Beautiful, year-round weather, a relaxed pace of life, skilled workforce and unmatched connectivity are all reasons that people love building their businesses and their lives in the middle of the Sunshine State. In addition to its unbeatable lifestyle, the region also boasts a pro-business tax climate and offers a host of incentives on the local, regional and state levels to help businesses flourish in Central Florida. Take a look at some of our most popular programs below, or see how your tax expenses in one of our key industries compare to other locations around the country. To learn more and or see if your business qualifies, give us a call today.
Economic Development Ad Valorem Tax Exemption
Tax exemption on improvements on property. Eligible exemptions include building improvements and tangible assets. Manufacturing companies must pay new employees at 100% of Polk County average wage. QTI companies must pay new employees at 115% of average wage. AVTE increases to 7 years for QTI companies when capital investment exceeds $5 million and 10 years when capital investment exceeds $ 10 million.
Enterprise Zone (EZ)
Businesses located in the Lakeland or Winter Haven EZ area are able to receive a percentage of wages paid to EZ based employees against sales and use taxes or on corporate income tax (not both). There are also tax refunds for building materials and equipment used in operations. Include area maps when posting.
Duke Energy Economic Development Rider Program
This five-year program offers an electrical discount to companies that add 25 net new jobs. They must also have an electrical demand of 500 kW, of which a minimum load factor of 50% must originate from a single meter.
Duke Energy Redevelopment Rider Program
This five-year program offers an electrical discount to companies occupying an existing facility which has been vacant for 90 days or more and add 15 net new jobs. They must also have an electrical demand of 350 kW, of which a minimum load factor of 50% must originate from a single meter.
TECO Energy Economic Development Rider Program
This five-year program provides an electrical discount for companies that add 22 net new jobs and have a electrical demand of 350 kWh from a single meter.
Florida Public Utilities Natural Gas Commercial Rebate
Rebates are available for new natural gas commercial appliances. Amounts vary by rebate category and customer class.
Foreign Trade Zone (FTZ 79)
International business can take advantage of added import flexibility on products for re-export and enjoy cash flow benefits and substantial savings on import fees. Access Tampa’s FTZ #79—part of the second-largest FTZ network in the country—where value can be added to foreign goods tariff free before shipping them on to another country.
Qualified Target Industry (QTI) Tax Refund
The Qualified Target Industry Tax Refund incentive is available to companies that create high wage jobs in targeted industries. If your business qualifies, you will receive a tax refund against corporate, sales, ad valorem, intangible personal property, insurance premiums and other taxes. Pre-approved companies who create jobs in Florida will receive $3,000 for every full-time job created with higher awards available for companies paying very high wages, operating within a designated high impact sector, or meeting other specific criteria.
Quick Response Training (QRT) Grant
The QRT Grant is available to new or expanding businesses to help fund customized training for new employees. Reimbursable training expenses include: instructors’/trainers’ wages, curriculum development, and textbooks/manuals. Because this program is customized, flexible, and responsive to individual company needs, funds are determined on a case-by-case basis.
Economic Development Transportation Fund (EDTF)
Perhaps better known as the “Road Fund,” the Economic Development Transportation Fund is an incentive tool created to help mitigate transportation problems that adversely impact a specific company’s location or expansion decision. Local governments may receive up to $3,000,000 dollars to implement improvements like road widening, rail spur extensions and building access roads. The actual funded amount is based on necessary cost and limited to $7,000 per job, although this limit may be waived for areas experiencing severe economic distress.
High Impact Performance Incentive Grant (HIPI)
The High Impact Performance Incentive is a negotiated grant available to companies with a headquarters relocation project or those operating in a high-impact sector of one of Florida’s key industries, including clean energy, financial services, life sciences, semiconductors and transportation equipment manufacturing. In order to qualify, businesses must create 50 new full-time jobs (25 for Research & Development facilities) and make a cumulative investment of $50 million ($25 million if R&D) during a three-year period. If approved, 50 percent of the award is distributed at the beginning, followed by 50 percent once employment and investment goals are met.
Capital Investment Tax Credit (CITC)
Up to 20 years in corporate tax credits are available to companies with a headquarters relocation project or operating in the clean energy, financial services, life sciences, semiconductors or transportation equipment manufacturing sectors. In order to qualify, businesses must create 100 new full-time jobs in three years and make a total investment of $25 million. Businesses will receive credits as follows:
100% corporate income taxes for projects of $100 million
75% of corporate income taxes for projects of $50 million
50% of corporate income taxes for projects of $25 million
Businesses who locate in Central Florida enjoy one of the best tax climates in the nation. With a low corporate tax rate of 5.5%, general use sales tax of 7% and no personal income tax, your dollar goes further in the Sunshine State.