Lubbock Economic Development Alliance

Resources for Success:

Incentives

LEDA is pleased to provide you with information detailing the incentives available to eligible expanding or relocating companies in Lubbock, Texas. This executive summary is intended to highlight the key components of the package and provide a brief overview of what is available. LEDA will work with your company to determine eligibility for any funding and/or abatement opportunities, as well as provide assistance throughout the application process.

In order to assist expansion and/or relocation projects, LEDA provides an opportunity for companies to obtain job creation incentives. LEDA offers up to $10,000 per new job created with an annual salary of $25,000 or above. The maximum incentive will vary on a case-by-case basis. All incentives are offered under a performance-based contract, payable after verification of investment and job creation factors. Along with job creation incentives, LEDA can help companies with Enterprise Zone incentives, both local and state. These incentives include industrial and commercial tax abatement programs in place as well as various other tax reduction programs. Lubbock currently has several Enterprise Zones where additional incentives are available for qualified companies.

Funding for workforce training is also available through state and local resources. These are administered either through WorkForce Solutions of the South Plains, our regional workforce development board, or through South Plains College. These programs can assist with partial or full reimbursement of training costs including South Plains College tuition, fees, instructor costs, training supplies, books, curriculum materials, and travel. If you would like to determine your company’s eligibility and establish a training plan for your employees, please contact LEDA for assistance.

Various other state funded incentive programs are also available; including the Texas Enterprise Fund, Texas CAPCO Program, Emerging Technology Fund, and the Linked Deposit Program. For more detailed information, please visit the State of Texas Financial Resources site.

http://governor.state.tx.us/ecodev/financial_resources/

LEDA is a non-profit, tax exempt economic development corporation governed by the Economic Development Act of 1979. Under this Act it is outlined that projects must be included in one of the following sectors of the North American Industry Classification System (NAICS):

Sector #	Description
111	Crop Production
112	Animal Production
113	Forestry and Logging
11411	Commercial Fishing
115	Support Activities for Agriculture and Forestry
211-213	Mining
221	Utilities
311-339	Manufacturing
42	Wholesale Trade
48-49	Transportation and Warehousing
51	Information, excluding movie theatres (51213) and drive-in theatres (512132)
523-525	Securities, Commodity Contracts, and other Financial Investments and Related Activities; Insurance Carriers and Related Activities; Funds, Trusts, and other Financial Vehicles
5413,5415, 5416	Scientific Research and Development Services
5417 and 5419551 (55)	Management of Companies and Enterprises
56142	Telephone Call Centers
922140	Correctional Institutions
928110	National Security

* As always, all incented projects are per approval of Board of Directors.