Are you thinking of moving your business to Texas? If so, you’re not the only business owner eyeing the Lone Star State as the perfect place to grow and expand your brand. In a July 2019 finding by the website WalletHub, Texas was ranked the number one best state to start a small business, with the state snagging the top spot in the “Business Environment” category and placing just outside the top ten in “Access to Resources”. Texas is the perfect place to relocate a business of any size from state and local tax benefits to a culture of growth and innovation.
Texas Has Great Tax Benefits
Texas is one of the most business-friendly states for taxes, and business owners will enjoy several benefits and incentives. The double benefit of no corporate or income tax is extremely attractive to entrepreneurs from states that impose both and have additional tax burdens for those who are self-employed. Expanding your business here also has its tax benefits, as Texas does not charge a sales tax on machinery or R&D software and equipment, and gives tax breaks for solar energy devices. The state also encourages business growth through less traditional means, like granting in-state tuition to business owners who plan to relocate but have not yet done so. Be sure to read more about taxes and other pros in this Texas relo guide.
Texas Loves Small Businesses
According to the United States Small Business Sentiment Survey, conducted in 2019, Texas is ranked fourth in the nation regarding how positively small businesses in the state feel overall. More than 45% of Texas businesses with employees had hired within the past three months, and more than 40% planned to increase their employees’ compensation plans within the following three months. Additionally, Texas received an “A” rating on the Small Business Friendliness Survey, with very high scores in the “Employment, Labor & Hiring” and “Licensing” categories.
Texas Is All About Innovation
While Texas may not be the first place that comes to mind when you think of a hub for innovation and technology, consider this: with nearly 400 airports and a booming, diverse population, Texas is continuously growing and becoming home to new and talented minds. The state is also a leader in the aerospace and defense industries and biotechnology, and oil. The state also encourages continued business innovation through its Texas Enterprise Fund and the Product Development and Small Business Incubator Fund. The former aids businesses create jobs and compete directly with out-of-state companies, while the latter funds the development and creation of new products and technology.
Among the many benefits of daily life and education in the Lone Star State, the appeal of the state’s tax breaks, many benefits, and business aids, and the overall appreciation and support for local businesses that Texans have made the state an excellent choice for anyone looking to relocate their business in today’s economy of growth and innovation.