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Doing Business in Florida In Florida, business and government leaders work together to create an environment in which business and industry thrive. It is an environment that is particularly friendly for entrepreneurs.
In Florida, land and construction costs are reasonable, taxes are stable and a wide variety of incentives are available to new and expanding businesses. Property, high-tech talent and the cost of doing business are more affordable in Florida than in most states including California, Massachusetts, or Minnesota.
In addition to these attributes, the lifestyle in Florida is the envy of the world. It is a state of exceptional beauty including environmentally significant lands, magnificent beaches and a rich history. Housing is affordable in Florida and there is no state income tax.
Florida Accolades - Florida’s economy is the eighth largest in the Western Hemisphere - Florida’s economy is the 15th largest in the world - Florida has 14 hospitals listed among America’s Best Hospitals - Florida ranks 2nd in the nation on TechNet Broadband Index - Florida’s 4th graders are ranked 8th in the nation - Florida’s economy grew fastest among the ten largest states - Florida is the 9th top job-creating state - Florida’s Embry-Riddle Aeronautical University ranked #1 for related engineering - Florida has positive job market growth - Florida’s tax system is ranked 7th nationally among business friendly states - Florida had eight cities among Intel’s list of 100 best for wireless accessibility.
Business Incentives Florida’s stable economy and highly favorable tax climate enhances its position as a profitable location for business and industry. Incentives for which a particular business may qualify include but are not limited to the following.
Targeted Industry Incentives § Qualified Target Industry Tax Refund, up to $6,000 per qualifying new job created. § High Impact Performance Incentive Grant, for pre-determined high-impact facilities. § Qualified Defense Contractor Tax Refund, up to $5,000 per new qualified job created. § Capital Investment Tax Credit, annual tax credit for up to 20 years for qualifying projects.
Working/Training Incentives § Quick Response Training Incentives, customized training for qualifying projects. § Incumbent Worker Training Program, new skills training for qualifying existing employees.
Road Infrastructure Incentive § Economic Development Transportation Fund, up to $2 million for qualifying road projects.
Special Opportunity Incentives § Permit Streamlining, expedited permit review process for high impact companies.
Local Incentives § Volusia County Department of Economic Development assists the city in marshalling resources as needed fro incoming qualified businesses; incentives pr financial resources may be available for qualified projects. § Ad Valorem Tax Abatement, real estate and personal property tax abatement for qualified businesses.
TAX ADVANTAGES ü No Corporate income tax on limited partnerships ü No corporate income tax on Subchapter S Corporations ü No state personal income tax guaranteed by the Florida constitution ü No corporate franchise tax on capital stock ü No state level property tax ü No property tax on business inventories ü No property tax on goods-in-transit for up to 180 days ü No sales and use tax on Florida goods produced for export ü No sales tax on purchase of raw materials for specified qualifying uses ü No sales / use tax on boiler fuels ü No sales / use tax on co-generation pf electricity |
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