Tax Credits and Refunds
Rural Jobs Tax Credit
A Rural Jobs Tax Credit is an incentive for eligible businesses located in Taylor County create new jobs. The tax credit provides for $1,000 per qualified job and can only be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax. Statutory Reference: Section 212.098, Florida Statutes
Qualified Target Industry Tax Refund
The Qualified Target Industry (QTI) Tax Refund is a tool available to Florida communities to encourage quality job growth in targeted high value-added businesses. Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per net new full-time equivalent Florida job created; $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. New or expanding businesses in selected targeted industries or corporate headquarters are eligible. If approved, the applicant may receive refunds based on the taxes it pays. This includes corporate income, sales, ad valorem, intangible personal property, insurance premium, communications services, and certain other taxes. There is a cap of $5 million per single qualified applicant in all years, and no more than 25 percent of the total refund approved may be taken in any single fiscal year. Statutory Reference: Section 288.106, Florida Statutes
Rural Infrastructure Fund
The Rural Infrastructure Fund is a resource available to Taylor County to facilitate infrastructure projects in Florida. Eligible projects must result in job creation, capital investment, and the strengthening and diversification of rural economies by promoting tourism, trade and economic development. In order to qualify for the program, the company must create permanent full-time jobs; have a capital investment; and be located in a rural community. The grant award is up to 30 percent of the total infrastructure project cost up to a maximum of 25 percent of any one year’s appropriation. The project must be related to specific job-creating opportunities and may be awarded to applicants who have applied for the maximum available under other state or federal infrastructure funding programs. Statutory Reference: Section 288.0655, Florida Statutes
Economic Development Transportation Fund
The Economic Development Transportation Fund (EDTF) commonly known as the “Road Fund is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. The elimination of the problem must serve as inducement for a specific company's location, retention or expansion project in Florida, and create or retain job opportunities for Floridians. The actual amount funded is based on the cost of the necessary improvements and is limited to $5,000 per job created and/or retained. A waiver of the per-job limit may be granted if the project is located in Taylor County. The unit of government who will own and be responsible for maintenance of the transportation improvement must apply and have approval of funds for its transportation project PRIOR to the final decision of the company on whose behalf the application was made. In order for the application to be considered, that company must estimate and disclose: the capital investment it intends to make in the facility; the number of permanent full-time jobs to be created and/or retained at the facility; and the average hourly wage, excluding benefits, for the new and/or retained permanent full time jobs. Enterprise Florida staff will work closely with the community and the company to ensure the needs of the company is met and the application accurately reflects the transportation problem. Statutory Reference: Section 288.095, Florida Statutes
Small Cities Community Block Grant Progarm
The program is an excellent opportunity for Taylor County to obtain funds for infrastructure in support of economic development. Examples of infrastructure for economic development projects include: water & sewer improvements; road improvements, and storm water and drainage improvements. Taylor County is eligible to apply for up to $700,000 based on $35,000 per new job created. Statutory Reference: Section 290.0455, Florida Statutes
Community Facilities Guaranteed Loan Progarm
USDA – Rural Development can provide Taylor County a loan to construct or improve community facilities for public use. Loans are available for 100% of project costs. Security is required. Maximum term is 40 years and maximum loan guarantee is 90%.Interest rates may be fixed or variable and are determined by the lender and borrower. Construction, enlargement or improvements to community facilities for the following: community buildings, courthouses, schools, libraries, industrial parks, roads, bridges and airports.
Public Works & Development Facilities Progarm
US Department of Commerce, Economic Development Administration can provide Taylor County grants to attract new industry, encourage business expansion, and diversify their economy. Priorities include industrial/commercial plants; job creation/retention; benefit local unemployed/low income; fulfill pressing needs; with committed local support. Average award is around $1 million.
