Financial Incentives


LOCAL INCENTIVES

The Tallahassee-Leon County Office of Economic Vitality (OEV) provides access to financial and non-financial programs that aid local businesses seeking to expand their existing operations and businesses seeking to relocate to Florida’s Capital.   In addition, OEV works closely with the State of Florida’s economic development agencies to identify programs suitable for a growing company’s needs.

Visit OEV’s website for a complete list of local and State incentives.

Targeted Business Program (TBP)

A joint City/County pilot program that provides a rebate for a portion of property taxes, development fees and permit fees for businesses that fall into one of eleven targeted industries. The level of rebate is based on a number of factors, including the number of jobs created, the percentage of higher paying jobs, the level of capital investment, location within a targeted area, and environmental sensitivity in the design. Businesses located in the Central City and Southern Strategy Areas are eligible to receive extra points toward the rebate score.

Tallahassee-Leon County Office of Economic Vitality Engagement & Operations Division, (850) 219-1060

Leon County Research & Development Authority (Innovation Park)

Tallahassee’s Innovation Park has been North Florida’s hub of scientific research in for decades.  Overseen by the Leon County Research and Development Authority, the university-based facility has forged invaluable partnerships with Florida State University, Florida A & M University, Tallahassee Community College and numerous governmental and industrial sector representatives.

Learn more about Innovation Park and the LCRDA.

CareerSource Capital Region

Serving Gadsden, Leon and Wakulla counties, CareerSource Capital Region provides comprehensive workforce services by connecting employers with talent and Floridians with employment opportunities.  Employer incentives include recruitment assistance, skills assessments for applicants, customized training and information on tax incentives.  Employers and job seekers are matched through the Employ Florida Marketplace system and all services are provided at no cost.

Learn more about CareerSource: Capital Region.

Florida A&M University’s Small Business Development Center (SBDC)

The SBDC programs at Florida A&M University offer workshops to help entrepreneurs evaluate business ideas, develop business plans and explore financing options.  Practical, convenient and concise, these group training programs cover topics from start-up basics to marketing, accounting and record keeping, financing and taxes.  SBDC workshops are regularly offered at little or no cost.

Learn more about the SBDC programs at FAMU.

DOMI Ventures Business Incubator

The Domi Ventures business incubator helps entrepreneurs develop their companies and accelerate their growth by providing a robust network of mentors, investors and collaborators.  Domi provides seed funding for companies with promising ideas and strong business models.  The Domi management team is well connected with local investors and venture capital firms across the nation and has raised more than $50 million in venture funding for successful technology startups.

Learn more about Domi Ventures.


STATE INCENTIVES

Qualified Targeted Industry Tax Refund (QTI)

QTI refunds are available for companies that create high-wage jobs in targeted high value-added industries.  This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium and certain other taxes.  Pre-approved applicants who create jobs in Florida and meet the designated criteria can receive tax refunds of more than $10,000 per net new full-time equivalent job created.

Learn more about QTI Tax Refunds.

Qualified Defense and Space Contractor Tax Refund (QDSC)

Florida is committed to preserving and growing its high-tech employment base by giving 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 and meeting the designated criteria can receive QDSC tax refunds of up to $8,000 per net new full-time equivalent job created or retained.

Learn more about QDSC Tax Refunds.

Capital Investment Tax Credit (CITC)

The CITC is an annual credit provided against the state’s corporate income tax for a period of up to 20 years.  Projects that meet all criteria are eligible if they create at least 100 jobs and invest $25 million or more in capital costs in the sectors of: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facility.  The amount of investment and corporate income tax liability for the ensuing 20 years determines the value of the credit.

Learn more about the CITC program.

High Impact Performance Incentive Grant (HIPI)

A negotiated grant used to attract and grow major high impact facilities, HIPI-eligible projects must meet all criteria, operate within the sectors of:  clean energy, corporate headquarters, financial services, life sciences, semiconductors and transportation equipment manufacturing, and create a specified number of full-time equivalent jobs within a three-year period.

Learn more about HIPI grants.

Quick Response Training Program (QRT)

The QRT program provides grant funds for customized training for new and existing or expanding Florida businesses that are creating new high-quality jobs.  The company may utilize a state educational facility to assist with application and program development or delivery, as well as to serve as fiscal agent for the project.  It may also use in-house or outside vendor training programs, or training provided by the educational facility.  Reimbursable expenses include:  instructors/trainers wages, curriculum development, and textbooks/manuals.

Learn more about the QRT program

Incumbent Worker Training Program (IWT)

The IWT program 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, HUB Zones, Inner City Distressed areas, Rural Counties and Brownfield areas.

Learn more about the IWT program.

Historically Underutilized Business Zones (HUBZones)

HUBZone is a Federal program designed to provided businesses located within qualified areas the opportunity to apply for federal contract set-asides. The Federal government mandates that each federal agency set aside up to 3% of all contracts for businesses located within HUBZone areas.  The boundaries of the Tallahassee HUBZone were determined by federal guidelines from the year 2000 Census

Learn more about HUBZones.

Economic Development Transportation Fund

Commonly referred to as the “Road Fund,” this incentive helps alleviate transportation problems adversely impacting a company’s ability to locate or expand.  The award is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million, and is made to the local government on behalf of the eligible business for public transportation improvements.

Learn more about the Economic Development Transportation Fund.

Sales & Use Tax Exemptions

The purchase of equipment and machinery used in the manufacturing process, as well as computers that are used to control 50 percent or more of the production process, is exempt from Florida state sales tax.  The exemption is 100 percent of all sales tax for new industries, and the new equipment purchased by existing industries where the purchase increases production by 10 percent or more.

Learn more about Florida Sales & Use Tax exemptions.