GRANTS

High Impact Performance Incentive (HIPI) Grants: The State has the discretionary authority to provide grants to companies in high-impact industry sectors that create at least 50 full-time equivalent jobs (25 full-time equivalent jobs if a research and development facility).  Eligible businesses must make a minimum capital investment of at least $50 million ($25 million if a research and development facility) within a 3-year period to qualify for the program. 

Economic Development Transportation Fund: Commonly referred to as the “Road Fund,” this program provides up to $3 million in discretionary grants to address transportation issues impacting a specific company’s location or expansion decision. Grants are awarded to local governments on behalf of a business for public transportation improvements.  

TAX REFUNDS

Qualified Target Industry Tax Refund (QTI): This discretionary program provides a tax refund of $3,000 per job ($6,000 if business is located in a rural community) to companies that create high paying jobs in one of Florida’s targeted industry sectors.  Businesses that meet certain location, industry and average wage criteria may receive a bonus award of up to an additional $2,500 per job.   The refund applies to a variety of Florida taxes including corporate income, sales, ad valorem, intangible personal property, and insurance premium.  No more than 25% of the total refund approved may be taken in any single fiscal year.  The local municipality must agree to contribute 20% of the approved tax refund for a business to be eligible for the QTI incentive.

Qualified Defense and Space Contractor Tax Refund (QDSC):   Defense and homeland security-related businesses may receive a tax refund of up to $3,000 per net new full-time equivalent job created or retained ($6,000 if business is located in a rural county).  Bonus awards are available for projects that meet certain location, industry and average wage criteria.

TAX CREDITS

Capital Investment Tax Credit (CITC):  Businesses that operate within one of Florida’s high-impact industry sectors that make a capital investment of at least $25 million and create a minimum of 100 jobs may receive corporate income tax credits.  The credits which may be valued up to 100% of the eligible capital costs of the project are issued in annual installments over a 20-year period.  Capital Investment Tax Credits are non-refundable and non-transferable.

JOB TRAINING

FloridaFlex: Formerly known as Quick Response Training, the FloridaFlex program offers discretionary training grants to businesses in Florida’s targeted industries that create net new jobs with wages that are at least 115% of the state or county average wage.  Qualified businesses partner with state colleges and universities to develop training programs that are flexible and customized.

Incumbent Worker Training (IWT):  This program offers job training to currently employed workers. Businesses may receive reimbursable grants that cover up to 50% of training expenses.  The reimbursement percentage is increased to 75% of training expenses for smaller businesses located in economically distressed areas.

TAX EXEMPTIONS

Sales & Use Tax Exemptions: Manufacturing equipment and machinery, commercial space activities, and R&D machinery and equipment are all exempt from Sales and Use Tax.

Last updated: May 2016

 


 
BIGGINS LACY SHAPIRO & COMPANY
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