Starting a business in Tampa and Florida in general part 3

By
Services for Real Estate Pros with Florida Real Estate Network
Sales and Use Tax Exemption

Silicon 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 (phased in over four years, 25% exempt on July 1, 1999) 
Electricity used in the manufacturing process (phased in over five years, 80% exempt on July 1, 1999) 
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---------------------------------------------------------------------
Summary of Florida's Tax Incentive
Qualified Target Industry Tax Refund Programs
This program provides an inducement for target industry to locate new facilities in Florida or to expand existing facilities in Florida.  The program provides tax refunds of $3,000 per new job created.  The incentive is increased to $6,000 per job if the company locates in a rural county or an Enterprise Zone.  Higher awards are available to companies paying very high wages.  To qualify for the “QTI” program, a company must create at least 10 new jobs (or a 10% increase for expanding Florida companies), pay an average of at least 115% of area wages, have a significant positive impact on the community and have local support.

Quick Response Training Program
The Quick Response Training Program provides grant funding for customized training to new or expanding businesses.  The program is flexible and structured to respond quickly to meet business training objectives.  A local training provider – community college, area technical center or university – is selected and available to assist in the application process and program development or delivery.  If the business has a training program in place, a state training provider will supervise and manage the training program and serve as the fiscal agent for the grant funds.  Reimbursable textbooks/manuals, materials/supplies and training equipment.

Economic Development Transportation Fund
This grant program provides up to $2 million to local governments for the construction or improvement of transportation infrastructure needed to accommodate new or expanding industry.

Expedited Permitting Assistance
State and local permit streamlining procedures are available to assist businesses in obtaining necessary permits and approvals in a quick, efficient and predictable manner.

Specialized Incentives
Your project may qualify for opportunities such as urban or rural tax credits, and incentives for brownsfields and enterprise zones.
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Local Property Tax Incentive
New and expanding businesses can be granted an exemption from property taxes on improvements to real property and for tangible personal property.  In order for a company to be eligible for this incentive, it must first meet the definitions of a new or expanding business as defined below:

New Business:
A manufacturer which establishes ten or more full-time jobs.
A business with more than 50% of its sales outside the State of Florida which establishes 25 or more jobs.
Office space of a new Florida corporation housing 50 or more full-time employees of the corporation.
The above are applicable if the business is on a site clearly separate from any other facility owned by the same business.  

Any business located in a slum or blighted area as defined by Section 163.355, Florida Statutes.

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