Florida is known for its favorable tax environment and array of incentives designed to attract businesses and stimulate economic growth.  From job creation programs to research and development incentives, the state offers various opportunities for businesses across industries.  Below is an overview of key incentives available in Florida, including eligibility and potential value.

Florida Enterprise Zone Program

Overview

Florida's Enterprise Zone (EZ) Program offers businesses located in designated areas of economic distress various incentives to encourage investment and job creation.

Eligibility

• Businesses must operate within an EZ.

• Businesses must create new jobs and invest in the area, especially focusing on industries like manufacturing and retail.

Incentive Value

• Benefits include sales tax refunds, property tax exemptions, and additional tax credits.

• The total incentive value can range from $500,000 to $1 million depending on the scope of the project and the number of jobs created.

Application Process

Businesses must apply through the Florida Department of Economic Opportunity (DEO) for certification and approval.

Florida R&D Tax Credit

Overview

Florida offers a Research and Development (R&D) Tax Credit to incentivize businesses to engage in technological innovation and scientific research within the state.

Eligibility

• Businesses must conduct qualified R&D activities in Florida that involve the development or improvement of products, processes, or software.

• The R&D work must be intended to lead to technological advancements.

Incentive Value

• Credit of up to 10% of qualified R&D expenditures, with a cap of $5 million per year for the state as a whole.

• Credits are applied against Florida’s corporate income tax and can be carried forward for up to 10 years.

Application Process

The Florida Department of Revenue (FDR) administers the program, and businesses must submit an R&D credit application each year to claim the credit.

Florida Qualified Target Industry Tax Refund

Overview

The Qualified Target Industry Tax Refund (QTI) program provides a tax refund for businesses in targeted industries that create high-wage jobs in Florida.

Eligibility

• Businesses must be located in Florida and create a minimum number of new jobs in one of Florida’s targeted industries, including aerospace, financial services, or information technology.

• Jobs created must have a high wage threshold.

Incentive Value

• Refunds up to $3,000 per job created, with the total refund value depending on the number of jobs and the wage level.

• Companies can receive this refund annually for up to 10 years.

Application Process

New applications are no longer being accepted for this program.

Florida Job Growth Grant Fund

Overview

The Job Growth Grant Fund is a competitive program designed to help businesses and communities create jobs by funding infrastructure and workforce training projects.

Eligibility

• Local governments and private businesses can apply for funding to support job growth and workforce development initiatives.

• Projects must focus on training workers in high-demand industries or improving infrastructure.

Incentive Value

• The fund provides grants of up to $5 million per project.

• Grant recipients must demonstrate how their project will create jobs and contribute to long-term economic growth.

Application Process

Applications are reviewed by the Governor’s Office of Tourism, Trade, and Economic Development (OTTED).

Florida Clean Energy Investment Tax Credit

Overview

Florida provides tax incentives for businesses that invest in renewable energy systems, such as solar and wind power. The Clean Energy Investment Tax Credit is designed to promote sustainable energy practices.

Eligibility

• Businesses must invest in renewable energy systems that generate energy for their operations or for sale to the grid.

• Must meet specific environmental and efficiency standards for energy systems.

Incentive Value

• Tax credit of up to 75% of the cost of equipment and installation for eligible renewable energy systems.

• Credit can be applied against Florida's corporate income tax or carried forward for up to 5 years.

Application Process

Businesses must apply to FDR, submitting documentation related to energy savings and system efficiency.

Florida Brownfield Redevelopment Program

Overview

This program offers financial assistance to businesses redeveloping brownfield sites, encouraging the cleanup and reuse of contaminated properties.

Eligibility

• Businesses must be involved in the cleanup and redevelopment of brownfield sites in Florida.

• Projects must have a demonstrated economic impact and create jobs.

Incentive Value

• Grants and tax credits to cover the cost of environmental cleanup and redevelopment activities.

• Total incentives depend on the size of the project and the level of contamination.

Application Process

Businesses must submit an application to the Florida Department of Environmental Protection (DEP), which evaluates the site and the proposed redevelopment.

Florida Film and Entertainment Industry Financial Incentive Program

Overview

Florida offers financial incentives to film, television, and digital media productions that take place in the state.  This program aims to attract entertainment industry projects and create jobs.

Eligibility

• Productions must meet minimum expenditure thresholds for spending in Florida.

• Eligible costs include production, post-production, labor, and equipment.

Incentive Value

• Refundable tax credits up to 20% of eligible production costs, with additional bonuses for productions meeting diversity or workforce development criteria.

• The maximum value varies based on the production's budget and job creation.

Application Process

Producers must apply through DEO, submitting their project details, budgets, and expected impact on the local economy.

Florida Tourism Tax Incentives

Overview

Florida provides tax incentives for businesses that promote tourism, which is a major driver of the state’s economy.  These incentives aim to help businesses increase tourism-related spending.

Eligibility

• Businesses involved in the tourism industry, such as hotels, theme parks, or cultural attractions, are eligible.

• Projects must result in increased tourism and associated spending.

Incentive Value

• Sales tax exemptions and property tax rebates for qualifying businesses.

• Total incentive values depend on the scale of the tourism promotion and the expected economic impact.

Application Process

Businesses must apply through FDR, providing evidence of tourism growth and the business’s role in the industry.

Conclusion

Florida provides a range of valuable incentives to support business growth, from tax credits for R&D and job creation to grants for clean energy projects and brownfield redevelopment.  These programs aim to create jobs, attract investment, and promote sustainable practices in various sectors.  Businesses looking to expand or invest in Florida should take advantage of these programs to maximize their benefits.