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.
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.
Industry Resilience and Diversification Fund
After the 2010 Deepwater Horizon oil spill, the Florida legislature established the Industry Resilience and Diversification Fund. This $10 million economic development incentive program is aimed to strengthen and diversify Northwest Florida’s economy through initiatives in research and development, commercialization of research, economic diversification and job creation. Companies locating in Bay, Escambia, Franklin, Gulf, Okaloosa, Santa Rosa, Wakulla and Walton are eligible to receive these funds. Learn more at uwf.edu/irdf.
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
Research and Development Equipment Sales Tax Credit
This program is intended to help foster innovation throughout Florida. Companies conducting research into the development of prototypes or new technologies may receive sales tax exemptions on machinery and equipment used in the research process. 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
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.
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.
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.
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.
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:
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.
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.
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.
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