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Business Advantages in Florida
Encouraging Growth
Sound fiscal policies and targeted incentives make Florida the right business choice.
? Financial Incentives
Qualified Target Industry (QTI) Tax Refund
Available for companies that create high-wage jobs in targeted high value-added industries. Includes refunds on corporate, income, sales, ad valorem, intangible personal property, insurance premium and certain other taxes. Pre-approved applicants that create jobs in Florida receive tax refunds of $3,000 per net new Florida full-time equivalent job created; refunds of $6,000 in an Enterprise Zone or rural county. Businesses paying 150% of the average annual wage receive an additional $1,000 per job; businesses paying 200% of the average annual salary add $2,000 per job.
Qualified Defense and Space Contractor (QDSC) Tax Refund
Follows the same general guidelines as QTI, but with an emphasis on giving 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 receive tax refunds of $3,000 per net new Florida full-time equivalent job created or retained; refunds of $6,000 in an Enterprise Zone or rural county. Businesses paying 150% of the average annual wage receive an additional $1,000 per job; businesses paying 200% of the average annual salary add $2,000 per job.
Capital Investment Tax Credit (CITC)
An annual credit provided for up to 20 years against the corporate income tax that is used to attract and grow capital-intensive industries in Florida. To be eligible, projects must be in designated high-impact portions of the clean energy, biomedical technology, financial services, information technology, silicon technology or transportation equipment manufacturing sectors, or be a corporate headquarters facility. Projects also must create a minimum of 100 jobs and invest at least $25 million in eligible capital costs, which include all expenses incurred in the acquisition, construction, installation and equipping of a project from the beginning of construction to the commencement of operations.
High Impact Performance Incentive Grant (HIPI)
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 Governor’s Office of Tourism, Trade and Economic Development (OTTED). To participate in the program, the project must: (1) operate within designated high-impact portions of the clean energy, biomedical technology, financial services, silicon technology or transportation equipment manufacturing sectors, or be a corporate headquarters facility supporting international, national or regional operations; (2) create at least 100 new full-time equivalent jobs (75 in an R&D facility) in Florida in a three-year period; and (3) make a cumulative investment of at least $100 million ($75 million in R&D) in a three-year period.
Economic Development Transportation Fund
Commonly referred to as the “Road Fund,” the Economic Development Transportation Fund is 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 $3 million. The award is made to the local government on behalf of a specific business for public transportation improvements.
More Advantages Sales and Tax Exemptions » Machinery and equipment used by a new or expanding Florida business to manufacture, produce or process tangible property for sale » Labor, parts and materials used in repair of and incorporated into machinery and equipment » Electricity used in the manufacturing process » Certain boiler fuels (including natural gas) used in the manufacturing process » Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment » Machinery and equipment used predominantly in research and development » Labor component of research and developmental expenditures » Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida » Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft » Production companies engaged in Florida in the production of motion pictures, made-for-television motion pictures, television services, commercial music videos or sound recordings |
