Incentives

Florida ranks among the best states for business and entrepreneurs because of its pro-business tax policies and competitive cost of doing business. Your company can also benefit from inducements to help offset initial costs when locating a new or expanding your existing business in Northwest Florida. Your business dollars go further given the state's limited corporate taxes and your employees benefit from 0% state personal income tax.

Unprecedented Financial Resources

Triumph Gulf Coast
With a Northwest Florida location, your company will benefit from $1.5 billion in economic development enhancements over the next 15 years. These funds, from a settlement related to the BP oil spill, represent an unprecedented opportunity for Northwest Florida. The eligible uses of this transformative funding stream include grants for workforce development and infrastructure initiatives across the Florida Panhandle. Learn more at myfloridatriumph.com.

Florida Job Growth Grant Fund
The Florida Job Growth Grant Fund provides $85 million for public infrastructure and job training projects that support growth and employment in Florida’s diverse industries. Your company can benefit from the programs that are awarded to local governments or educational institutions in Northwest Florida. Read more at floridajobs.org.

Florida Targeted Industry Incentives

Qualified Target Industry (QTI)
Your company may receive a tax refund for the creation of at least 10 new jobs in targeted high value-added industries that pay an average annual wage that is 115% of local average wages. The program offers refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, communication services and certain other taxes.   PDF

Capital Investment Tax Credit, (CITC)
Based upon a minimum $25 million capital investment and 100 new jobs within designated high impact industry sectors, your company may receive an annual credit against Florida corporate income taxes.   PDF

High Impact Performance Incentive Grant (HIPI)
The program is intended to attract and grow major high impact facilities in Florida. Create 50 new jobs in high impact sectors and invest at least $50 million, and your company may benefit from the grant. ​​​​​  PDF

 

Workforce Training Incentives

Veterans Florida Workforce Training Grant
Funds are available to companies in high-skill industries that hire and train veterans. Your company may receive up to $8,000 for each full-time veteran employed to cover costs for curriculum development and training. You can also benefit from Veterans Florida Employer Services, which provide support for job posting, recruitment, and hiring.
Learn more at www.veteransflorida.org.

Quick Response Training (QRT)
New or expanding businesses may be reimbursed for an employer-driven training program. The program is customized, flexible and responsive to your needs. Reimbursable training expenses include instructor/trainer wages, curriculum development and textbooks/manuals. Your company may be able to receive up to $500,000 per grant. Learn more at careersourceflorida.com.

Incumbent Worker Training Program (IWT)
Continuous workforce training will help your company remain competitive in a global economy. IWT is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Your company may be reimbursed up to 75% for pre-approved training costs. Learn more at careersourceflorida.com.

Florida Special Opportunity Incentives

Rural Incentives
Your firm can receive additional incentive awards when locating/expanding in a rural community. Moreover, the wage thresholds to qualify for incentives are lower. There is also a Rural Community Development Revolving Loan Fund and a Rural Infrastructure Fund to help meet your company’s needs in the rural counties.

Urban Incentives
Benefit from increased incentive awards when locating in urban core/inner city areas that are experiencing conditions affecting the economic viability of the community and hampering the self-sufficiency of the residents. The wage thresholds to qualify for incentives are lower.

Brownfield Incentives
If your firm locates/expands on a brownfield site with a Brownfield Site Rehabilitation Agreement (BSRA), it may be eligible for additional incentives. The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. You can receive tax refunds of up to $2,500 for each job created.

Florida Sales and Use Tax Exemptions

  • Machinery and equipment used by a new or expanding Florida business to manufacture, produce or process tangible personal property for sale
  • Labor, parts and materials used in the repair of and incorporated into machinery and equipment
  • Electricity used in the manufacturing process
  • Certain boiler fuels (including natural gas) used in the manufacturing process
  • Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment
  • Machinery and equipment used predominantly in research and development
  • Labor component of research and development expenditures
  • Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida
  • Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft
  • Production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.

Florida Tax Advantages

  • NO corporate income tax on limited partnerships
  • NO corporate income tax on subchapter S-corporations
  • NO state personal income tax guaranteed by constitutional provision
  • NO corporate franchise tax on capital stock
  • NO state-level property tax assessed
  • NO property tax on business inventories
  • NO property tax on goods-in-transit for up to 180 days
  • NO sales and use tax on goods manufactured or produced in Florida for export outside the state
  • NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
  • NO sales/use tax on co-generation of electricity

Foreign Trade Zones

Companies that import or export can benefit from the two Foreign-Trade Zones (FTZs) in Northwest Florida. Your company can significantly reduce costs and improve your global market competitiveness by benefiting from:

  • Deferred, reduced or eliminated duties
  • Eliminated formal customs entries
  • Eliminated duty on goods processed in and exported from the zone
  • Eliminated duty on materials and parts used in production
  • Eliminated quota restrictions on merchandise admitted into zones
  • Reduced federal excise taxes and some state inventory taxes
  • Waived custom duties on zone-to-zone transfers

 

Port of Panama City

FTZ #249 Pensacola

Zone #249 covers 5 sites in Escambia county, including the Century Industrial Park, Pensacola International Airport, Pensacola Marine Terminal, Spruce Street Industrial Complex, and the Port of Pensacola. The Port of Pensacola can convert additional warehouses and open areas to active FTZ status relatively easily. Read more at www.cityofpensacola.com.

FTZ #65 Panama City

Zone #65 is the Port Panama City, a growing deep-water port and international gateway. Its location provides a Gulf Coast gateway to shippers and consignees in Georgia, Alabama, Florida, Tennessee and the Carolinas. It is equipped with modem loading and unloading facilities for truck, rail, barge, container, RO-RO vessel and deep-water vessel traffic. Read more at www.panamacityportauthority.com.

Northwest Florida Regional and Local Incentives

In addition to the state tax advantages, exemptions and incentives, your company’s competitive project may benefit from local incentives provided by many of our Northwest Florida communities. These local incentives include expedited permitting, tax abatements and enhanced performance-based payments based on employment and capital investment.

 

CONTACT US

Florida’s Great Northwest is here to provide you the practical, on-the-ground resources and support you need for your business location/expansion project. From incentives to site selection to workforce development, we’ve got the expertise and connections to help your business be even more competitive with a Northwest Florida location.

Kim Wilmes - President & CEO
KIM WILMES

President & CEO

850-729-6847
kwilmes@fgnw.org