STATE OF FLORIDA
The State of Florida has a wide variety of incentive programs designed to encourage firms to locate to or to expand facilities in Florida. They are typically targeted to attract specific segments of the business community or to assist geographic areas requiring development assistance. Detailed information on each is available on the Enterprise Florida website. They include:
- Targeted Incentives
Capital Investment Tax Credit (CITC)
High Impact Performance Initiative (HIPI)
Innovation Incentive Program
Qualified Defense Contractor Tax Refund (QDC)
Qualified Target Industry (QTI) Program
- Geographic Incentives
Brownfield Redevelopment Bonus
Enterprise Zone Incentives
- Rural Community Development Revolving Loan Program
- Rural Enterprise Zone Property Tax Credit
- Rural Infrastructure Fund
- Rural Jobs Tax Credit
- Urban Incentives
- Urban Jobs Tax Credit
- Road Infrastructure Incentive
Economic Development Transportation Fund (EDTF)Work Force Development Incentives
- Incumbent Worker Training
Quick Response Training (QRT) Program
The Office of Community and Economic Development (OCED) provides core economic development programs that are designed to spur new private sector investment and job creation in designated communities struggling to secure the benefits of the new economy. OCED programs support sustainable economic development strategies that leverage investments from other public and private sources to ensure the long-term viability of the local business community. OCED promotes economic development with the goal of creating and retaining jobs for low- to moderate-income persons. OCED administers the following County programs. You can click on the name for more detailed information.
The Urban Task Force administers the County’s Revolving Loan Program. The loan funds will be available for large scale economic development projects such as
- Acquisition and/or rehabilitation of real property for commercial, industrial or other business purposes
- Rehabilitation of publicly-owned real property Housing rehabilitation or construction
- Economic development activities eligible under the CDBG Program
- Related relocation, clearance and site improvements
- Payment of interest on the guaranteed loan and issuance costs of public offerings
- Debt service reserves
The Industrial Development Authority (“IDA”) was created to enter into contracts and issue revenue bonds. Revenue Bonds issued by the county provide long term financing at approximately 75% of the existing prime interest rate. The bonds range from $2 million to $10 million.
CITY OF FLORIDA CITY
The Florida City Community Redevelopment Agency has “Tax Increment Funds” available to assist businesses wishing to locate in or expand in the CRA area. These funds are almost exclusively used for infrastructure improvements necessary to support a new or expanding business activity that will expand the city’s ad valorum tax base.
CITY OF HOMESTEAD
The Homestead Community Development Agency operates a Revolving Loan Fund that provides loans at low interest rates and flexible terms. They are available for qualifying businesses locating or expanding in the CRA area of authority for business and industrial development efforts that create jobs.
The Community Redevelopment Agency also has “Tax Increment Funds” available to assist businesses wishing to locate in or expand in the CRA area. These funds are typically – but are not restricted to – infrastructure improvements necessary to support a new or expanding business activity.