•  

rss
Feel free to peruse our blog or search for posts based on a specific term.





September 30, 2015

Are You Leaving Money on the Table? Florida Tax Incentives for Expanding Businesses – Part 1

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.

 

Trigger Considerations

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.

 

Eligible Industries

Florida targets companies that are creating high wage jobs in the following for-profit industries:

  • Manufacturing
  • Life Sciences
  • Financial / Professional Services
  • Clean Tech
  • Research & Development
  • Aviation / Aerospace
  • Homeland Security / Defense
  • IT
  • 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.

blog comments powered by Disqus



Tags

Phoenix tax Accounting affordable care act Alex Elliott anna howell Audit audit and assurance Award Awards awards and recognition BEPS Best Places to Work Betty Isler Bill Tapp BizJournals biztips bizwomen Blog Brad Hale brenda brigman bryan koch CBIZ CBIZ Kansas City CBIZ KC CBIZ MHM CBIZ MHM Memphis CBIZ MHM Tampa Bay cbiz security and advisory services CBIZ Women's Advantage CBIZBlog CBIZKC CBIZMHM CFO CFO & Controller Conference cfo conference CFO of the Year CFO of the year awards Charity Community Involvement Conference Construction Controller Conversation With country club plaza Craig Gilman cwa Dave Enick DOL EBP EBP Audits Ed Rataj Employee Benefit Plan Audits Employee Benefits employee engagement EmployeeBenefits entrepreneur EntreprenurialServicesGroup ESG Eustis Corrigan events Food Drive healthcare HR Human Resources Innovation International Tax Jenny Matasic Josh Finfrock Joyce Farris Kansas City KansasCity karen cassella KC CFO Breakfast Series KC Events KCEvents Linda Lauer Lloyd Grissinger Local Managing Director Manufacturing Mark Baricos MBJ Megan Murdock memphis Memphis Business Journal Memphis Daily News memphis super women in business mentoring monday mergers and acquisitions moira house Networking NFP Not-for-profit Paul Dunham pci compliance Phoenix promotions real estate Revenue Recognition SALT Service Social Committee sonya daniels Sponsorships Start Up Start Ups State and Local Tax steve dunavant Success Super Women in Business Tampa Bay Tampa Bay Business Journal tangible property regulations Tax Tax Incentives tax reform The Daily News Top Workplaces Tracey McDonald transaction advisory services Transfer Pricing UMB Bank University of Memphis Volunteer workplace award