Crockett City Council is taking bold steps to attract new businesses with a proposed extension of tax abatement incentives from five to ten years. This significant change aims to provide a more robust support system for companies looking to establish themselves in the area.

During the meeting, officials discussed the current tax abatement structure, which allows for a gradual reduction in taxes over five years. The proposal suggests that businesses could receive up to 100% abatement in the first year, decreasing to 80%, 60%, 40%, and finally 20% in the subsequent years. However, under the new plan, businesses could qualify for a longer ten-year period based on a points system tied to their size and job creation potential.

For instance, businesses earning between 75 to 200 points—determined by factors such as the number of jobs created—could see their tax incentives extended significantly. Those achieving over 201 points could potentially enjoy a full decade of tax relief. This approach aligns with practices in other cities, such as Lufkin, which recently secured a major company by offering a straight ten-year abatement.

The council emphasized the importance of these incentives as a "runway" for new businesses, allowing them to stabilize and grow before facing full tax obligations. The discussion highlighted the competitive landscape for attracting businesses, especially after losing a previous opportunity to Lufkin, which resulted in the loss of 100 jobs for Crockett.

As the council moves forward with this proposal, the focus remains on creating a favorable environment for economic growth and job creation in Crockett. The anticipated changes could position the city as a more attractive destination for businesses looking to invest and expand.