In
additional to a favorable business tax structure, the City of Tampa
participates in a variety of financial incentive programs to help
businesses with bottom line results. Whether you are
considering a business start-up, relocation or expansion, Tampa's
incentive programs can help you achieve your goals.
Several of Tampa's incentive programs are made available through various
offices of the State of Florida, yet are jointly administered by the City
of Tampa and the Tampa Hillsborough Economic Development Corporation.
For
detailed information about State of Florida incentive programs, contact
the Tampa Hillsborough EDC at 813-218-3305.
Federal and State of
Florida Incentive Programs
Brownfield Redevelopment Bonus -
this bonus encourages development of abandoned, idled, or underused
industrial and commercial sites where expansion or development is
complicated by actual or perceived environmental contamination.
Capital
Investment Tax Credit - this tax credit is used to attract and grow
capital-intensive industries in
Florida. It
is an annual credit against the corporate income tax which is available
for up to 20 years in an amount equal to 5% of the eligible capital
costs generated by a qualifying project. Businesses must make an
investment of at least $100 million to receive the full tax credit.
Community Contribution Tax
Credit Program - this program encourages private sector donations to
community redevelopment projects in enterprise zones and to low-income
housing projects. A tax credit of 50% of the donation is allowed.
Economic Development
Transportation Fund - this program provides local governments with
funding for transportation-related projects required to induce companies
to locate, remain or expand within the local government's jurisdiction.
Florida Enterprise Zone Program
- this program provides various tax credits to induce private
investments in economically distressed areas of the state. The program
is intended to accomplish several goals, including revitalizing and
rehabilitating distressed areas, encouraging businesses to locate and
expand in these areas, stimulating the hiring of area residents, and
enhancing the general social and economic well-being of the areas. OTTED is
responsible for the designation of enterprise zones and provides
technical assistance to communities and businesses regarding the
program.
Florida First Business Bond
Pool - this program reserves 20% of
Florida's total annual private activity bond allocation for large
industrial projects making significant contributions to Florida's
economy.
High Impact Performance Incentive Grants -
this program is a negotiated incentive used to attract and grow major
high impact facilities in Florida. Grants are provided to pre-approved
applicants in certain high impact sectors of the state's economy.
Incumbent Worker Training - this program provides training to
currently employed workers to keep Florida's workforce competitive in a
global economy and to retain existing businesses.
Qualified Defense Contractors
Tax Refund Program - the program is a tool to preserve and grow Florida's high technology employment base. Its goal is to give Florida companies a competitive edge as defense
contractors consolidate defense contracts, acquire new contracts, or
convert to commercial production.
Qualified
Target Industry Tax Refund Program - this program was designed
to encourage the creation of high-skill jobs and encourage the growth of
corporate headquarters and other targeted industries. QTI provides a
tax refund of $3,000 for each new job created in Florida through the
expansion of existing Florida businesses or the location of new ones in
the state.
Quick
Response Training - this program is customer-driven and designed as
an inducement to secure new value-added businesses to Florida as well as
provide existing businesses the necessary training for expansion.
Through this incentive, Florida is able to effectively retain, expand
and attract employers offering high-quality jobs.
Rural and Urban Jobs Tax
Credit Program - this program provides tax credits to eligible
businesses for creating new jobs in one of 15 rural areas or 13 urban
areas of the state. The tax credits range from $500 to $2,000 per
qualified employee and can be taken against either the Florida Corporate
Income Tax or the Florida Sales and Use Tax. These tax credits are
provided to encourage meaningful employment opportunities that will
improve the quality of life of those employed and to encourage expansion
of businesses in rural and urban areas of Florida.
Tampa
Foreign Trade Zone - this program offers the ability to defer,
reduce or even eliminate customs duties on qualifying products.
City of Tampa
Incentive Programs
Brownfield
Assessment Grant Program - this program provides funds to Phase I &
Phase II environmental assessments, remediation planning, and other
related services.
Business Facade Improvement Program - this program provides property owners with a matching
grant to improve the appearance of their properties. The program is
available in the Drew Park, East Tampa & Ybor City CRAs.
Channel District Neighborhood Amenity Incentive Program - designed
to attract service providers to the Channel District, this program
provides a reimbursement of up to $10,000 for fees paid to the City of
Tampa related to construction of certain qualifying amenities.
Economic Development Ad Valorem Tax Exemption Program - provides an
additional economic development incentive for businesses that locate or
expand within the City of Tampa and create jobs. Exemptions on Ad Valorem property and tangible taxes are available for qualifying
businesses.
Transportation Impact Fee
Exemption/Reduction - available in certain parts of the City, this
program offers the ability to have transportation impact fees either
reduced or waived.
Hillsborough County Incentive Programs
Ad Valorem Tax Exemption
- provides an additional economic development incentive for businesses
that locate or expand within Hillsborough County and create jobs. Exemptions on Ad Valorem property and tangible taxes are available for qualifying
businesses.
Small Business Job Creation Program - enables businesses located in
Hillsborough County, with 10 or less employees, to hire new workers. The
program will offer a wage reimbursement of 50% of wage/salary cost of
new jobs for three months, up to $3,900 for each new job.
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