At the April 9, 2018 Forney Independent School District Board of Trustees Board Meeting, the board unanimously approved Freeport-Exempt status, an economic development tool in the State of Texas which allows manufacturers and distributors located in a community to receive a property tax exemption on goods being shipped out of Texas within 175 days. Forney ISD joins the City of Forney and Kaufman County in approving the Freeport Exemption.
“I’m proud of the ways Forney ISD supports our local business community,” said Forney ISD Board of Trustee President, Keith Bell. “Enacting the Freeport Exemption is a large step forward in attracting new industry and enhancing our school district’s revenue potential.”
There are a number of elements that must be met for the Freeport Tax Exemption. The exemption applies to goods, wares, ores and merchandise other than oil, gas, and petroleum products and to aircraft or repair parts used by a certificated air carrier. In addition, the freeport goods qualify if they leave Texas within 175 days from the date they are brought into or acquired in the state and goods must be in Texas for assembling, storing, manufacturing, repair, maintenance, processing or fabricating purposes.
Warren Ketteman, Executive Director of the Forney Economic Development Corporation (EDC) said, “I want to thank the Forney ISD School Board for their leadership in supporting our community’s economic growth. I also want to thank Superintendent Suzanne McWilliams, Deputy Superintendent Dr. Justin Terry and Finance Director John Chase for working with the EDC and City of Forney on this project.”
With the school district passing Freeport-Exempt status, Forney can better compete for industrial development as a “Triple Freeport” community.
For more information on Freeport and economic development in Forney, contact the Forney Economic Development Corporation at (972) 564-5808.