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.

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.

Florida Targeted Industry Incentives

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

Space Florida
Space Florida is an independent special district of the state, similar to an airport or seaport authority. It’s a politically created corporation, capable of earning profit, borrowing money and partnering with commercial business, as well as federal, state and local governments. Space Florida can provide financial efficiencies for business by constructing deals that lower overhead and operating cost on an annual basis. These initiatives are achieved through conduit financing, synthetic lease and real estate programs. Learn More.

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

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.