|
| Development corporations' authority to issue tax-exempt Industrial Bonds was reinstated when "Title XIII, the Revenue Reconciliation Act of 1993," was signed into law on August 10, 1993. Pursuant to the Development Corporation Act of 1979, non-profit development corporations may issue bonds for industrial projects. The Act allows the Dumas Economic Development Corporation to issue bonds on behalf of qualifying companies for eligible projects. The purpose of bond financing is to promote new and existing businesses through low interest financing. |
 |
|
Availability: 1. Tax exempt Industrial Revenue Bonds for Manufacturing Projects: bonds issued to finance land and depreciable property for manufacturing facilities. Since the interest earned is exempt from federal income taxes, the bonds are sold at a lower rate of interest, thus lowering the cost of capital for a project. The maximum bond amount is $10,000,000. 2. Taxable Industrial Revenue Bonds: - These bonds typically have higher interest rates than tax exempt issues. These issues, however, do not have restrictions on the use or amount of the issue. |
|
|
Process: The Dumas Economic Development Corporation must pass a declaration of official intent resolution before a company can incur eligible costs. The company should contact the Dumas Economic Development Corporation in the first stage of an expansion or relocation project. |
|
Contact: |
