Gov. Abbott pushes for Nasdaq to move to Texas. Is Fort Worth on the list?
Nasdaq Inc. may look to Texas for a new home, but Fort Worth has not yet been involved in the discussion.
Facing the possibility of paying taxes on trades, Nasdaq and other stock exchanges with data centers have considered moving from New Jersey. Data centers have shown interest in Fort Worth in the past, most notably the roughly $1 billion investment from Facebook for a data center at AllianceTexas, and Gov. Greg Abbot said he is in talks with exchange about moving to Texas. The city has not yet been involved in talks with Nasdaq, said Robert Sturns, Fort Worth’s economic development director.
Gov. Greg Abbott, in a tweet Tuesday night, said he spoke to Nasdaq about Texas, using the state’s lack of income tax as a pitch.
“I let them know that we just passed a constitutional amendment banning an income tax in Texas,” he tweeted.
Fort Worth has targeted data centers with a specific provision in the city’s incentive guidelines. Facebook operates a 150-acre campus near Park Vista Boulevard and Texas 170 that has benefited for such incentives. A 2019 deal involved a 20% property tax break, included a minimum of four jobs with an average wage of $43,992.
Data centers do not require a lot of on-site personnel, so besides construction they typically don’t create long-term job opportunities. But Sturns said the city sees data centers as lucrative developments because companies invest significantly in the property. For years the city has tried to increase commercial property tax revenue to relieve the burden on Fort Worth homeowner. Homes account for about 60% of the city’s property tax revenue.
The Dallas Morning News earlier Tuesday evening reported Texas was one of several states Nasdaq might look at with the possibility the center would be in the Metroplex. The report cited two unnamed sources, including one who said Nasdaq planned to visit Texas and meet with the governor.
Bloomberg News in September reported that Nasdaq temporarily move some operations to Chicago.
A proposed quarter cent tax on transactions on companies trading in New Jersey had spurred stock exchanges desire to exit the state. New Jersey could collect $10 billion a year from firms engaged in at least 10,000 transactions per year, according to Bloomberg News. New Jersey Gov. Phil Murphy has repeatedly voiced support for the tax.
NJ.com reported the New York Stock Exchange is also looking to relocate.
This story was originally published October 7, 2020 at 12:40 PM.
