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Plano staff present two sales-tax sourcing tools as options to capture revenue from new construction and business operations
Summary
Economic development staff briefed council on two tools—separated materials sales tax for construction and sales-tax sourcing for qualifying businesses—that neighboring North Texas cities use to capture sales tax revenue; council expressed interest in adding the tools to the city’s “toolbox” and directed staff to bring proposals case by case.
City economic development staff presented two sales-tax sourcing tools the city could use as part of future economic development agreements: (1) separated materials sales tax for new construction materials and (2) sales-tax sourcing for qualifying individual businesses.
Doug McDonald, Plano’s director of economic development, and Andrew Fortune in government relations explained the mechanics and limits of each option and told council the tools are commonly used in North Texas. McDonald said both approaches are intended to capture sales tax revenue that the city does not currently collect on large projects, and staff would bring each use to council individually as part of any incentive negotiation.
Separated materials sales tax: Staff described a process in which contractors issue resale…
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