Incentives

The State of Florida and Clay County offer attractive incentives to qualifying relocating and expanding companies.

Elected officials have demonstrated their commitment to economic development through the adoption of incentive packages.

This assistance is provided on a case-by-case basis, with job creation, quality of wages and capital investment being the significant deciding factors. The state and local tax climate can also be considered an incentive to investing in the region.

Local Incentives

Economic Development Grant (EDG)
The EDG program targets commercial projects that add to the tax base, project new employment in excess of 10 direct, full-time equivalent persons and makes a significant economic impact (PCI greater than $50,000). Utilizing a “base year” assessed taxable property value (from the Property Appraiser’s database) for the project, a certain percentage of the county’s incremental increase in ad valorem taxes on real property paid by the project above the base year amount is available as an EDG to the developer. Upfront performance measures must be met and maintained by the company to be eligible to receive the full amount of the grants. The County may adjust actual awards accordingly if the agreed upon performance measures are not achieved.

Industrial Development Revenue Bonds (IRB) Guidelines & Procedures
The Clay County Development Authority (CCDA) is the sole industrial development authority for Clay County. In this capacity, CCDA is authorized to issue tax-exempt bonds to finance the expansion or relocation of industrial development.
For additional information on the EDG or IRB and to see what your project will qualify for contact:

Danita Andrews
Vice President of Economic Development
dandrews@claychamber.com
+1 (904) 264-1005

Targeted Industry State Incentives

Qualified Targeted Industries (QTI) Overview
This program provides an inducement for target industry to locate new facilities in Florida or to expand existing 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. To qualify for the “QTI” program, a company must:

Qualified Defense and Space Contractor Tax Refund (QDSC) Overview
Florida is committed to preserving and growing its high technology employment base by giving Florida defense, homeland security, and space business contractors a competitive edge in consolidating contracts or subcontracts, acquiring new contracts, or converting contracts to commercial production. Pre-approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new Florida full-time equivalent job created or retained; $6,000 in an Enterprise Zone or rural county. For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job.
 
High Impact Performance Grant (HIPI) Overview
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 Governor’s Office of Tourism, Trade and Economic Development (OTTED). In order to participate in the program, the project must:

• Operate within designated high-impact portions of the following sectors: Life Sciences, Financial Services, Transportation Equipment Manufacturing, and Semiconductors;
• Create at least 100 new full-time equivalent jobs (if a R&D facility, create at least 75 new full-time equivalent jobs) in Florida in a three-year period; and
• Make a cumulative investment in the state of at least $100 million (if a R&D facility, make a cumulative investment of at least $75 million) in a three-year period.

Once recommended by Enterprise Florida, Inc. (EFI) and approved by OTTED, 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.

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.

*Florida County Incentives Average Wage Requirements


Workforce Training State Incentives

Quick Response Training (QRT) Overview
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 textbooks/manuals, materials/supplies and training equipment. 

Incumbent Worker Training Program (IWT) Overview
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.