Economic Incentives * - Florida competes globally to bring jobs to the state from companies that have other location options. Economic incentives are designed to address various business needs in a competitive environment. A competitive economic development project is one in which a business has identified multiple locations that can meet its needs. Incentives may be used to reduce costs associated with a site, facility, or equipment and can help facilitate the location or expansion of businesses in Florida. They are designed to promote job creation, job retention, and capital investment in Florida.
Florida Department of Economic Opportunity ** - Economic Development Incentives Home Page
Annual Incentives Report - For a more comprehensive and historical look at the success incentives have played in helping Florida families, please read the 2014 Annual Incentives Report.
Economic Development Incentives Portal - Launched on October 1, 2013, the enhanced Economic Development Incentives Portal allows interactive capabilities as Florida’s Department of Economic Opportunity (FDEO) furthers its commitment to efficiency, accountability, and transparency. The Portal provides unprecedented access to the performance measurements required in economic development incentive contracts and each company’s progress toward reaching the required job creation goals. This site contains details on every non-confidential Florida economic development incentive project with an executed contract.
Search the Economic Development Incentives Portal
Largest Incentive Programs - Good Jobs First offers a searchable database of government
incentives. Among the largest in Florida are:
Top Five Economic Incentive Programs
|Economic Development Transportation Fund
||The “Road Fund” is an incentive tool, administered to alleviate transportation problems that adversely impact a specific company’s location or expansion decision. A local government may award up to $3 million based on the number of new and retained jobs, and the eligible transportation project costs. Section 339.2821, F.S.
|Enterprise Zone Program
||Tax incentives are available to businesses that choose to create employment opportunities within specific geographic areas targeted for economic revitalization. The tax incentives include a sales and use tax credit, and/or sales tax refunds for certain machinery and equipment, building materials, and electrical energy. Chapter 290, F.S.
|Entertainment Industry Financial Incentive Program
||Sales tax incentives are available to companies to encourage the use of this state as a site for filming, for the digital production of films, and to develop and sustain the workforce and infrastructure for film, digital media, and entertainment production. The program provides sales and use tax exemptions for films, commercials, music videos and sound recordings productions. Section 288.1254, F.S.
|Qualified Target Industry Tax Refund
||Firms for targeted industries may be awarded tax refunds of $3,000 for each high quality, high wage job created. Section 288.106, F.S.
|Quick Action Closing Fund
||Quick Action Closing is an award under the enterprise zone program. The fund is a tool used to finalize negotiations for highly competitive projects. This “deal-closing” fund awards cash grants to major relocation projects. Closing fund awards are paid out after the business has made a substantial capital investment toward tangible personal property ties to the project. There are sanctions and penalties included in each contract to protect taxpayer investments. Sections 288.1088, F.S.
Top Five Economic Incentives were determined from Good Jobs First
*All programs that allow for payments upfront include a clawback clause. Payments returned to the state are indicated by a negative payment on the Economic Development Incentives Portal.
** Due to the performance periods, reporting requirements, third party verification, and DEO’s confirmation, there is a lag between real-time events, such as job creation and investments, and the information being posted on DEO’s Economic Development Incentives Portal.