Qualified Target Industry Tax Refund (QTI)
The Qualified Target Industry Tax Refund incentive is 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. Pre-approved applicants that 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. The local community where the company locates contributes 20 percent of the total tax refund. There is a cap of $5 million per single qualified applicant in all years, and no more than 25 percent of the total refund approved may be taken in any single fiscal year. New or expanding businesses in selected targeted industries or corporate headquarters are eligible.
Qualified Defense and Space Contractor Tax Refund (QDSC)
Florida is committed to preserving and growing its high-technology employment base by giving Florida defense, homeland security and space-business contractors a competitive edge in consolidating contracts or subcontracts, acquiring new contracts or converting contracts to commercial production. Pre-approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new Florida full-time-equivalent job created or retained; $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.
Capital Investment Tax Credit (CITC)
The Capital Investment Tax Credit is used to attract and grow capital-intensive industries in Florida. It is an annual credit, provided for up to 20 years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors:
- Clean Energy
- Biomedical Technology
- Financial Services
- Information Technology
- Silicon Technology
- Transportation Equipment Manufacturing
- Corporate Headquarters Facilities
Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, installation, construction 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.
High Impact Performance Incentive Grant (HIPI)
The High Impact Performance Incentive (HIPI) is a negotiated grant 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 (OTTED). In order to participate in the program, the project must: operate within designated high-impact portions of the following sectors - clean energy, biomedical technology, financial services, silicon technology and transportation equipment manufacturing, or be a corporate headquarters facility supporting international, national or regional operations; create at least 100 new full-time-equivalent jobs (if an R&D 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 an R&D facility, make a cumulative investment of at least $75 million) in a three-year period. Once recommended by Enterprise Florida Inc. (EFI) and approved by OTTED, the high-impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.