Over the years, businesses have inquired about the economic incentive compliance process. In this blog post, I wanted to provide you with a list of important dates and timelines associated with the Claims or Payment Process of Florida's economic incentive programs, like QTI.
QTI Claim Process
October / November
Business Receives Claim Application from the State’s Agent - It is usually at this time that businesses are alerted about their incentive project.
QTI Jobs and Wage Implementation date - Business has to meet its project goals by this date.
Claim Application due - Businesses are required to submit their claim application to Sharpton, Brunson & Company (agent for Department of Economic Opportunity) for review and approval of the scheduled payment.
This is the most crucial part of the economic incentive compliance process. In order to receive the scheduled payment, a business must prove to the State that the obligations set forth in its incentive agreement have been met. The claim application must be supported by accurate data and reported in a format acceptable by the State.
Business have an opportunity to request a one-time 30 day extension.
QTI Claim Application due – if an extension was granted, a business has until this date to submit its claim application and ALL supporting documents to the State's agent for processing.
January - June
Sharpton, Brunson & Company (SBC) verifies that the compliance goals have been achieved. Once SBC verifies that the business is eligible to receive its scheduled payment, a recommendation is prepared and submitted to the State for approval/denial of the payment.
July 1st marks the beginning of the State's 2012/2013 fiscal year. Funds for economic incentive programs, like Brownfield and QTI are appropriated by the State to begin processing payments.
Once The Department of Economic Opportunity (DEO) receives the local match payments from local governments, they begin the payment approval process. When a business' claim application and supporting documents are approved, the business is notified of either an approval or denial of its scheduled payment. The payment is made within 21 business days if there are no disputes.
Remember that this process is similar for most claim-based economic development incentive programs as well. So, if you are a participant of a Quick Action Closing Fund Program or the Brownfield Redevelopment and Qualified Defense and Space Contractor Tax Refund Programs, you will follow this process.
In order for your claim process to be as efficient as possible, you must be proactive with your project. Do not wait until the payment request is due to begin analyzing your project goals. To find out how we can help you maximize your payment, give me a call (850-727-0293) or email me at email@example.com.