Over the years, businesses have inquired about the economic incentive compliance process. In this blog post, I wanted to provide you with a list of important dates and timelines associated with the Claims or Payment Process of Florida’s economic incentive programs, like QTI.
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Important Dates/Timelines |
QTI Claim Process |
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October / November |
Business Receives Claim Application from the State’s Agent – It is usually at this time that businesses are alerted about their incentive project. |
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December 31st |
QTI Jobs and Wage Implementation date – Business has to meet its project goals by this date. |
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January 31st |
Claim Application due – Businesses are required to submit their claim application to Sharpton, Brunson & Company (agent for Department of Economic Opportunity) for review and approval of the scheduled payment.This is the most crucial part of the economic incentive compliance process. In order to receive the scheduled payment, a business must prove to the State that the obligations set forth in its incentive agreement have been met. The claim application must be supported by accurate data and reported in a format acceptable by the State.
Businesses have an opportunity to request a one-time 30 day extension. |
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March 1st |
QTI Claim Application due – if an extension was granted, a business has until this date to submit its claim application and ALL supporting documents to the State’s agent for processing. |
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January – June |
Sharpton, Brunson & Company (SBC) verifies that the compliance goals have been achieved. Once SBC verifies that the business is eligible to receive its scheduled payment, a recommendation is prepared and submitted to the State for approval/denial of the payment. |
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July 1st |
July 1st marks the beginning of the State’s 2012/2013 fiscal year. Funds for economic incentive programs, like Brownfield and QTI are appropriated by the State to begin processing payments.Once The Department of Economic Opportunity (DEO) receives the local match payments from local governments, they begin the payment approval process. When a business’ claim application and supporting documents are approved, the business is notified of either an approval or denial of its scheduled payment. The payment is made within 21 business days if there are no disputes. |
Remember that this process is similar for most claim-based economic development incentive programs as well. So, if you are a participant of a Quick Action Closing Fund Program or the Brownfield Redevelopment and Qualified Defense and Space Contractor Tax Refund Programs, you will follow this process.
In order for your claim process to be as efficient as possible, you must be proactive with your project. Do not wait until the payment request is due to begin analyzing your project goals. To find out how we can help you maximize your payment, give me a call (850-727-0293) or email me at mt@marlynnconsulting.com.
Brief Background:
Margo Thomas is the owner of Marlynn Consulting, where she helps businesses to monitor and report their economic incentive project commitments. As the former Project Manager for Florida’s incentive programs like QTI and Quick Action Closing Fund, she has analyzed jobs, wage, taxes and capital investment data on behalf of the State for almost ten years. She has assisted in confirming over 50,000 Florida jobs and recommending over $200 million in tax credits and refund payments.
