Page 207 - Caribbean-Central America Profile 2018

FLORIDA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Florida
Capital: Tallahassee
Nationality: American(s)
Official Language: English
Population Total (millions): 20.46 (2016 est.)
FLORIDA
Size: 58,560 square miles
Currency: U.S. Dollar

STATE OVERVIEW: INVESTMENT INCENTIVES
q Florida is the most south-eastern state in the United Florida understands that businesses need certainty, predictability and efficiency
States of America. in government regulations. The state’s regulatory agencies and local governments
provide quicker, less costly and more predictable permitting processes for significant
q Situated mostly on a large peninsula between the economic development projects without reducing environmental standards.
Gulf of Mexico, the Atlantic Ocean, and the Straits
of Florida, Florida extends to the northwest into a Florida offers advantages for long term profitability for all types of businesses,
panhandle, extending along the northern Gulf of from corporate headquarters to manufacturing plants to service firms. Florida
Mexico. offers incentives for:
q Known as “The Sunshine State”, it became a popular • Targeted Industries.
winter destination over a century ago, and has gained • Workforce Training.
ever greater popularity since.
• Road Infrastructure.
q Florida is one of the most popular tourist destinations • Special Opportunities.
in the world, with visitors heading to ‘The Sunshine
State’ in search of fun, sun and thrills. TARGETED INDUSTRY INCENTIVES
q Orlando is the face of Florida that most people Qualified Target Industry Tax Refund
recognize, with its enormous number of theme parks, Designed to encourage the creation of high-skill jobs and encourage the growth of
movie studios, water parks and entertainment facilities. corporate headquarters and other targeted industries. QTI provides a tax refund
of $3,000 per new job created in Florida through the expansion of existing Florida
q The Capital City is Tallahassee. businesses or the location of new ones. (This increases to $6,000 per job within an
Enterprise Zone or Rural County). A business is eligible for a $1,000 per job bonus if
q The state’s biggest city, Miami, echoes the vibrancy of
the rest of this holiday Mecca, with its soft white sandy it pays over 150% average wage in the area, and a $2,000 per job bonus if over 200%.
beaches vying for attention with the city’s numerous Businesses falling within a designated high impact sector or increasing exports of
attractions its goods through a seaport or airport in the state by at least 10 percent in value or
Florida’s huge market and business-friendly legislature tonnage in each year of receiving a QTI refund, add $2,000 per job.
help companies reach their growth and expansion goals High Impact Performance Incentive Grant
with ease. The state’s favorable business tax structure, The High Impact Performance Incentive is a negotiated grant used to attract and grow
government policies and competitive costs make planning major high impact facilities in Florida. Grants are provided to pre-approved applicants
for future growth easy. Florida consistently ranks among in certain high-impact sectors designated by the Florida Department of Economic
the best states for business, thanks to its pro-business Opportunity (DEO). In order to participate in the program, the project must: operate within
state tax policies, competitive cost of doing business and
streamlined regulatory environment. designated high-impact portions of the following sectors– advanced manufacturing,
clean energy, corporate headquarters, financial services, life sciences, semiconductors,
Florida offers a cost-efficient alternative to other and transportation equipment manufacturing; create at least 50 new full-time equivalent
competitive high-tech states. For businesses in certain jobs (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a
targeted industries or specialized locations, the state three-year period; and make a cumulative investment in the state of at least $50 million
offers additional financial incentives. Businesses looking (if a R&D facility, make a cumulative investment of at least $25 million) in a three-year
for workforce training, road infrastructure or specialized period. Once recommended by Enterprise Florida, Inc. (EFI) and approved by DEO, the
locations, may also qualify for specific incentive programs. high impact business is awarded 50 percent of the eligible grant upon commencement
of operations and the balance of the awarded grant once full employment and capital
investment goals are met.

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