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October 22, 2014

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Competitive Business Climate

Collaboration and can-do spirit promote business growth.

Janet Ware | 9/24/2008

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. The state pays 80% and the local community pays 20% of the total tax refund of $3,000 per net new Florida full-time equivalent job to pre-approved applicants who create jobs in Florida; refund is $6,000 in an Enterprise Zone or rural county. Businesses paying 150% of the average annual wage add $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. The QDSC tax refund per job award amount is consistent with the QTI and is available for jobs created or saved in Florida through the conversion of defense jobs to civilian production, the acquisition of a new defense contract or the consolidation of a defense contract that results in at least a 25% increase in Florida employment or a minimum of 80 jobs.

Capital Investment Tax Credit (CITC) — An annual credit against the corporate income tax for up to 20 years that is used to attract and grow capital-intensive industries. Projects must be in designated high-impact portions of the biomedical technology, financial services, information technology, silicon technology or transportation equipment manufacturing sectors, or be a corporate headquarters facility. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs.

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 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); and (3) make a cumulative investment of at least $100 million ($75 million for R&D) within three years.

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. The award is made to the local government on behalf of a specific business to facilitate public transportation improvements.

Tags: Business Services, Business Florida

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