Target Industry Incentives:
Qualified Target Industry Tax Refund (QTI)
The Qualified Target Industry Tax Refund inducement incentive is available for companies that create high wage jobs in targeted high value-added industries. The QTI is a performance based incentive that requires the creation of at least 10 new full-time jobs at salary levels equal to or exceeding 115% of the State annual average wage. This incentive refunds corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. Approved applicants receive tax refunds of up to $3,000 per net new Florida full-time equivalent job created. For businesses paying 150 percent of the average annual wage, add up to $1,000 per job; for businesses paying 200 percent of the average annual salary, add up to $2,000 per job; businesses deemed to be in a high-impact sector, add an additional $2,000 per job. The QTI is funded by the State of Florida (80%) and Miami-Dade County (20%).
Miami-Dade County Targeted Jobs Incentive Fund (TJIF)
This Miami-Dade County inducement incentive provides tax refunds to expanding or relocating companies that create new jobs in targeted high value-added industries. The TJIF is a performance based incentive that requires the creation of at least 10 new full-time jobs at salary levels equal to or exceeding 100% of the State annual average wage, pay all existing employees no less than the County-adopted Living Wage and make a minimum capital investment of $3 million. Approved applicants receive, for a period of up to 10 years, a tax refund of 80% of the amount of incremental Countywide Ad Valorem Property taxes generated by the project. Additional bonuses are awarded if the company is a Miami-Dade County “Green Certified” business, locates in a “Green Certified” building or in a Designated Priority Area. The actual amount of the award/benefit will be determined by an Economic Impact Analysis and approval by the Miami-Dade Board of County Commissioners. The TJIF is funded 100% by Miami-Dade County.
Capital Investment Tax Credit (CITC)
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, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facility. 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 project’s Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.
High Impact Performance Incentive Grant (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 pre-approved applicants in certain high-impact sectors designated by the Florida 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, corporate headquarters, financial services, life sciences, semiconductors and transportation equipment manufacturing; create at least 50 new full-time equivalent jobs (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million (if a R&D facility, make a cumulative investment of at least $25 million) 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.
If you are considering relocation to or expansion in Miami-Dade County, it is imperative that you contact the Beacon Council as soon as possible. Any commitment to a move by a company prior to the approval of an inducement incentive application may render that company ineligible for these incentives.
Workforce Training Incentives:
Florida Flex Program
Florida Flex is a state-funded grant program that assists qualifying businesses to train their net new, full-time employees. This program provides grant funding for customized, skills-based curriculum development and training, through partial reimbursement, to new or expanding businesses in Florida’s targeted industries. These industries are high-skill industries, have an exportable good or service and have wages of 125 percent above state or local wages. Funding is provided in the form of a performance-based reimbursable grant, for a 12-month maximum term. A business pays for pre-approved, direct training-related costs and is reimbursed by CareerSource Florida, through the fiscal agent, upon submission of required documentation.
Incumbent Worker Training Program (IWT)
Incumbent Worker Training (IWT) is a program that provides training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Priority is given to businesses in targeted industries, Enterprise Zones and Brownfield areas.
Employed Worker Training (EWT)
The Employed Worker Training program supports Miami-Dade County companies in training their current staff to improve the quality of their workforce through enhanced skills attainment, productivity and competitiveness. Through the EWT, an employer may be reimbursed up to 50% of the total training cost for workers that successfully complete training.
On-the-Job Training (OJT)
The On-The-Job Training program supports prospective employees that need training to “get up to speed.” The OJT program pays the employer up to 50% of the individual’s wages. The training can last no longer than is required for the trainee to acquire the requisite skills. South Florida Workforce (SFWF) will determine the exact length of training and the reimbursement rate based upon the individual’s needs. Before accepting a participant into an OJT program, SFWF must deem the training appropriate and confirm availability of funds. Lastly, unless you apply through the Employed Worker Training Program, you must sign the OJT agreement before hiring the trainee, in order to maintain program eligibility.
Special Opportunity Incentives:
The State of Florida offers incentives to businesses that locate in Brownfield sites, which are underutilized industrial or commercial sites due to actual or perceived environmental contamination. The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds of up to $2,500 for each job created.
Urban Jobs Tax Credit Program
The Urban Job Tax Credit Program offers an incentive for eligible businesses located within one of Miami-Dade’s 10 designated urban areas to create new regular and full-time jobs (minimum of 20 new jobs for new businesses and minimum of 10 new jobs for existing businesses). The credit ranges from $500 to $1,000 per qualified job and can be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax. The credit can only be taken against one of these two taxes.
These tax credits are provided to encourage meaningful employment opportunities that will improve the quality of life of those employed and to encourage economic expansion of new and existing businesses in urban areas Click here to view maps of eligible areas
Manufacturer Tax Exemption
The State of Florida offers various sales and use tax emptions in the research, development and manufacturing of goods.
Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory. Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017. Opportunity Zone markets in Miami-Dade County were nominated by the governor, and certified by the U.S. treasury on June 24, 2018. Benefits include –
- First, investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund. If held for the full ten years, the tax reduction is 15%.
- Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged.