Tax Candi

Qualified Target Industry Tax Refund Program

High on the list of "Places I'd Like to Visit in February" is Florida!

The State of Florida is very business friendly and offers a number of attractive incentives. The state's job creation tax credit is known as the Qualified Targeted Industry ("QTI") Tax Refund. Companies in "targeted" high-growth industries may receive refundable tax credits of up to $3,000 per new job created.  (Note: Eligible businesses must create at least 10 new jobs paying 115% of the project county's average annual wage.)

Bonus credit amounts: Businesses expanding in an Enterprise Zone or rural county can receive up to $6,000. Additional "per job" bonuses are available for businesses paying 150% or 200% of the project county's average annual wage or locating in a designated Brownfield.

Limitations:

1) There is a cap of $5 million of refunds per applicant; and

2) No more than 25% of the total annual refund approved may be paid out any single fiscal year.

Targeted industries vary depending on county, though there are common themes throughout the state, such as regional and national headquarters, telecommunications, research and development, and green energy projects.

Update on Tuesday, August 18, 2009 at 9:49AM by Jennifer Crane

From the Jacksonville Business Journal, an example of how generous Florida can be with it's economic development incentives. 

The Jacksonville Economic Development Commission has approved a $20.2 million incentive package for Saft America Inc. to build a lithium ion battery plant

This incentives package included the QTI, as well as a Recaptured Enhanced Value Grant, a grant from the Countywide Economic Development Fund, and a a five-year public service tax exemption.