Financial Incentives Brighten Outlook For Business Development In The Sunshine State

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There are plenty of reasons to head south to Florida: excellent climate year round, activities and communities to match any lifestyle, beautiful nature from the Panhandle to the Keys, and much more. And with the financial incentives offered by the state of Florida to various industries, heading to the Sunshine State becomes an easy business decision as well. 

If you're looking to open a business down in Florida or extend your current company's reach by expanding your services to the state, now is as good a time as ever! While there are state-specific regulations and certifications you'll need to prepare for, these financial incentives make it well worth the time and energy. Plus, with helpful Florida business and finance exam books at CTC and supportive industry networks galore, you can easily find the tools and support to empower you to take the leap.

Here are a few of the great incentives that inspire folks to set up shop in Florida.

Capital Investment Tax Credit

Used against the Corporate Income Tax, this credit is for high-impact businesses and projects in a variety of sectors. Some of the industries that commonly qualify for this credit include biomedical and information technology, manufacturing, clean energy, or large corporate headquarters facilities. A great opportunity for qualifying companies, this credit is available annually for up to 20 years.

Aside from the sector requirements, the primary qualification for this tax credit is that the business employs 100 or more people and invests a minimum of $25 million in eligible capital costs, making this credit a game-changer for large-scale projects.

Qualified Target Industry Tax Refund Program 

QTI for short, this program was designed to inspire businesses to set up headquarters in Florida and to create high-skill jobs. For every new job created in the state, QTI provides a tax refund of $3,000. In rural areas, this refund increases to $6,000. While it is not the only program in Florida designed to encourage business development and job creation in rural parts of the state, it is definitely a great opportunity for companies looking to expand.

Through this program, a business is also eligible for bigger refunds if wages are over the average for the region. It offers $1,000 per person employed if the wage is over 150% of the average and $2,000 per job if the wage tops 200%. This program is an excellent incentive for businesses to come to the state and create good-paying jobs for their communities, especially in rural areas.

Film in Florida Tax Incentive

Not all the incentives offered in the state are for high-impact sectors. One of the lesser-known and incredibly unique tax incentives the state offers is the Film in Florida tax break. This incentive was implemented to encourage qualifying, established production companies to film on location in Florida. Once a company is approved for a certificate of exemption, they are exempt from sales and use tax for the purchase or lease of most equipment used on-site in Florida.

With so many beautiful and diverse parts of the state to choose from, this is a natural no-brainer for those involved in the making of film, television, or commercial advertising. The incentive can even support production companies who make music videos or specialize in sound recording.

Take Your Business Where the Sun Always Shines

With all of these incentives and more available to companies in a variety of sectors, Florida has become a hot spot for business development and growth. With hefty rewards for companies that invest in the state, all parties have something to gain.