State of Florida Business Incentives
Qualified Target Industry (QTI) Tax Refund Program
Requires local match. Incentive available for companies that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes.
Quick Response Training (QRT) Program
A customer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion.
Incumbent Worker Training (IWT) Program
Program that provides training to currently employed workers.
Economic Development Transportation Fund (Road Fund)
Otherwise known as the "Road Fund," offers up to $2 million in grants, through the State of Florida, to alleviate transportation challenges that impact the location or expansion of headquarter operations or manufacturing/recycling facilities.
High Impact Business Performance Incentive Grant
Negotiated grant used to attract and grow major high impact facilities. The project must operate within designated high-impact portions of the following sector: biomedical technology, financial services, silicon technology, and transportation equipment manufacturing; create at least 100 new full-time equivalent jobs in Florida in a three-year period; and make a cumulative investment in the State of at least $100 million in a three-year period.
Capital Investment Tax Credit
An annual credit against the Florida Corporate Income Tax for up to 20 years. Eligible projects are in designated, high-impact sectors, create at least 100 jobs, and invest at least $25 million in eligible capital costs. High-impact sectors include: silicon technology, biotechnology, biocertain transportation equipment manufacturing or certain information technology facilities. Eligible capital costs include expenses incurred in the acquisition, construction, installation and equipping of a project from construction to operation.
Expedited Permitting Assistance/Streamlining Process
Permit-streamlining is achieved through a commitment among the State's regulatory agencies and local governments to provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards.
Qualified Defense Contractor Tax Refund
A tool to preserve and grow Florida's high technology employment base giving Florida a competitive edge as defense contractors consolidate defense contracts, acquire new contracts, or convert to commercial production. Pre-approved projects receive tax refunds of up to $5,000 per job created or saved in Florida. Conversion of defense jobs to civilian production, the acquisition of a new defense contract, or the consolidation of a defense contract are eligible projects.
Sales Tax Electricity Exemption
Allows for sales tax exemptions on electricity and boiler fuels used to operate machinery and equipment for manufacturing, pollution control equipment, recycling equipment, maintenance equipment or monitoring/control equipment.
Aviation Industry Tax Exemptions
These industry tax exemptions include the maintenance or repair of aircraft, equipment used in aircraft maintenance or repair, and fixed wing aircraft sales or leases. For more information contact: Florida Department of Revenue, Tax Information Services (805) 488-6800.
Space Industry Tax Exemptions
Semiconductor, defense and space technology facilities exemption of sales and uses taxes that would otherwise be paid by the qualifying business on machinery and equipment used in production and research and development. Certified businesses may also elect to designate one or more State universities to receive up to 100% of the amount of the qualifying exemption. In return, the university must match the funds equally and provide research and development projects for the certified business.
Additional State Incentives
These incentives include no state personal income tax; no state-level ad valorem tax; no inventory tax; exemptions from sales tax on manufacturing machinery and equipment used in production; sales and use tax exemptions for research and development costs; sales tax exemptions for the motion picture, television and recording industries; and International transactions exempted from documentary stamp tax and international banking transactions from intangible tax.