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 a business is located in a rural county) to companies that create at least 10 high-paying jobs in one of Florida’s target industry sectors. Businesses that meet certain location, industry and average wage criteria may be eligible for bonus awards. 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. A qualified business may receive no more than $1.5 million in tax refunds for a 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, space, 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 a 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

Quick Response Training: This program offers discretionary training grants to businesses in Florida’s targeted industries that create net new jobs with wages that are at least 125% of the state or county average wage, whichever is less.  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 2017 

 


 
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