State Incentives

Florida Capital Investment Tax Credit

The Capital Investment Tax Credit is an annual credit, provided for up to 20 years against the corporate income tax. Eligible projects are in biomedical technology, financial services, information technology, silicon technology and transportation equipment manufacturing.

Requirements

• Operate in a qualified targeted industry
• Create a minimum of 100 new full time jobs in Sarasota County
• Capital Investment of at least $25 million

Florida High Impact Performance Incentive Grant

The High Impact Performance Incentive is a case-by-case negotiated grant used to attract and grow major facilities in Clean Energy, Corporate Headquarters, Financial Services, Life Sciences, Semiconductors, and Transportation Equipment Manufacturing.

Requirements

• Operate in a High Impact-designated qualified targeted industry

Florida’s tax climate provides these stable and highly favorable advantages that make Florida a profitable location for every type of business

• 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 and use tax on co-generation of electricity

Your business may be entitled to more great sales and use tax exemptions

• 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
• Electricity used in the manufacturing process
• Certain boiler fuels (including natural gas) used in the manufacturing process
• Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment
• Machinery and equipment used predominantly in research and development
• Labor component of research and development expenditures
• Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida
• Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft
• Production companies engaged in Florida in the production of motion pictures made for television motion pictures, television series, commercial music videos or sound recordings

Manufacturer Machinery & Equipment Sales Tax Exemption

An exemption from sales and use tax is available for purchases of industrial machinery and equipment used at a fixed location in Florida by an eligible manufacturing business that will manufacture, process, compound, or produce for sale items of 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.