When it comes to state incentives, the “inducement phase” is critical to any success in awarding of funds. Greenberg Traurig is poised to help companies identify available resources and state incentives, as well as advise on how to best position themselves to capture these opportunities. Here are just some of the potential programs available:
Qualified Target Incentives (QTI)
Qualified Target Incentives are available for companies that create high wage jobs in targeted high value-added industries. These incentives include refunds on corporate income, sales, ad valorem, intangible personal property, insurance premiums, and certain other taxes.
Capital Investment Tax Credit (CITC)
The Capital Investment Tax Credit is an annual credit, provided for up to 20 years, against the corporate income tax. Eligible projects include the creation of a corporate headquarters facility and those in designated high-impact portions of the following sectors: advanced manufacturing, clean energy, biomedical technology, financial services, information technology, silicon technology, and transportation equipment manufacturing.
High Impact Performance Incentive Grants (HIPI)
High Impact Performance Incentive Grants are provided to pre-approved applicants in certain high-impact sectors. Once approved, the high impact business is awarded 50% of the eligible grant upon commencement of operations and the other half once full employment and capital investment goals are met.
Florida Entertainment Industry Sales Tax Exemption
Any qualified production company producing motion pictures, made for television motion pictures, television series, commercial advertising, music videos, or sound recordings in Florida may be eligible for a sales-and-use tax exemption on certain production related purchases in Florida.
Miami‐Dade County Targeted Jobs Incentive Fund (TJIF)
The Miami‐Dade County Targeted Jobs Incentive Fund inducement incentive provides tax refunds to expanding or relocating companies that create new jobs in targeted high value-added industries. Approved applicants receive, for a period of up to 10 years, a tax refund of 80% of the amount of incremental Countywide Ad Valorem Property taxes generated by the project.
Broward County Job Growth Incentive (JG)
The Job Growth direct cash incentive is a negotiated local community inducement designed to encourage the growth of high-skill/high-wage qualified jobs and capital investment in Broward County.
Florida offers increased incentive awards and lower wage qualification thresholds for businesses locating in many urban core/inner city areas that are experiencing conditions affecting the economic viability of the community and hampering the self-sufficiency of residents.
Florida offers incentives to businesses that locate on a brownfield site with a Brownfield Site Rehabilitation Agreement (BSRA). The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation.
The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones in Florida.
Quick Response Training Incentives
The Florida Quick Response Training grant program is designed to assist qualified relocating and expanding Florida businesses. This program is customized, flexible, and responsive to individual company needs.
Incumbent Worker Training Program
Incumbent Worker Training is a state program providing training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. Funded by the Workforce Innovation and Opportunity Act and administered by CareerSource Florida, this program was created to provide financial support for upgrading the skills of full-time employees, while reducing training costs.