Types of Incentive Awards

TAX REFUNDS

Brownfield Redevelopment Bonus Refunds (§288.107, F.S.)

• Objective: Spur job creation and capital investment in designated brownfield areas eligible for bonus refunds.
• 'Brownfield areas eligible for bonus refunds' means a brownfield site for which a rehabilitation agreement with the Department of Environmental Protection or a local government delegated by the Department of Environmental Protection has been executed under s. 376.80 and any abutting real property parcel within a brownfield area which has been designated by a local government by resolution under s. 376.80.
• The Brownfield Redevelopment Bonus is available to any eligible company, including those that do not fall under one of the targeted industries
• Approved applicants receive tax refunds up to $2,500 for each job created

Qualified Target Industry Tax Refund (§288.106, F.S.)

• The program sunset on December 31, 2022

TAX EXEMPTIONS

Semi-Conductor Defense and Space Technology Tax Exemption (§212.08, F.S.)

• Objective: Support technology-based companies as they continue to invest in critical advanced technology machinery and equipment, and support the retention and growth of these high-value, high-wage industries
• Businesses involved in semiconductor, defense and space technology production are eligible to apply for a sales tax exemption permit, valid for two years, on the purchase of machinery and equipment. 
• The majority of companies using this tax exemption bid on government defense and space contracts and must keep their overhead costs low in order to stay competitive and win these lucrative contracts.  This incentive helps companies achieve this goal. 

TAX CREDITS

Capital Investment Tax Credit (§220.191, F.S.)

• Objective: Spur capital investment in Florida’s High Impact Sectors (as defined by Florida Statutes)
• Used to attract and grow capital-intensive industries in Florida: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or a corporate headquarters facility
• Annual credit, provided for up to 20 years, against the corporate income tax

PERFORMANCE BASED GRANTS

High Impact Performance Incentive (§288.108, F.S.)

• Objective: Spur capital investment and job creation in Florida’s high impact sectors
• Reserved for major facilities operating in designated portions of high-impact sectors
• Comprises less than one percent of all economic development incentives approved since 1995

Quick Action Closing Fund (§288.1088, F.S.)
This program is not funded currently. 

• Objective: Tool used to finalize negotiations for highly competitive projects
• Critical to attract projects where Florida is at a significant competitive disadvantage
• Closing Fund awards are paid out after the business has made a substantial capital investment toward tangible personal property tied to the project
• Sanctions and clawback penalties are included in each contract to protect taxpayer investments
• Comprises less than seven percent of all economic development incentives approved since 1995

Innovation Incentive Program (§288.1089, F.S.)
This program is not funded currently. 

• Objective: Attract major innovation businesses to spur development of key clusters
• Allows the state to compete effectively for high-value research and development, innovation business, and alternative and renewable energy projects
• Long-term investments made by the state in industry clusters critical to Florida’s future of economic diversification
• Comprises less than one percent of all economic development incentives approved since 1995

Local Government Distressed Area Matching Grant (§288.0659, F.S.)
This program is not funded currently. 

• Objective: Stimulate economic activity by matching local business assistance
• The Local Government Distressed Area Matching Grant program was created in 2010 to stimulate economic activity and enhance the ability of distressed communities to attract new job creation opportunities.
• The grant is administered through a contract between the State of Florida and the local government, with the State’s funds ($50,000 maximum) passed through to the business.