Quick Response Training is a customer-driven training program designed to respond quickly to meet the training objectives of a company. Companies can select a local training provider – community college, area technical center or university – which will be available to assist in the application process and program development and delivery. Program instructors can be full or part-time educators, vendors or subject matter experts. Reimbursable training expenses include:
- Instructors’/trainers’ salaries;
- Curriculum development
- Textbooks/manuals; and
- Materials and supplies
Businesses approved for QRT funding are limited to one grant award per site every two years. Approved training costs are disbursed to the training provider monthly, based on a cost reimbursement and performance method of payment. Statutory Reference: Section 288.047, Florida Statutes
Incumbent Worker Training
Workforce Florida, Inc. understands quality assurance and compliance can be critical to a company’s success and profitability. Florida’s Incumbent Worker Training program has extensive experience in providing training needs in lean manufacturing, ISO and other quality management training. Grant funding is available for reimbursement of training costs for existing employees. The award amount is based upon eligibility and need.
Manufactring Machinery And Equipment Sales Tax ExemptionS
Projects locating in Taylor County may be eligible for a 100 percent exemption of their sales and use tax on manufacturing machinery and equipment. In order to qualify for the new business exemption, the machinery and equipment must have been purchased, or a purchase agreement made, prior to the date the business first begins to produce a product for inventory or immediate sale. If a purchase agreement was made prior to the beginning of production, such machinery and equipment must be received within twelve months of the date that production began.
Industrial machinery and equipment is exempt from tax when purchased by an expanding business for the purpose of increasing “productive output” by not less than ten percent. Sales or use tax of $50,000 for each calendar year of the expansion project must be paid before the exemption or refund is available. Statutory Reference: Section 212.08, Florida Statutes
Electricity Tax Ememption
The Electricity Tax Exemption is applied to 100 percent of the electricity purchased if 75 percent or more is used to operate machinery and equipment at a fixed location to manufacture, process, compound, produce or prepare for shipment of tangible personal property for dale, or to operate pollution control equipment, recycling equipment, maintenance equipment, or monitoring or control equipment used in such operations. The exemption is applied to 50 percent of the electricity or steam purchased if 50 to 75 percent is used manufacturing. No separate metering is required. Statutory Reference: Section 212.08, Florida Statutes
Pollution Control Equipment Exemption
The sales tax levied on pollution control equipment shall be exempted for any facility, device, fixture, equipment, machinery, specialty chemical, or bioaugmentation product used primarily for the control or abatement of pollution or contaminants in manufacturing, processing, compounding, or producing for sale items of tangible personal property at a fixed location, or any structure, machinery, or equipment installed in the reconstruction or replacement of such facility, device, fixture, equipment or machinery. Statutory Reference: Section 212.051, Florida Statutes
Repair And Labor Charges Tax Exemption
The Repair and Labor Charges Tax Exemption fully exempts sales tax on labor charges for the repair of, and parts and materials used in the repair of the incorporated into, industrial machinery and equipment which is used for the manufacture, processing, compounding, production, or preparation for shipping of items of tangible personal property at a fixed location within Florida. Statutory Reference: Section 212.08, Florida Statutes
Distressed Area Matching Grant
The purpose of the program is to stimulate investment in the state’s economy by providing grants to match demonstrated business assistance by local governments to attract and retain businesses in this state. A local government may apply for grants to match qualified business assistance made by the local government for the purpose of attracting or retaining a specific business. To qualify for a grant, the business being targeted by a local government must create at least 15 full-time jobs, must be new to this state, must be expanding its operations in this state, or would otherwise leave the state absent state and local assistance, and the local government applying for the grant must expedite its permitting processes for the target business by accelerating the normal review and approval timelines. An awarded grant amount shall equal 50 percent of the amount of the qualified business assistance or $50,000, whichever is less, and may not exceed the preliminary grant allocation.
Rural Business Enterprise Grants (RBEG) Program
The RBEG program is a broad based program that reaches to the core of rural development in a number of ways. Examples of eligible fund use include: Acquisition or development of land, easements, or rights of way; construction, conversion, renovation, of buildings, plants, machinery, equipment, access streets and roads, parking areas, utilities; pollution control and abatement; capitalization of revolving loan funds including funds that will make loans for start ups and working capital; training and technical assistance; distance adult learning for job training and advancement; rural transportation improvement; and project planning. Any project funded under the RBEG program should benefit small and emerging private businesses in rural areas. Small and emerging private businesses are those that will employ 50 or fewer new employees and have less than $1 million in projected gross revenues.