Some businesses in Texas could get as much as $10,000 in rebate, but for that, they need to apply by the end of this month. This annual tax rebate from Texas called the Texas Music Incubator Rebate (TMIR) Program, is for qualifying music venues and festival promoters.
Annual tax rebate from Texas: how to apply
Governor Greg Abbott signed the Texas Music Incubator Rebate program into law following the 87th Legislative Session. This program was established by Senate Bill 609.
“As live music venues and events in Texas continue to rebuild and come back even stronger, the Texas Music Incubator Rebate Program will help spur further growth and expansion in every region of the state,” Gov. Abbott said at the time of announcing the TMIR program in September.
The TMIR Program will provide a full or partial tax rebate from Texas to eligible music venues and festival promoters in the state. The rebate, under the TMIR, is related to mixed beverage gross receipts taxes or sales taxes from the sale of beer and wine during the last fiscal year (Sept. 1, 2022, to Aug. 31, 2023).
The last date to submit the first round of applications for the TMIR Program is Nov. 30, 2023. The TMIR program has received $20.2 million in funding for the biennium. The date for the future rounds of applications will be announced depending on available funds.
To be considered for this annual tax rebate from Texas, a music venue or music festival promoter must submit an application along with supporting documents to prove that they meet the requirements. Visit the TMIR page to learn about the requirements.
Applicants need to apply through a portal on the TMO website: tmir.gov.texas.gov. The maximum rebate a business could get is $100,000. An entity can receive only one rebate per tax ID per fiscal year.
Texas Music Incubator Rebate: why is it important?
The objective of the new tax rebate from Texas is to support eligible venues and promoters in promoting live music performances across the state. The Texas Music Office (TMO), which is a state music office, is responsible for managing the Texas Music Incubator Rebate program.
Texas’ Music Office, which comes under the Governor’s Office of Economic Development and Tourism, has long been working to support the Texas music industry.
The Texas Music Office has a wide network across the state and provides information on the state music industry, including key industry developments. Also, the office works as a link between the government and music businesses, as well as draws key music industry components to Texas.
Supporting the music industry is important as it contributes to local job creation and attracts visitors from around the world. According to the governor, the TMO helped the state’s music industry generate more than 192,000 direct and indirect permanent jobs last year.