State Incentive Overview
Click a link below to go to a specific subject:
Targeted Industries Workforce Training Infrastructure Special Opportunities
TARGETED INDUSTRY INCENTIVES:
Qualified Target Industry Tax Refund (QTI)
QTI Tax Refund incentive is available for companies that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad-valorem, intangible personal property, insurance premium, and certain other taxes. Pre-approved applicants who create jobs in Florida receive tax refunds of$3,000 per net new Florida full-time equivalent job created; $6,000 in an Enterprise Zone or RuralCommunity (county). For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job;businesses falling within a designated high impact sector or increasing exports of its goods through a seaport or airport in the state by at least 10 percent in value or tonnage in each year of receiving a QTI refund, add $2,000 per job;projects locating in a designated Brownfield area (Brownfield Bonus) can add$2,500 per job. The local community where the company locates contributes 20 percent of the total tax refund. There is a cap of $5 million per single qualified applicant in all years, and no more than 25 percent of the total refund approved may be taken in any single fiscal year. New or expanding businesses ins elected targeted industries or corporate headquarters are eligible.
Qualified Defense and Space Contractor Tax Refund (QDSC)
Florida is committed to preserving and growing its high technology employment base by giving Florida defense, homeland security, and space business contractors a competitive edge in consolidating contracts or subcontracts, acquiring new contracts, or converting contracts to commercial production. Pre-approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new Florida full-time equivalent job created or retained; $6,000 in an Enterprise Zone or rural county. For businesses paying150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job.
Capital Investment Tax Credit (CITC)
The CITC is used to attract and grow capital-intensive industries in Florida. It is an annual credit, provided for up to twenty years,against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors:
· clean energy
· biomedical technology
· financial services
· information technology
· silicon technology
· transportation equipment manufacturing or
· corporate headquarters
Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition,construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the project's Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.
High Impact Performance Incentive Grant (HIPI)
HIPI is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors designated by the Division of Strategic Business Development part of the Department of Economic Opportunity (DEO) . In order to participate in the program, the project must: operate within designated high-impact portions of the following sectors:
◾ clean energy
◾ biomedical technology
◾ financial services
◾ information technology
◾ silicon technology
◾ transportation equipment manufacturing
and create at least 50 new full-time equivalent jobs (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million (if a R&D facility, make accumulative investment of at least $25 million) in a three-year period. Once recommended by Enterprise Florida,Inc. (EFI) and approved by the Division of Strategic Business Development the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.
WORKFORCE TRAINING INCENTIVES:
Quick Response Training Program (QRT)
QRT is an employer driven training program designed to assist new value added businesses and provide existing Florida businesses the necessary training for expansion. South Florida State College is available to assist with the application and program development or delivery. The educational facility will also serve as fiscal agent for te project. The company may use in-house training, out side vendor training programs or the local educational entity to provide training.Reimbursable training expenses include: instructors, trainers, wages, curriculum development, textbooks and manuals. This program is customized, flexible, and responsive to individual company needs. To learn more about the QRT program, visit Workforce Florida.
Incumbent Worker Training Program (IWT)
IWT is a program that provides training to currently employed workers to keep Florida's workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Priority is given to businesses in targeted industries, Enterprise Zones, HUB Zones Highlands County HUBZone 12055, Inner City Distressed areas, Rural Counties areas, and Brownfield areas. For additional information on the IWT program, visit Workforce Florida.
Economic Development Transportation Fund
The Economic Development Transportation Fund, commonly referred to as the "Road Fund," is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to$3million. The award is made to the local government on behalf of a specific business for public transportation improvements.
SPECIAL OPPORTUNITY INCENTIVES:
Florida encourages growth throughout the state by offering increased incentive awards and lower wage qualification thresholds in its rural counties. Additionally, a Rural Community Development Revolving Loan Fund and Rural Infrastructure Fund exist to meet the special needs that businesses encounter in rural counties.
Florida offers incentives to businesses that locate in brownfield sites, which are underutilized industrial or commercial sites due to actual or perceived environmental contamination. The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds of up to $2,500 for each job created.
Local Government Distressed Area Matching Grant Program (LDMG)
The Local Government Distressed Area Matching Grant Program stimulates investment in Florida's economy by assisting Local Governments in attracting and retaining targeted businesses. Applications are accepted from local governments/municipalities that plan on offering financial assistance to a specific business in the area. These targeted businesses are required to create at least 15 full-time jobs and the project must either be new to Florida;expanding operations in Florida; or leaving Florida unless it receives local and state government assistance. The amount awarded by the State of Florida will equal $50,000 or 50% of the local government's assistance amount,whichever is less, and be provided following the commitment and payment of that assistance.