TAX REFUNDS

Qualified Target Industry Tax Refund (§288.106, F.S.)

  • Objective: Attract new high quality, high wage jobs for Floridians in target industries
  • Most often used; more than 70 percent of incentives are QTI
  • $3,000 tax refund per new job created and jobs must be more than 115% of the county’s average annual wage
  • Job creation is verified before tax refund is given to company

Disproportionally Affected County § 288.106. (8), F.S.

  • Objective: Address fiscal impacts related to the 2010 Deepwater Horizon Oil Spill for counties disproportionally affected by the event.
  • Only offered in conjunction with Qualified Target Industry Tax Refund between July 1, 2011, and June 30, 2014
  • Facilitate economic development, growth, or new employment opportunities within a Disproportionally affected county
  • Disproportionally affected counties include Bay, Escambia, Franklin, Gulf, Okaloosa, Santa Rosa, Walton, and Wakulla County

Qualified Defense and Space Contractor Tax Refund (§288.1045, F.S.)

  • Objective: Spur job creation in Florida’s defense and space industries
  • Serves to attract new high quality, high wage jobs for  Floridians in the defense and space industries
  • Tax refunds are made to qualifying, pre-approved businesses bidding on new competitive contracts, or consolidating existing defense or space contracts
  • Comprises less than two percent of all economic development incentives approved since 1995

Brownfield Redevelopment Bonus Refunds (§288.107, F.S.)

  • Objective: Spur job creation and capital investment in designated Brownfield Areas in Florida
  • Brownfield areas are designated by local governments due to actual or perceived environmental contamination or blight
  • The Brownfield Redevelopment Bonus is available to any eligible company, including those that do not fall under one of the targeted industries
  • Approved applicants receive tax refunds up to $2,500 for each job created
  • Comprises less than three percent of all economic development incentives approved since 1995

Manufacturing and Spaceport Investment Incentive (§288.1083, F.S.)
This was a temporary program. Refunds were available through FY 2011-2012.

  • Objective: Spur capital investment in the manufacturing and space industries
  • Relieves some of the sales tax burden on existing manufacturers that are not eligible for the standard manufacturing machinery and equipment sales tax exemption
  • Comprises two percent of all economic development incentives approved since 1995

 

TAX EXEMPTIONS

Semi-Conductor Defense and Space Technology Tax Exemption (§212.08, F.S.)

  • Objective: Support technology-based companies as they continue to invest in critical advanced technology machinery and equipment, and support the retention and growth of these high-value, high-wage industries
  • Businesses involved in semiconductor, defense and space technology production are eligible to apply for a sales tax exemption permit, valid for two years, on the purchase of machinery and equipment. 
  • The majority of companies using this tax exemption bid on government defense and space contracts and must keep their overhead costs low in order to stay competitive and win these lucrative contracts.  This incentive helps companies achieve this goal. 

 

TAX CREDITS

Capital Investment Tax Credit (§220.191, F.S.)

  • Objective: Spur capital investment in Florida’s High Impact Sectors (as defined by Florida Statutes)
  • Used to attract and grow capital-intensive industries in Florida: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or a corporate headquarters facility
  • Annual credit, provided for up to 20 years, against the corporate income tax
  • Comprises less than two percent of all economic development incentives approved since 1995

 

CASH GRANTS

High Impact Performance Incentive (§288.108, F.S.)

  • Objective: Spur capital investment and job creation in Florida’s high impact sectors
  • Reserved for major facilities operating in designated portions of high-impact sectors
  • Comprises less than one percent of all economic development incentives approved since 1995

Quick Action Closing Fund (§288.1088, F.S.)

  • Objective: Tool used to finalize negotiations for highly competitive projects
  • Critical to attract projects where Florida is at a significant competitive disadvantage
  • Closing Fund awards are paid out after the business has made a substantial capital investment toward tangible personal property tied to the project
  • Sanctions and clawback penalties are included in each contract to protect taxpayer investments
  • Comprises less than seven percent of all economic development incentives approved since 1995

Innovation Incentive Program (§288.1089, F.S.)

  • Objective: Attract major innovation businesses to spur development of key clusters
  • Allows the state to compete effectively for high-value research and development, innovation business, and alternative and renewable energy projects
  • Long-term investments made by the state in industry clusters critical to Florida’s future of economic diversification
  • Comprises less than one percent of all economic development incentives approved since 1995

Local Government Distressed Area Matching Grant (§288.0659, F.S.)
This program is not funded currently. 

  • Objective: Stimulate economic activity by matching local business assistance
  • The Local Government Distressed Area Matching Grant program was created in 2010 to stimulate economic activity and enhance the ability of distressed communities to attract new job creation opportunities.
  • The grant is administered through a contract between the State of Florida and the local government, with the State’s funds ($50,000 maximum) passed through to the business.
An equal opportunity employer/program.  Auxiliary aids and services are available upon request to individuals with disabilities.
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