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Economic Development

Incentives

Florida offers bottom-line advantages for long-term profitability. We understand the importance of a business climate that nurtures long term business profitability for all types of businesses, from corporate headquarters to manufacturing plants to service firms.

Florida offers incentives for:

• Targeted Industries
• Workforce Training
• Special Opportunities

Targeted industry incentives

 

Qualified Target Industry Tax Refund (QTI)

The Qualified Target Industry 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 rural 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. 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 in selected targeted industries or corporate headquarters are eligible.

Qualified Defense Contractor Tax Refund (QDC)

Florida has committed to preserving and growing its high technology employment base-giving Florida defense contractors a competitive edge in consolidating defense contracts, acquiring new contracts, or converting to civilian production. The Qualified Defense Contractor Tax Refund may be up to $5,000 per job 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 which results in at least a 25 percent increase in Florida employment or a minimum of 80 jobs. The Governor and the 2003 Florida Legislature enacted new legislation adding contracts and subcontracts approved by the United States Department of Homeland Security as eligible under the Qualified Defense Contractors (QDC) Tax Refund program.

 

Quick Response Training Incentives (QRT)

Quick Response Training is a customer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion. A local training provider—community college, area technical center or university—is available to assist with application and program development or delivery. If the company has a training program, a state training provider will manage the training program and serve as the fiscal agent for the grant funds. Reimbursable training expenses include: instructors’/trainers’ salaries, curriculum development, textbooks/manuals, and materials/supplies. This program is customized, flexible and responsive to individual company needs. Workforce Florida, Inc. is Florida’s innovative private-public partnership for competitive workforce incentives. For additional information on these incentives, visit Workforce Florida (http://www.workforceflorida.com/employers/qrt.htm).

Incumbent Worker Training Program (IWT)

Incumbent Worker Training 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 training for existing employees. For additional Information on the IWT program, visit Workforce Florida (http://www.workforceflorida.com/employers/iwt.htm).

WIRED Grants

Florida's Great Northwest, Inc.'s initiative, Wired Northwest Florida, promotes economic growth in the Panhandle. The initiative will increase the size and quality of the workforce, while supporting and expanding targeted, knowledge-based industries that create high-skill, high-wage jobs. Wired Northwest Florida is primarily a performance-based grant program that requires a 100 percent match of funds, turning a $15 million grant into a $30 million initiative. The plan targets industries in the region such as aerospace and defense, information technology and electronics engineering, life sciences and construction services.

Special opportunity incentives

 

Urban Incentives

Florida offers increased incentive awards and lower wage qualification thresholds for businesses locating in many urban core/inner city areas that are experiencing conditions affecting the economic viability of the community and hampering the self-sufficiency of the residents.

Enterprise Zone Incentives

Florida offers an assortment of tax incentives to businesses that choose to create employment within an enterprise zone, which is a specific geographic area targeted for economic revitalization. These include a sales and use tax credit, tax refund for business machinery and equipment used in an enterprise zone, sales tax refund for building materials used in an Enterprise Zone, and a sales tax exemption for electrical energy used in an enterprise zone.

Brownfield Incentives

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 $2,500 for each job created.