Molly Wendland, Specialist in CBIZ’s Tax Incentives Practice, gives insight into Florida’s many tax incentive programs in part 1 of this 2 part guest post.
At the end of each day, we would all like to think that we have acted in our company’s best interest. But what if we haven’t? Have we left the company’s money sitting on the table?
Is your company growing? Are you adding jobs faster than you can process the paperwork? Are you making significant capital investment? If so, your company may be in a favorable position to reap the benefits of one or more of Florida’s many tax incentive programs.
Like most states, Florida offers multiple programs to companies to help offset the cost of an expansion. Florida incentives can come in many forms, including but not limited to cash; tax credits for new jobs and investment; sales tax credits, refunds, and exemptions; corporate income tax credits, and more.
If your company is considering one or more of the following, you may be poised to reap the benefits of these programs:
- Increasing headcount
- Acquiring new space, building a new facility or signing a new lease
- Making significant capital investment
- Incorporating new technology that requires existing workforce to be trained
It should be noted that incentives are a "but for" proposition (e.g., "But for the incentives offered through the state of Florida, Company X would not have chosen to expand here.") Therefore, it is crucial to begin working on this process prior to making any final decisions on the expansion.
Florida targets companies that are creating high wage jobs in the following for-profit industries:
- Life Sciences
- Financial / Professional Services
- Clean Tech
- Research & Development
- Aviation / Aerospace
- Homeland Security / Defense
- Global Logistics
- Headquarters (regardless of industry)
Retail, utilities, mining and other extraction or processing businesses are ineligible.
Stay tuned for Part 2 to find out what types of programs and benefits are available.
If your business is expanding, please contact Molly at MWendland@CBIZ.com or 816.945.5264 to see if your company may be eligible for these incentives.