he Slaton Economic Development Corporation is moving forward on an election to become a Type B corporation along with retaining its Type A designation.
Currently, SEDCO is a Type A corporation. According to the Texas Comptroller, sales tax for Type A corporations is primarily intended for manufacturing and industrial development. EDCs may use Type A revenue to fund land, buildings, equipment, facilities expenditures, targeted infrastructure for manufacturing and industrial facilities.
The Type B would be added on and will not result in increased taxes. Adding the Type B would shrink the revenue for Type A activities, according to SEDCO Executive Director Barbara Hopper.
Read more in this week’s edition of The Slatonite.