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News

May 07, 2020

The Texas Governor’s Strike Force to Open Texas has provided Guidelines and Open Texas Checklists to help safely and strategically restart and revitalize all aspects of the Lone Star State. All Texans are called on to act responsibly while helping protect our most vulnerable neighbors. 

Apr 20, 2020
VEDC is partnering with Corpus Christi's Regional EDC to better understand the impact of the COVID-19 crisis on our local business community. We are participating in an impact analysis project as a member of the COVID-19 Business Resources Working Group that is conducting a series of local business surveys.
Apr 14, 2020
Governor Greg Abbott announced that Goldman Sachs and the LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been affected by COVID-19 as part of the Goldman Sachs 10,000 Small Businesses program.

Other Taxes

Income Tax

Texas has no personal or corporate income tax. A state franchise tax applies to all corporations with representation in Texas.


Franchise Tax

The Texas franchise tax is a privilege tax imposed on each corporation and limited liability company chartered/organized in Texas or doing business in Texas. For franchise tax purposes, the term 'corporation' also includes a bank, state limited banking association, savings and loan association, limited liability company, professional limited liability company, a corporation that elects to be an S corporation for federal income tax purposes, and a professional corporation.


Sales & Use Tax

The state levies a sales and use tax of 6.25% on sales of tangible personal property and certain services. The City of Victoria and Victoria County add an additional sales tax of 2.0% making the total combined rate of 8.25%. There are exemptions for groceries, medicine, property for resale, manufacturing equipment and many items used exclusively on farms and ranches for food production.


Payroll Costs

Businesses that employ one or more individuals may be subject to the state unemployment tax. For new employers, the maximum amount of taxable wages per employee, per calendar year is set by statute and is currently $9,000. Texas law sets an employer's entry-level tax rate at their NAICS industry average or 2.7 percent, whichever is higher. For experienced employers, the minimum effective tax rate for 2017 is .59% and the maximum effective tax rate is 8.21%.