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News

Sep 19, 2018
“This annual list recognizing North America’s Top 50 Economic Developers is designed to acknowledge the hard work of the top leaders in this field and elevate the conversation around economic development and job creation,” said Ron Kitchens, managing partner of Consultant Connect. “Each of the leaders represented on this year’s list are beyond deserving of this recognition for their efforts in building our communities.”
Aug 24, 2018
Board of Directors and Staff are proud to offer their support to Adrian Cannady as he embarks on the next chapter of his career.
May 25, 2018
The advanced ADN technology investment will further strengthen the Victoria site's position in the global market.

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%.