Texas is an attractive destination for businesses looking to relocate or expand. With its low taxes, generous incentives, and business-friendly environment, it's no wonder that many companies are choosing to move to the Lone Star State. The most obvious benefit of moving to Texas is the lower tax brackets. Business taxes in Texas are lower than in many other states, and there is no personal income tax.
This means that businesses can save money on taxes, as well as on housing costs for their employees. In addition, Texas offers some of the best incentives for businesses in the country. Oracle moved its headquarters to Austin late last year, and Tesla is building its new gigafactory there. Apple will also be hosting its second largest campus in the capital of Texas.
This influx of Big Tech has sparked conversations that Texas could become a business center that rivals Silicon Valley. The Small Business Handbook provides a comprehensive overview of business planning, registration, requirements and funding. It also outlines the favorable environment for general business in Texas, which is characterized by relatively low real estate costs, low electricity prices, and no state income taxes. The Small Business Resource Portal provides a personalized list of useful resources to help start or grow a business in Texas.
It includes information on permits and licenses that may be required for individuals who want to operate a commercial business in the state. Remote collaboration has become a normal part of doing business, giving companies more flexibility when it comes to location. This has made it easier for companies to move away from expensive real estate and high electricity prices in states like California and New York. The International Economic Development Council regularly polls corporate executives and, for the eighth consecutive time since 1996, Texas was named the number one state in business in the United States.
Executives cited the general business climate, the favorable fiscal situation, the overall business-friendly regulatory environment and access to talent as key factors. Texas is an elite Texas business network for businesses relocating, expanding and growing in the Lone Star State. For more information on Texas employer resources, visit the Texas Workforce Commission for Businesses and Employers website.