Florida Economic Development Incentives (Part I)

In order to compete for high quality jobs, the Florida offers a number of economic incentive programs to suit your business’ individual need.   Many of these incentives are geared toward new companies, expanding companies, or those considering relocating.  Other types of incentives assist with employee training. Some companies receive incentive funds if they are located  in special areas.  For today’s post, I'm providing details of some incentive opportunities.  To avoid this post being too long, I will present these over a number of posts.  Stay tuned for a number of ways you can SHARE THE COST of growing your business.

TARGETED INDUSTRY INCENTIVES

Qualified Targeted Industry Tax Refund (QTI):   A tool available to encourage quality job growth in targeted high value-added industries.  Eligible companies must be in a target industry; create at least 10 net new full-time Florida jobs (if an expansion project, increase employment by at least 10 percent); and pay at least 115% of the state or county’s average annual wage.  Qualified companies may be eligible for a minimum tax refund of $30,000.  Additional funds are provided to companies whose location is in an enterprise zone, brownfield redevelopment area or designated rural area.

High Impact Performance Incentive Grant (HIPI): This incentive is a negotiated grant used to attract and grow major high impact facilities in Florida.  Eligible projects must operate within designated high-impact sectors (Life Sciences, Financial Services, Transportation Equipment Manufacturing, or Semiconductors); create at least 100 new full-time equivalent Florida jobs (if a R&D facility, create at least 75 new full-time equivalent jobs) 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 awarded, the business may be 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.

Brownfield Redevelopment Bonus Refund (BFR): This incentive is available to encourage redevelopment and job creation within designated brownfield areas.  To qualify, a company must locate within a brownfield area; be certified as QTI business as defined in Section 288.106, F.S., or be a business that can demonstrate a fixed capital investment of at least $2 million in mixed-use business activities, including multi-unit housing, commercial, retail, and industrial in brownfield areas, or at least $500,000 in brownfield areas that do not require site cleanup; create at least 10 new permanent Florida full-time jobs with benefits (including health insurance at a minimum), excluding construction and site remediation jobs; and show that the project will diversify and strengthen the economy of the area surrounding the site.  A company may receive a tax refund equal to 20 percent of the average annual wage of the new jobs created in a designated brownfield area up to a maximum of $2,500 per new job created.

Send me an email at info@marlynnconsulting.com to find out more about these incentive opportunities.