale | Years |
|---|---|---|---|---|
| ≥ $4,000,000 | ≥ 25 | ≥ $50,000 | 40/30/20/10 | Up to 4 years |
| ≥ $8,000,000 | ≥ 35 | ≥ $50,000 | 60/50/40/30/20/10 | Up to 6 years |
| ≥ $12,000,000 | ≥ 50 | ≥ $50,000 | 80/70/60/50/40/30/20/10 | Up to 8 years |
| ≥ $20,000,000 | ≥ 100 | ≥ $50,000 | 100/90/80/70/60/50/40/30/20/10 | Up to 10 years |
The most recently published tax rates can be found at Potter & Randall County Appraisal District, as well as information for specific properties.
Small Business Interest Rebate
The Amarillo EDC may provide a Small Business Interest Rebate (SBIR) for projects that do not fit the qualifications for job creation incentives. The SBIR enables small businesses to receive assistance for traditional bank loans on real property and/or machinery and equipment.
Texas Enterprise Fund
The Texas Enterprise Fund (TEF) is the largest “deal-closing” fund of its kind in the nation. The fund is used as a performance-based financial incentive tool for projects that offer significant projected job creation and capital investment and where a single Texas site is competing with another viable out-of-state option. The Amarillo EDC can provide guidance through the application process to your company if you are interested in pursuing TEF support.
Texas Enterprise Zone Program
The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and significant private investment that will assist economically distressed areas of the state.
Texas Skills Development Fund
The Skills Development Fund is an innovative program created to assist the Texas public community and technical colleges finance customized job training for their local businesses. Grants are provided to help companies form partnerships with local community colleges and technical schools to provide custom job training.
Economic Development Administration (EDA) Grant
Grants available through the U.S. Department of Commerce EDA. Our staff can assist you in applying for these grants on behalf of your business.
U.S. Department of Agricultural (USDA)
At the core of USDA’s mission is fostering economic opportunity and innovation that will continue to help American agriculture grow and thrive in a global economy. The USDA has a variety of grant programs and resources to support projects.
Foreign Trade Zone
Amarillo’s Foreign Trade Zone 252, located on airport property, allows companies to engage in import/export activity at the airport and 4 surrounding counties through the alternative site framework. A foreign-trade zone is a designated location where companies can use special customs procedures that help encourage U.S. activity by allowing delayed or reduced duty payments on foreign merchandise, as well as other savings.
Small Business Administration (SBA)
504 Loan Program
Enables expanding businesses or business start-ups to secure long-term, fixed-rate financing for major fixed assets, such as land and buildings through loans made by the Texas Panhandle Regional Development Corporation (TPRDC) The program is designed to enable small businesses to create and retain jobs.
City of Amarillo Community Development Micro-Loan Program
Designed to provide small businesses with increased access to capital in the City of Amarillo. This program creates job opportunities and provides a means for businesses to grow. The City of Amarillo Community Development Micro-Loan Program will exclusively target low to moderate-income individuals in the City of Amarillo. Business loans from $2,000 to $35,000 can be used for business purposes.
