FINANCIAL INCENTIVES

TAX REFUNDS
Brownfield Redevelopment Bonus – Created by the Legislature in 1997 to encourage development of abandoned, idled or underused industrial and commercial sites where expansion or development is complicated by environmental contamination. The Bonus is designed for sites recognized as a Brownfield Area AND which possess a Brownfield Site Rehabilitation Agreement (BSRA) with the Florida Department of Environmental Protection.  This can provide for up to $2,500 in tax refunds per new Florida job created. Eligible businesses must demonstrate a fixed capital investment of at least $2M in mixed-used business activities, including multiunit housing, commercial, retail, and industrial and create at least 10 new full-time jobs with benefits.

For more information for the above program, please visit
Enterprise Florida – Doing Business in Florida has Advantages

 

TAX CREDITS
Rural and Urban Job Tax Credits – An incentive for eligible businesses located within one of 36 rural areas or 13 urban areas to create new jobs. The tax credit ranges from $500 to $2,000 per qualified employee and can be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax. These tax credits are provided to encourage meaningful employment opportunities that will improve the quality of life of those employed and to encourage economic expansion of businesses in rural and urban areas of Florida.

For more information for the above program, please visit
Florida Department of Economic Opportunity

 Capital Investment Tax Credit (CITC) – Used to attract and grow capital-intensive industries in Florida. It is an annual credit against the corporate income tax which is available for up to 20 years in an amount up to 5% of the eligible capital costs generated by a qualifying project. 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. Available to businesses in certain high impact performance sectors. Businesses that make an investment of at least $100M are eligible to receive the full credit.

For more information for the above program, please visit
Enterprise Florida – Doing Business in Florida has Advantages

 

PERFORMANCE-BASED GRANTS
High Impact Performance Incentive Grants (HIPI) – 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. Once approved, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the other half once full employment and capital investment goals are met.  Eligibility includes:

  • Operating within designated high impact portions of the following sectors: Clean Energy, Corporate Headquarters, Financial Services, Life Sciences, Information Technology, Advanced Manufacturing, Transportation Equipment Manufacturing, and Semiconductors;
  • Creating at least 50 new full-time equivalent jobs in Florida in a designated high impact sector in a 3-year period; or if a research and development facility, creating at least 25 new full-time equivalent jobs in a 3-year period; and
  • Making a cumulative investment in the state of at least $50 million in a 3-year period, or if a research and development facility, making a cumulative investment of at least $25 million in a 3-year period.

For more information for the above program, please visit
Enterprise Florida – Doing Business in Florida has Advantages

 

TAX EXEMPTIONS
Semiconductor, Space and Defense Sales and Use Tax Exemption Used to attract and grow businesses in these sectors by providing an exemption for all sales and use taxes on investments in machinery and equipment used in manufacturing and research.

For more information for the above program, please visit
Enterprise Florida – Doing Business in Florida has Advantages

 

OPPORTUNITY ZONES
The Opportunity Zone Program aims to foster economic development and job creation in economically distressed communities. It was created by the Federal Tax Cuts and Jobs Act of 2017 to encourage businesses, developers and financial institutions to invest long-term capital in low-income census tract areas. These areas were designated as Qualified Opportunity Zones by the U.S. Department of Treasury in June 2018.  Investments are made in Opportunity Zones through U.S. Treasury Qualified Opportunity Zone Funds, which must invest over 90 percent of their assets in Qualified Opportunity Zone properties and businesses. Qualified Opportunity Zone Funds attract investors through possible tax benefits. Tax benefits can accrue once unrealized capital gains from other investments are rolled into Qualified Opportunity Zone Funds.  A total of 427 Qualified Opportunity Zones are designated in Florida and located in every county in the state, stretching from the Panhandle through the Keys.

To view Opportunity Zones in Florida, please visit
Enterprise Florida – Doing Business in Florida Has Advantages

 

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