Taxes And Financial Incentives

Taxes And Financial Incentives

Incentives

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 813-518-2622.

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.

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City of Tampa Incentive Programs

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.
 

Tax and Property Information

City of Tampa Business Tax Office
Hillsborough County Property Appraiser
Hillsborough County Tax Collector