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Business Investment
Programs
Qualified Target Industry Tax Refund Program (QTI).
The Qualified Target Industry Tax Refund Program is
an economic development tool designed to
create high value-added jobs and
encourage the growth of corporate
headquarters and other targeted high
value industries. It is designed to encourage the expansion of existing
businesses or the location of new-to-Okaloosa County
businesses. The program provides tax refunds to
pre-approved applicants of up to $5,000 per new job created.
There is a project cap of $5 million, or
$7.5 million for projects located in an
Enterprise Zone.
Quick Response Training.
The Quick Response Training Program is a customer-driven
training program designed as an
inducement to secure new value-added
businesses as well as provide existing
businesses the necessary training
programs for expansion. Provides
rapid, effective start-up training
tailored to meet a company’s specific
training needs. The average Quick
Response Grant per trainee is $650.
Eligible projects are new or expanding
existing businesses that produce
exportable goods or services, create new
jobs and employ workers who require
customized entry-level skills training.
The program is administered through the
local Workforce Development Board.
Economic Development Transportation Fund.
The EDTF is available to local
government s in need of financial assistance for
transportation projects such as roads, taxiways or traffic
signals. The local government body, with the assistance
of the EDC, applies on behalf of a company that is considering
an expansion or location of facilities and that has an
existing or anticipated transportation problem. An EDTF
award must be an inducement to the company to locate, remain
and/or expand in the local government's jurisdiction and can
provide up to $2,000 to a specific project. There is a
$200,000 limit for each application.
Note: Okaloosa
County has been one of the most successful
counties in Florida to benefit from the EDTF
Grant Program. In the past few years, local
companies, on behalf of Okaloosa County and
the EDC, have received over $12,000,000 in
EDTF grants.
Sales and Use Tax Exemptions.
Florida allows the purchase of
certain manufacturing machinery and
equipment (MME) to qualify for an
exemption from pay the state sales/use
tax. For existing Florida
manufactures wanting to expand, a
$100,000 cap on sales tax liability is
imposed for purchases of machinery and
equipment that will increase production
by at least 10%.
Additional Incentives
Ad Valorem Tax Abatement.
This county administered incentive
provides a case-by-case tax exemption
for real and/or tangible personal property
improvements. Up to 100% of the
assessed value for all improvements to
real property made by or for use of a
new business may be exempted. An
exemption of the assessed value of all
added up improvements to real property
and the net increase of tangible
personal property is also allowed for
expanding businesses. The business
applying must pay higher than average
wage and hire at least 10 additional
employees as a result of the
improvements.
Export Finance.
The Florida Export Finance
Corporation makes available pre-and post-shipment capital
to small-and -medium-sized Okaloosa County exporters.
Florida Capital Access Plus Program (CAP+).
Cap+ makes
financing available to manufacturers and technology-related
R&D companies with fewer than 100 employees. The program
allows a lender to make a loan which it otherwise might
not make.
Florida Jobs and Benefits Partnerships.
At no cost,
this state employment agency will recruit, screen, test
and refer applicants for hiring consideration.
Industrial Revenue Bonds.
IRB financing is available
to assist manufacturers with property acquisition,
construction, equipment and certain soft costs. The maximum
for an IRB issue is $10 million.
Qualified Defense Contractor Tax Refund Program (QDC).
The Qualified Defense Contractor Tax Refund Program
provides for a tax refund of up to $5,000 per job created
or saved in Okaloosa County through the conversion of
defense jobs to civilian production, the acquisition of
a new defense contract, or the consolidation of a defense
contract.
Permit Streamlining.
To make it easier for companies
to do business, Okaloosa County and the State of Florida
have simplified and streamlined permitting. Through the
Expedited Permit Review Process, companies that will make
a significant economic impact can obtain expedited review
of all needed state and regional permit applications and,
at the option of the local government, local development
permits or orders and comprehensive plan amendments.
Research and Development Tax
Exemptions.
The State of Florida offers a sales
tax exemption on the labor component of
research and development expenditures.
The Florida Development Finance
Corporation, FDFC, focuses on providing
access to long-term, fixed-rate debt.
The FDFC acts as a special development
finance authority working in conjunction
with public agencies and local
governments through inter-local
agreements. It is a partnership of
the commercial banking industry and the
State of Florida.
SBA Loans.
The Small Business Administration's
traditional 504 and 7(a) programs are available for
new and expanding businesses.
Tax-Exempt Financing.
Enterprise Bonds for industry
is a private corporation that provides tax-exempt financing
for small manufacturers. Financing may be used for the
purchase of land, buildings and capital equipment. Loans
of $500,000 to $2.5 million are available.
Technology Investment Fund.
The Technology Investment
Fund makes co-investments with Okaloosa companies in
promising technology-related projects with near-term
commercial potential. Past projects have included
defense-related and energy-related technology.
Workforce Development.
The State of Florida's
private/public partnership, Enterprise Florida Inc., and
its Workforce Development Board, coordinates and evaluates
job training, adult education, vocational education,
employment placement and other workforce programs
administered by multiple state and local agencies. The
Economic Development Council is a member of the local
Workforce Board and helps coordinate these services between
the state and local agencies and the companies receiving
these benefits.
*
For additional information on business
incentives contact the EDC at
info@florida-edc.org or
850-651-7374.
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