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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 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.
High Impact Performance Incentive Grant (HIPI)
The High Impact Performance Incentive is 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). In order to participate in the program, the project must: operate within designated high-impact portions of the following sectors--biomedical technology, financial services, silicon technology, and transportation equipment manufacturing; create at least 100 new full-time equivalent jobs (if a R&D facility, create at least 75 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $100 million (if a R&D facility, make a cumulative investment of at least $75 million) in a three-year period. Once recommended by Enterprise Florida, Inc. (EFI) and approved by OTTED, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.
Capital Investment Tax Credit (CITC)
The Capital Investment Tax Credit is used to attract and grow capital-intensive industries in Florida. It is an annual credit, provided for up to twenty years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: biomedical technology, financial services, information technology, silicon technology, and transportation equipment manufacturing. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the project’s Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.
Premier Business Bonus Program
Local incentive grant offered by Hillsborough County and used in conjunction with Florida’s QTI program. Available to qualified applicants creating new high-wage job opportunities, with exceptionally high wages and capital investment, either by expanding an existing business within the County or by bringing a new business to the County.
WORKFORCE TRAINING INCENTIVES
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.
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.
INFRASTRUCTURE INCENTIVES
Economic Development Transportation Fund (Road Fund)
The Economic Development Transportation Fund, commonly referred to as the "Road Fund," is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. These grants are limited to $2 million and are awarded by the state to the local government for public transportation facility improvements.
Employers Impact Fee Mitigation Program
This Hillsborough County program is available to qualified businesses to be awarded toward development transportation impact fees assessed (excluding water and wastewater capacity fees). Applications must be submitted in advance of any permit application, changing land usage or building occupancy related to the proposed jobs.
Employers Water & Wastewater Capacity Fee Mitigation Program
This Hillsborough County program is available to qualified businesses to be awarded toward water and wastewater capacity and accrued guaranteed revenue fees. Applications must be submitted in advance of any permit application, changing land usage or building occupancy related to the proposed jobs.
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.
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. For more information about Brownfields, click here.
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.
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.
Hillsborough County Enterprise Zone
Tampa Enterprise Zone
Other special opportunity incentives offered at the local level include:
Tampa Bay Economic Development Corp. - TEDCO is a private nonprofit economic development and job creation corporation in Hillsborough County that works with the federal Small Businesses Administration 504 Commercial Loan program.
Tampa Bay Black Business Investment Corp. - TBBBIC offers loan financing and technical assistance to African-American-owned businesses in Hillsborough and Pinellas counties through a capital fund supported by numerous financial institutions.
Hispanic Business Initiative Fund - HBIF Provides management training programs, professional services and specialized technical assistance for Hispanic entrepreneurs.
Community Redevelopment Areas: Within Tampa city limits, East Tampa and Ybor City are designated Community Redevelopment Areas offering financial incentives including jobs tax credits, property tax credits, sales tax refund for building materials, machinery and equipment, and the Community Contribution Tax Credit program.
Historic Preservation: Both Hillsborough County and Tampa have historic preservation ad valorem tax exemptions programs. For instance, a 10-year ad valorem tax exemption and federal preservation tax credit assistance is available to qualifying historic properties within the Ybor City Historic District.
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