TARGET INDUSTRY INCENTIVES:

Qualified Target Industry Tax Refund 

The Qualified Target Industry (QTI) Tax Refund incentive is available for companies that create high wage, value added jobs in targeted high value-added industries such as (but not limited to): communications, corporate headquarters, research & development, manufacturing, and electronic equipment. Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per net new Florida full time equivalent job created; $6,000 in an Enterprise Zone or Rural County. For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job. New or expanding businesses in selected targeted industries or corporate headquarters are eligible.

High Impact Performance Incentive Grant (HIPI)

The High Impact Performance Incentive Grant (HIPI) is 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 designated by the Governor's Office of Tourism, Trade and Economic Development. In order to participate in the program, a company must be in a designated high impact sector; create at least 100 new full-time equivalent jobs (if a research and development facility, create at least 75 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 (if a research and development facility, make a cumulative investment of at least $75 million) in a 3-year period.

Capital Investment Tax Credit (CITC)

The Capital Investment Tax Credit is an annual credit against the project's Florida corporate income tax for up to 20 years. Eligible projects are those in designated, high-impact sectors (currently silicon technology, biotechnology, biocertain transportation equipment manufacturing or certain information technology facilities) that create at least 100 jobs and invest at least $25 million in eligible capital costs. 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. The level of investment and the project's Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit. Florida's Corporate Income Tax Rate is 5.5% of apportioned taxable income.  

WORK TRAINING INCENTIVES

Quick Response Training Incentives

Quick Response Training (QRT) is a customer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion. This program is customized, flexible and responsive to individual company needs. Workforce Florida Inc. is Florida's innovative private-public partnership for competitive workforce incentives. For additional information on these incentives, visit Workforce Florida.

Incumbent Worker Training Program

Incumbent Worker Training (IWT) is a program that provides training for employed workers to keep Florida's workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and need training for existing employees. For additional information on the IWT program, visit Workforce Florida.

ROAD INFRASTRUCTURE INCENTIVE:

Economic Development Transportation Fund

The Economic Development Transportation Fund, commonly referred to as the "Road Fund," is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. These grants are limited to $2 million and are awarded to the local government for public transportation facility improvements.

* In order for a project to qualify for any of these State programs, the company must be on the State Targeted Industry list. Contact the PEDC for more information at (888) 60-PASCO.