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Business Advantages in Florida
Encouraging Growth
Sound fiscal policies and targeted incentives make Florida the right business choice.
? BROWNFIELD INCENTIVES
Brownfield sites are defined as real property, the expansion, redevelopment or reuse of which may be complicated by actual or perceived environmental contamination. Because the severity of environmental degradation/contamination in Florida is often much lower than in many other U.S. states, cleanup of Brownfield sites in Florida is generally easier, quicker and cheaper than other parts of the country.
Advantages of Brownfield sites include:
- $2,500 Job Bonus Refund for each new job created by an eligible business
- Highly attractive business locations with existing infrastructure
- Voluntary cleanup tax credits
- Cleanup liability protection
- Low-interest loans for assessment and cleanup
- Increased State Loan Guarantee which can improve lending opportunities
- Expedited permitting
- 4And since Brownfield properties are often located within Urban Enterprise Zones, additional financial incentives may be available.
WORKFORCE TRAINING INCENTIVES
Talented people are any company’s greatest resource. With that in mind, Workforce Florida Inc., the agency charged with overseeing and monitoring the administration of the state’s workforce policy, programs and services, makes several incentives available to Florida employers.
Quick Response
Training Program (QRT)
An employer-driven program designed to assist new value-added businesses and provide existing Florida businesses with the necessary training for expansion. A state educational facility — community college, area technical center, school district or university — assists with application and program development or delivery. The company may use in-house training, outside vendor training programs or the local educational entity to provide training. Reimbursable training expenses include: instructors’/trainers’ wages, curriculum development and textbooks/manuals. This program is flexible, customized and responsive to individual company needs.
Incumbent Worker
Training (IWT)
A program that provides training to currently employed workers to retain existing businesses and to increase Florida’s workforce competitiveness in a global economy. IWT 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 full-time employees. Priority is given to businesses in targeted industries, Enterprise Zones, HUB Zones, distressed Urban Inner City areas, rural areas and Brownfield sites, as well as to businesses with 25 or fewer employees or whose grant proposals represent a significant upgrade in employee skills or a significant layoff-avoidance strategy.
Work Opportunity Tax Credit
Employers hiring welfare recipients and individuals from other groups, including food stamp recipients, some veterans, vocational rehabilitation clients and people receiving Supplemental Security Income, may receive a credit of up to $2,400 against their federal income taxes. For employees working more than 400 hours, employers receive up to 40% of qualified wages; for individuals working between 120 and 400 hours, employers are eligible for tax credits of up to 25%. The specific forms needed to take advantage of this tax credit must be completed and filed within 21 days of the employee’s start date.
