Incentives

All the stakeholders in Wakulla County are committed to helping your company take advantage of the many of economic development incentives available on both state and local levels. Call us today to see how we can help.

Rural Area of Opportunity

Wakulla County is a Governor-designated Rural Area of Opportunity. To enhance job growth and business expansion in rural counties, the state, and local governments, provide incentives, such as grants, loans, and resources to attract new and higher wage employment opportunities.

Ad Valorem / Property Tax Rebates

The Ad Valorem Tax Exemption may be granted at the discretion of Wakulla County Commissioners, based on the economic impact that the proposed new business will have on the community and region. The exemption may be granted for up to 100 percent of the assessed value of all improvements to real property or tangible personal property made by or for the use of a qualifying new business. Qualification is based on the number of new employees brought to the county and their wage in relation the county average.

Training Grants

Specialized Training Grants may be obtained through the local workforce board, Career Source Capital Region, for certain wage levels, number of new jobs created, and the project’s capital investment. Training may be customized and done on-site, at local community college, or local technical center facility

State of Florida Incentives

Capital Investment Tax Credit, (CITC)

An annual credit against Florida corporate income taxes for certain approved industry sectors (Financial Services, Silicon Technology, Biomedical Technology, Transportation Equipment Manufacturing). Details

Economic Development Transportation Fund (EDTF)

This program is funded by the state legislature as an inducement for the location, expansion, or retention of qualified business and industrial projects to Florida. The city/county submits an application to the state of Florida to fund the cost (up to $2,000,000) of transportation projects (access roads, road widening, grade crossings, traffic signalization, etc.) necessary for the location, expansion, or retention of a qualified business or industry in Florida. Details

High Impact Performance Incentive Grant (HIPI)

The High Impact Performance Incentive is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors such as, Clean Energy, Corporate Headquarters, Financial Services, Life Sciences, Information Technology, Advanced Manufacturing, Transportation Equipment Manufacturing, and Semiconductors. Details

Incumbent Worker Training Grant (IWT)

The Incumbent Worker Training Program is funded by the Federal Workforce Innovation and Opportunity Act (WIOA). Through this program, Florida is able to provide training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. Details

Qualified Target Industry (QTI)

The Qualified Target Industry (QTI) Tax Refund is a tool available to Florida communities to encourage quality job growth in targeted high value-added businesses. If approved, the applicant may receive refunds on the taxes it pays. This includes corporate income, sales, ad valorem, intangible personal property, insurance premium, communications services, and certain other taxes. Details

Quick Response Training Grant (QRT)

An inducement program for job creation and retention. In addition to actual employee training, the grant may cover the cost of acquiring specialized equipment, retaining an instructor, and provision of a training facility (if required) necessary to conduct the training program. Details

State of Florida Tax Advantages

Sales and Use Tax Exemption on Electricity and Steam

Charges for electricity used directly and exclusively at a fixed location to operate machinery and equipment that is used to manufacture, process, compound, or produce items of tangible personal property for sale, or to operate pollution control equipment, recycling equipment, maintenance equipment, or monitoring or control equipment used in such operations, may be exempt from the sales tax. Details

Sales and Use Tax Exemption on Machinery and Equipment

Tax exemption award made to businesses to aid new and expanding businesses that use machinery and equipment at a particular location to manufacture, process, compound, or produce tangible personal property. The exemption also includes parts and accessories for the industrial machinery and equipment if they are purchased before the due date the machinery and equipment are placed in service. Details

Florida Vets Business Training Grant

The Veterans Florida Business Training Grant Program is designed to increase the competitiveness of Florida businesses in the global economy by providing a trained, skilled workforce from the pool of Florida’s military veteran population. The business benefits of hiring military veterans are well documented, and the economic impact of the veteran workforce continues to rise. The Veterans Florida Business Training Grant program provides grant funding for customized, skills-based curriculum development and training, through partial reimbursement, to businesses in Florida’s targeted, high-growth and high-wage industries (qualified targeted industries). These are high-skill industries producing goods or services and wages generally 125 percent above state or local wages. Details

Tax Advantages

Florida ranks among the best states for business and entrepreneurs because of its pro-business tax policies and competitive cost of doing business. Your business dollars go further given the State's limited corporate taxes and no personal income tax.

  • NO corporate income tax on limited partnerships or sub chapter S-corporations
  • NO corporate franchise tax on capital stock
  • NO state property taxes
  • NO property tax on business inventories or on goods-in-transit for up to 180 days
  • NO sales and use tax on goods manufactured or produced in Florida for export outside the state
  • NO personal income tax

 

 


 

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