Florida's Key Incentives for High Impact Sectors
High Impact Performance Incentive (HIPI)
The High Impact Performance Incentive is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to applicants pre-approved by the Department of Economic Opportunity (DEO). In order to participate in the program, the project must: operate within designated high-impact portions of the following sectors – Clean Energy, Life Sciences, Financial Services, Corporate Headquarters, Transportation Equipment Manufacturing, and Semiconductors; create at least 50 new full-time jobs (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period. Once recommended by Enterprise Florida, Inc. (EFI) and approved by DEO, the 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.
Capital Investment Tax Credit (CITI)
The Capital Investment Tax Credit is used to attract and grow capital-intensive industries in Florida. It is an annual credit, provided for up to twenty years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: Clean Energy, Corporate Headquarters, Financial Services, Information Technology, Life Sciences, Semiconductors, and Transportation Equipment Manufacturing. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the projects’ Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.
Qualified Target Industry (QTI) Tax Refund
This program provides an incentive for target industries to expand existing facilities or to locate new facilities in Florida. The program provides tax refunds of $3,000 per new job created. The incentive is increased to $6,000 per job if the company locates in a rural county or an Enterprise Zone. Higher awards are available to companies paying very high wages, operating within a designated high impact sector, or meeting other criteria. To qualify for the QTI program, a company must create at least 10 new jobs (or a 10% increase for expanding Florida companies), pay and average of at least 115% of area wages, have a significant impact on the community and have local support.
Economic Development Transportation Fund (Road Fund)
This grant program provides up to $3 million to local governments for the construction or improvement of transportation infrastructure needed to accommodate new or expanding industry.
Quick Response Training (QRT)
The Quick Response Training program provides grant funding for customized training to new or expanding businesses. The program is flexible and structured to respond quickly to meet business training objectives. A local training provider – community college, area technical center or university – is selected and available to assist in the application process and program development or delivery. If the business has a training program in place, a state training provider will supervise and manage the training program and serve as the fiscal agent for the grant funds. Reimbursable training expenses include: instructors’/trainers’ salaries, curriculum development, textbooks/manuals, and materials/supplies.
Incumbent Worker Training (IWT)
This program provides employers with funds to train currently employed workers in an effort to keep their firms and workers competitive. The program addresses retraining to meet changing skill requirements caused by new technology, retooling, new product lines and new organizational structuring.
Information taken from the Incentive Information Sheet ● Enterprise Florida, Inc. (EFI) ● www.eflorida.com