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.  

Job Growth Fund:  Discretionary grant program created in 2017 which provides funding to local governments for public infrastructure projects (including transportation and utility needs), as well as for job training initiatives.  The Governor has discretion over the use of the $85 million in grant funds, with new guidelines forthcoming. The Job Growth Fund is a partial replacement to the State’s former deal “closing fund” (Quick Action Closing Fund) which was eliminated in 2016.

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: September 2017

 


 
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