Business Incentives: State Programs
TARGET INDUSTRY INCENTIVES:
Qualified Target Industry Tax Refund
The Qualified Target Industry (QTI) Tax Refund incentive is available for companies that create high wage, value added jobs in targeted high value-added industries such as (but not limited to): communications, corporate headquarters, research & development, manufacturing, and electronic equipment. 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. New or expanding businesses in selected targeted industries or corporate headquarters are eligible. Click here to view the Enterprice Florida QTI Information Sheet.
Click here to view the Enterprise Florida Incentive Average Wage Requirement Information Sheet.
High Impact Performance Incentive Grant (HIPI)
The High Impact Performance Incentive Grant (HIPI) is a negotiated incentive 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. In order to participate in the program, a company must be in a designated high impact sector; create at least 100 new full-time equivalent jobs (if a research and development 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 research and development facility, make a cumulative investment of at least $75 million) in a 3-year period.
Capital Investment Tax Credit (CITC)
The Capital Investment Tax Credit is an annual credit against the project's Florida corporate income tax for up to 20 years. Eligible projects are those in designated, high-impact sectors (currently silicon technology, biotechnology, biocertain transportation equipment manufacturing or certain information technology facilities) that create at least 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. Florida's Corporate Income Tax Rate is 5.5% of apportioned taxable income.
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. Governor Bush and 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.
WORKFORCE TRAINING INCENTIVES:
Quick Response Training Incentives
Quick Response Training (QRT) is a customer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion. 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. For additional information on these incentives, visit Workforce Florida.
Incumbent Worker Training Program
Incumbent Worker Training (IWT) is a program that provides training for 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 need training for existing employees. For additional Information on the IWT program, visit Workforce Florida.
ROAD INFRASTRUCTURE INCENTIVE:
Economic Development Transportation 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 to the local government for public transportation facility improvements.
Enterprise Florida Target List (.pdf)
* In order for a project to qualify for any of these State programs, the company must be on the State Targeted Industry list. Contact the PEDC for more information at (888) 60-PASCO.