AMARILLO (Amarillo Globe-News) – How much does Texas law allow a city to charge in economic development sales tax? Are economic development corporations (EDC) subject to state laws regarding public meetings and public information?
Writer Karen Smith Welch answers these and other questions about EDCs in an article posted at Amarillo.com. While some of the questions are specific to Amarillo, others apply statewide.
Welch's sources for the article were the Texas Comptroller of Public Accounts and the Texas Economic Development Council.
The Real Estate Center's Guide to Texas Economic Development Programs also contains a wealth of useful information, although some figures and program names may have changed.
Oh, and the answers to those questions are (1) state law caps the sales taxes local governments can charge at 2 cents per $1 spent and (2) yes.
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