Incentives
Federal
| Opportunity Zones The Opportunity Zone Program was created through the Tax Cuts & Jobs Act. The program is designed to spur economic development and job creation by offering incentives in the form of capital gains tax abatement. The City of Navasota has census tracts located in Opportunity Zones and more information can be found here. |
New Market Tax Credits Investors who provide capital to community development entities (CDEs) in qualified census tracts are eligible for federal tax credits. Navasota has multiple census tracts that are NMTC qualified. More information about the program can be found here. |
State
| Texas Enterprise Fund The Texas Enterprise Fund (TEF) awards “deal-closing” grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy. Companies planning a new project including a facility opening or expansion, with significant projected job creation and capital investment, where a single site in Texas is actively competing with at least one viable out-of-state option. More information can be found here. For more information on statewide incentive programs in the state of Texas, visit Texas Economic Development |
Skills Development Fund The Skills Development Fund is Texas' premier upskilling program. SDF grants provide site-specific, customized training opportunities for Texas businesses and their employees to increase skill levels and wages of the Texas workforce. Success comes through collaboration among business partners; eligible grant applicants, which include Public community or technical colleges, the Texas Engineering Extension Service (TEEX), community-based organizations in partnership with one of these entities, or a local workforce development board; and economic development partners. More information can be found here. |
Local
| Business Improvement Grant Businesses looking to locate or expand the Navasota city limits may be eligible for a variety of incentive options, including the Business Improvement Grant. The grant types include sign improvement, façade improvements, property improvements, and/or marketing and website development. Click here to view the PDF version of the application. Click here to fill out and submit the application online. Chapter 380 Agreements Navasota can create alternative or custom incentives using the authority under Chapter 380 of the Texas Local Government Code. This could include loans and grants of public money to stimulate business or commercial activity. More information can be found in the City of Navasota's Economic Development Policy. |
Grimes County Tax Abatement Program A tax abatement is a local agreement between a taxpayer and a taxing unit that exempts all or part of the increase in the value of the real property and/or tangible personal property from taxation for a period not to exceed 5 years. More information on the Grimes County Tax Abatement Program, the application, and guidelines can be found here. Chapter 381 Agreements Chapter 381 agreements of the Local Government Code allows Grimes county to provide incentives encouraging developers to build within the county. This could include loans and grants of public money to promote state or local economic development and to stimulate, encourage and develop business location and commercial activity. More information can be found here. |