Greater Fort Lauderdale offers relocating and expanding businesses a wide range of benefits, including:
- Providing state and county documents
- Providing requested information
- Providing financial assistance
- Streamlined regulatory processes
- Low taxes
- A highly responsive economic development system
The advantages of doing business in Greater Fort Lauderdale carry over to the personal side, where individuals pay no state or local personal income taxes, giving companies an added enticement in recruiting executives, professionals and technology workers.
For a list of targeted industries which are available for potential incentives when expanding or relocating a business, please click here. Examples of the available incentives include, but are not limited to:
Qualified Target Industry Refund (QTI)
Tax refund incentives are available to companies that create high-wage, value-added jobs in targeted industries such as (but not limited to): corporate headquarters; life sciences; infotech; aviation/aerospace; homeland security/defense; financial/professional services; marine sciences; research & development; and manufacturing. Pre-approved applicants who create jobs in Florida can be eligible to receive tax refunds from $3,000 to $5,000 per new Florida full-time equivalent job created. An additional $2,000 per job is available for select projects in high-impact sectors.
Qualifying companies must pay a minimum of 115 percent ($57,908) of Broward County's average wage of $50,355. (Average wage rates are revised every January.) New or expanding businesses in selected targeted industries or corporate headquarters are eligible.
High Impact Performance Incentive Grant (HIPI)
The High Impact Performance Incentive Grant (HIPI) is a negotiated incentive used to attract and grow major high-impact sectors in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors designated by the Governor’s Office.
In order to qualify for consideration under the program, an applicant must operate within designated high impact portions of the following sectors: clean energy, corporate headquarters, financial services, life sciences, semiconductors, and transportation equipment manufacturing; create at least 50 new full-time equivalent jobs in Florida within a three year period and make a cumulative investment in the state of at least $50 million within the same three year period; or if a research and development facility, create at least 25 new full-time equivalent jobs in a three year period and make a cumulative investment of at least $25 million within the same three year period.
Capital Investment Tax Credit (CITC)
To encourage investment in Florida, the state offers a Capital Investment Tax Credit to qualifying companies. To participate in the program, a company must apply to Enterprise Florida and be certified by the Governor’s Office prior to commencement of operations. To qualify for consideration under the program, an applicant must operate within designated high impact portions of the following sectors: clean energy, corporate headquarters, financial services, information technology, life sciences, semiconductors, and transportation equipment manufacturing; create at least 100 new jobs in Florida in connection with the project; and make a cumulative capital investment of at least $25 million in connection with the project from the beginning of construction to the commencement of operations.
The amount of the annual credit is up to 5 percent of the eligible capital costs generated by a qualifying project, for up to 20 years (with any unused portion being carried over for an additional 10 years). The annual credit may not exceed a specified percentage of the annual corporate income tax liability generated by the project. Those percentages are: 100 percent for a project with a cumulative capital investment of at least $100 million; 75 percent for a project with a cumulative capital investment of at least $50 million but less than $100 million; and 50 percent for a project with a cumulative capital investment of at least $25 million but less than $50 million.
Broward County Job Growth Incentive (JG)
The Job Growth direct cash incentive is a negotiated local community inducement that is designed to encourage the growth of high-skill/high-wage qualified jobs and capital investment in Broward County. This program requires the joint participation of Broward County and the municipality in which the company is and/or will be located. The business must serve multi-state and/or international markets while considering other states for the expansion/relocation. New or expanding businesses in targeted industries or corporate headquarters are eligible; a minimum of 10 new jobs must be created. New jobs must be at a minimum of 115% of Broward County’s average wage for up to $2,000 per job. The county’s portion is not to exceed $200,000.
Quick Response Training Incentives
Quick Response Training Incentives (QRT) is a customer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion. The QRT program requires an average annual wage of at least 125% of county or state wages, whichever is lower. This program is customized, flexible and responsive to individual company needs. Workforce Florida, Inc. is Florida’s innovative private-public partnership for competitive workforce incentives.
Incumbent Worker Training Program
Incumbent Worker Training (IWT) is a program providing training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require training for existing employees.
Employed Worker Training Program
Employed Worker Training (EWT) is a program provided through Broward’s WorkForce One. The goal of this locally funded program is to upgrade the skills of existing employees with the flexibility to meet many training requirements.
The program provides industry-specific or company-specific training for employees, which can be customized to a business’ individual objectives. It is designed for companies that need to advance the skills of existing employees for the purpose of advancing their wages and positions, and to assist employees in retaining jobs that provide self-sufficient employment. From line-staff workers to professional-level employees, productivity and morale are sure to increase as a result of exposure to real-world lessons from industry experts.
Some of the tax advantages for being located in Florida include:
- NO corporate income tax on limited partnerships
- NO corporate income tax on subchapter S-corporations
- NO state personal income tax guaranteed by constitutional provision
- NO corporate franchise tax on capital stock
- NO state-level property tax assessed
- NO property tax on business inventories
- NO property tax 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 sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
- NO sales/use tax on boiler fuels
- NO sales/use tax on co-generation of electricity
Florida also provides tax exemptions and offers sales on:
- Semiconductor, defense and space technology-based industry transactions involving manufacturing or research equipment
- Purchases of machinery and equipment used by a new or expanding Florida business to manufacture, produce or process tangible personal property for sale
- Labor, parts and materials used in repair of and incorporated into machinery and equipment that qualify for sales tax exemption upon purchase
- Electricity used in the manufacturing process
- Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft
- Commercial space activity – launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida
- Labor component of research and development expenditures
- Any facility, device, fixture, machinery or equipment required for pollution control, abatement or monitoring of equipment used in manufacturing processing or compounding items for sale
For information on incentives and other assistance to companies considering an expansion or relocation to Greater Fort Lauderdale, please call the Alliance's Director of Business Development at 954-627-0124.