Economic Incentives

Florida’s tax environment provides one of the most favorable for both businesses and individuals alike.

Florida is one of the top states in which to do business* for a reason. Low regulations, low cost of labor, excellent colleges and universities and zero state income tax are only a few.

Competitive tax incentives may also be available from our state and local governments for businesses that relocate or expand in Northeast Florida, especially those in our target industries.

Some incentives available include, but are not limited to,

  • Qualified Target Industry Tax Refund (QTI): Refunds on corporate income, sales and other taxes for companies that create high-wage jobs in high-value industries.
  • Quick Response Training (QRT): Reimbursable training expenses for instructor wages, curriculum development and materials for new or expanding businesses.
  • High Impact Performance Incentive Grants (HIPI): Grants provided to pre-approved applicants in certain high-impact sectors. Once approved, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the other half once full employment and capital investment goals are met.
  • Economic Development Transportation Fund: Awards up to $3 million based on investment and jobs for companies to alleviate a transportation problem that might impact their expansion decision.
  • Capital Investment Tax Credit (CITC): Annual credit for up to 20 years against the corporate income tax to cover costs related to the acquisition, construction and equipping of a project with at least $25 million in capital costs that will create 100 jobs.

For more information on how your business may qualify for state or local incentives, contact us.

Florida has…

  • NO corporate income tax on limited partnerships
  • NO corporate income tax on subchapter S-corporations
  • NO state personal income tax
  • NO corporate franchise tax on capital stock
  • NO state-level property tax assessed
  • NO property tax on business inventories
  • NO sales tax on manufacturing machinery and equipment
  • NO property tax on goods-in-transit for up to 180 days
  • NO sales and use tax on goods manufactured or produced in Florida for export outside the state
  • NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
  • NO sales/use tax on co-generation of electricity

*Chief Executive Magazine