Biggins Lacy Shapiro & Company, LLC

Florida Economic Development Incentive Programs

tax refund

Qualified Target Industry Tax Refund (QTI):  This program provides a tax refund of $3,000 per job ($6,000 if a business is located in a rural county) to qualifying companies that create at least 10 net new jobs in one of Florida’s target industry sectors. Businesses that meet certain industry and wage criteria may be eligible for bonus awards. The refund applies to a variety of Florida taxes including corporate income, sales, ad valorem, and intangible personal property. The local municipality must agree to contribute 20 percent of the approved tax refund for a business to be eligible for the QTI refund.

TAX CREDIT

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 20 years, against the corporate income tax. The amount of the annual credit is based on the eligible capital costs associated with a qualifying project. 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.

GRANTS

High Impact Performance Incentive (HIPI) Grant: HIPI is a negotiated incentive that provides 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. 

Florida Job Growth Grant Fund:  Created in 2017, the Florida Job Growth Grant Fund (FJGGF) provides funding to local governments for public infrastructure projects (including transportation and utility needs) and job training initiatives. For the 2018-19 fiscal year (July 1-June 30), $85 million has been made available for the fund. The FJGGF may not be used for the exclusive benefit of any single company, corporation, or business entity.

JOB TRAINING

Quick Response Training (QRT): Administered by CareerSource Florida, the program is a state-funded grant program that provides funding to qualifying businesses to train their net new, full-time employees. Grant funding is provided in the form of a performance-based reimbursable grant (12-month maximum term) for customized, skills-based training. Quick Response Training is available to new or expanding businesses in Florida’s targeted industries. These industries are typically high-skill, produce exportable goods or services, and have wages of 125 percent above state or local wages.

Incumbent Worker Training (IWT):  Administered by CareerSource Florida, the program provides grants for continuing education and training of current full-time employees at Florida companies. The grant can be used to reimburse companies for up to 75 percent of pre-approved training costs.

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: June 2018



 
Biggins Lacy Shapiro & Company, LLC
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