Page 208 - Caribbean-Central America Profile 2018

FLORIDA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Qualified Defense and Space Contractor INFRASTRUCTURE INCENTIVES remains a worldwide hub for new and expanding
Tax Refund Economic Development Transportation businesses.
Florida is committed to preserving and growing Fund
its high technology employment base by giving The Economic Development Transportation Businesses are afforded the following
Florida defense, homeland security, and space Fund, commonly referred to as the “Road tax incentives:
business contractors a competitive edge in Fund,” is an incentive tool designed to alleviate • NO corporate income tax on limited
consolidating contracts or subcontracts, acquiring transportation problems that adversely impact partnerships.
new contracts, or converting contracts to a specific company’s location or expansion • NO corporate income tax on subchapter
commercial production. Pre-approved applicants decision. The award amount is based on the S-corporations.
creating or retaining jobs in Florida may receive number of new and retained jobs and the eligible • NO state personal income tax guaranteed by
tax refunds of $3,000 per net new Florida full- transportation project costs, up to $3 million. constitutional provision.
time equivalent job created or retained; $6,000 in The award is made to the local government • NO corporate franchise tax on capital stock.
a rural county. For businesses paying 150 percent on behalf of a specific business for public • NO state-level property tax assessed.
of the average annual wage, add $1,000 per job; transportation improvements. • NO property tax on business inventories.
for businesses paying 200 percent of the average • NO property tax on goods-in transit for up
annual salary, add $2,000 per job. Special Opportunity Incentives to 180 days.
Rural Incentives: Florida encourages growth • NO sales and use tax on goods manufactured
Capital Investment Tax Credit throughout the state by offering increased or produced in Florida for export outside the
The Capital Investment Tax Credit is used to incentive awards and lower wage qualification state.
attract and grow capital-intensive industries in thresholds in its rural counties. Additionally, • NO sales tax on purchases of raw materials
Florida. It is an annual credit, provided for up a Rural Community Development Revolving incorporated in a final product for resale,
to twenty years, against the corporate income Loan Fund and Rural Infrastructure Fund including non-reusable containers or
tax. Eligible projects are those in designated exist to meet the special needs that businesses packaging.
high-impact portions of the following sectors: encounter in rural counties. • NO sales/use tax on cogeneration of
advanced manufacturing, clean energy, Urban Incentives: Florida offers increased electricity.
biomedical technology, financial services, incentive awards and lower wage qualification
information technology, silicon technology, thresholds for businesses locating in many Florida also offers Sales and Use Tax
transportation equipment manufacturing, or urban core/inner city areas that are experiencing Exemptions on:
be a corporate headquarters facility. Projects conditions affecting the economic viability • Machinery and equipment used by a new or
must also create a minimum of 100 jobs and of the community and hampering the self-
invest at least $25 million in eligible capital sufficiency of the residents. expanding Florida business to manufacture,
costs. Eligible capital costs include all expenses produce or process tangible personal
incurred in the acquisition, construction, Brownfield Incentives: Florida offers incentives property for sale.
installation, and equipping of a project from the to businesses that locate on a Brownfield site • Labour, parts and material used in repair
beginning of construction to the commencement with a Brownfield Site Rehabilitation Agreement of and incorporated into machinery and
of operations. The level of investment and the (BSRA). The Brownfield Redevelopment Bonus equipment.
project’s Florida corporate income tax liability Refund is available to encourage Brownfield • Electricity used in the manufacturing
for the 20 years following commencement of redevelopment and job creation. Approved process.
operations determines the amount of the annual applicants receive tax refunds of up to $2,500 • Certain boiler fuels (including natural gas)
credit. for each job created. used in the manufacturing process.
• Semiconductor, defense and space
WORKFORCE TRAINING Enterprise Florida - Headquarters technology-based industry transactions
INCENTIVES 800 N. Magnolia Ave. involving manufacturing equipment.
Quick Response Training Suite 1100 • Machinery and equipment used
Quick Response Training is a customer- Orlando, FL 32803 predominantly in research and development
driven training program designed to assist Tel: (407) 956-5600 (effective July 1, 2006).
new value-added businesses and provide Fax: (407) 956-5599 • Labour component of research and
existing Florida businesses with the necessary Website: www.eflorida.com development expenditures.
training for expansion. Reimbursable training
expenses include: instructors’/trainers’ salaries, Enterprise Florida (International Trade and • Commercial space activity – launch
curriculum development, textbooks/ manuals, Development) vehicles, payloads and fuel, machinery and
and material/supplies. 201 Alhambra Circle equipment for production of items used
Suite 610 exclusively at Spaceport Florida.
Incumbent Worker Training Program Coral Gables, FL 33134 • Aircraft parts, modification, maintenance
Incumbent Worker Training is a programme that Tel: (305) 808-3660 and repair, sale or lease of qualified aircraft.
provides training to currently employed workers Fax: (305) 808-3586 • Production companies engaged in Florida
to keep Florida’s workforce competitive in the production of motion pictures, made
in a global economy and to retain existing TAXES for television motion pictures, television
businesses. The programme is available to all Florida’s stable and highly favourable tax series, commercial music videos or sound
Florida businesses that have been in operation climate provides advantages that make a Florida recordings.
for at least one year prior to application and location profitable for every type of business.
require training for existing employees. Progressive legislation also ensures that Florida

D-8 Caribbean-Central American Action