State of Florida Incentives
Qualified Target Industry Tax Refund
(State / County / City incentive)
The Qualified Target Industry (QTI) Tax Refund incentive is available for companies that create high wage, jobs in targeted high value-added industries such as Life Sciences, Cleantech, Infotech, Aviation/Aerospace, Homeland Security/Defense and Professional/Financial Services. Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per net new Florida full-time equivalent job created; $6,000 in a Rural Community (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; projects located in a designated Brownfield area can add $2,500 per job.
High Impact Performance Incentive GrantThe High Impact Performance Incentive Grant (HIPI) is a negotiated incentive 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 Florida Department of Economic Development (DEO). To participate in the program, a company must be in a designated high impact portions of the following sectors - advance manufacturing, clean energy, corporate headquarters, financial services, life sciences, semiconductors, and transportation equipment manufacturing; create at least 50 new full-time equivalent jobs (25 for research and development facilities) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million ($25 million for research and development facilities) in a three-year period.
Capital Investment Tax Credit
The Capital Investment Tax Credit (CITC) is an annual credit against the project’s Florida corporate income tax for up to 20 years. Eligible projects are those in designated, high-impact portions of the following sectors: advanced manufacturing, clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facilities. Projects must create at least 100 jobs and invest at least $25 million in eligible capital costs.
Eligible capital costs include all expenses incurred in the acquisition, construction, installation 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. Florida’s corporate income tax rate is 5.5% of the apportioned taxable income.
Economic Development Transportation Fund
The Economic Development Transportation Fund, commonly referred to as the "Road Fund", is an incentive tool designed to alleviate transportation problems that adversely impact a specific company’s location or expansion decision. These grants are limited to $3 million and are awarded to the local government for public transportation improvements.
South Park Road Brownfield Redevelopment Site
The 22 acres of city-owned property located on South Park just off Interstate 95 are designated as a Brownfield site. The State of Florida offers incentives to redevelop designated Brownfields that are underutilized industrial or commercial sites due to actual or perceived environmental contamination. The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds of $2,500 for each job created.
For more information on these programs, including boundary maps for geographically based incentives, visit www.hollywoodfl.org/incentives or contact the Department of Economic Development at 954.921.3271.