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Foreign Trade Zone <br /> <br />The City of La Porte supports companies applying for this federal exemption from state and <br />local ad valorem taxes on tangible personal property imported from outside the United States, <br />and held in a Foreign Trade Zone (FTZ) for the purpose of storage, sale, exhibition, <br />repackaging, assembly, distribution, sorting, grading, cleaning, mixing, display, manufacturing or <br />processing and tangible personal property produced in the United States. Property must <br />be held in a Foreign Trade Zone for exportation, either in its original form or as altered by any <br />of the above processes. This program is managed by the Port of Houston Authority. <br />Freeport Exemption(La Porte ISD) <br />The Freeport Exemption exempts personal property consisting of inventory goods or ores, <br />other than oil, natural gas and petroleum. Eligible property must be transported out of the <br />state within 175 days of acquisition but may first be assembled, stored, manufactured, <br />processed or fabricated locally. Currently, Freeport Exemptions are offered by the LPISD. <br /> <br />Municipal Grants–Chapter 380 <br /> <br />The City Council of the City of La Porte may provide loans and grants of city funds as well as <br />city employees and equipment to promote economic development projects within the city. <br />Eligible projects involving significant investment may contract with the City to receive sales tax <br />grants, franchise fee grants, water or sewer line extensions, building permit fee waivers and <br />grants for capital recovery fees. <br />Chapter 313 <br />The La Porte ISD may offer an incentive to new and expanding industries through a Chapter <br />313 Agreement, which offers a temporary limitation for school property tax purposes <br />on the property’s value. The school district may defer for 8 years the time before a new <br />investment project goes onto the tax rolls at full value. The limitation on the taxable value of a <br />project does not take effect until the third year of the project. A taxpayer may also make a <br />separate application to the school district for a credit for taxes paid during the first two years <br />on the value of property in excess of the limitation amount. <br />Harris County Incentives <br />City of La Porte Economic Development Incentives, Page | 3 <br /> <br />