CRD Provides Shot in Arm for Rural Texas Businesses
El Paso County, Texas, RC
As businesses in rural southeast El Paso County begin to take advantage of the CRD available through the RC program, residents in turn begin to benefit from expanded service availability and the potential for new jobs.
"This is the beginning of a shot in the arm for rural residents whose median family income is less then $24,000 per year and who are dozens of miles from commercial clusters in larger populated areas of El Paso County," Precinct Commissioner Miguel Teran said. The commissioner, who represents the area, has also been the driving force behind the current development and construction of the new Tornillo/Guadalupe International Bridge and Port of Entry between the United States and Mexico.
In each RC, businesses can take a combined total of $12 million in CRD allocations annually. Retail, service, and warehousing businesses in the El Paso County RC took a total of $2.25 million in CRD allocations for tax year 2003. A combined allocation of $750,000 helped to develop a new movie theater and an auto parts store in the town of Fabens, and owners of a self-storage facility took a CRD allocation of $1.5 million to dramatically reduce their final cost. Businesses that construct or rehabilitate commercial properties in an RC can use these allocations to deduct costs evenly over just 10 years instead of the normal 39 thus saving the businesses thousands of dollars in taxes.
The El Paso County RC has a population of approximately 56,500 people concentrated in small clusters within a sparsely populated 217-square-mile area. The area north of Interstate 10 is uninhabited desert, and the area between Interstate 10 and the Rio Grande River is agricultural farmland with communities ranging in population from 1,500 to 20,000 people.
For more information on the El Paso County RC, contact (915) 543-3845.