• TAX PROGRAMS                                                            PrinterSM 

    TAX ADVANTAGES

    There is no local income tax in Miami Beach. Additionally, Florida has many tax advantages for businesses:
    No corporate income tax on limited partnerships;
    No state personal income tax, constitutionally guaranteed;
    No corporate franchise tax on capital stock;
    No state-level property tax;
    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  for export;
    No sales tax on purchases of raw materials incorporated in a final product for resale;
    No sales and use tax on boiler fuels;
    No sales and use tax on co-generation of electricity
    .

    TAX EXEMPTIONS

    Florida offers Sales and Use Tax Exemptions on a number of items; visit www.eflorida.com for more information. Exemptions include:
    Purchases of machinery and equipment to manufacture, produce, or process tangible personal property for sale;
    Electricity used in the manufacturing process;
    Labor component of research and development expenditures;
    Production companies engaged in Florida for the production of motion pictures, made for TV movies, television series, commercial advertisements, music videos or sound recordings
    .

    TAX AND INCENTIVE PROGRAMS

    Miami-Dade County offers the Urban Job Tax Credit Program, which provides up to $1,000 per job for new businesses with a minimum of 20 new jobs and for existing businesses with a minimum of 10 new jobs.
    The State of Florida offers a Capital Investment Tax Credit to eligible projects in designated high-impact portions of the following sectors: biomedical technology, financial services, information technology, silicon technology, and transportation equipment manufacturing. Projects must create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. The program provides an annual credit for up to twenty years against the corporate income tax.

    The High Impact Performance Incentive Grant is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high impact sectors designated by the Governor’s Office of Tourism, Trade and Economic Development.  In order to participate in the program, the project must create at least 100 new full-time equivalent jobs in a three-year period; and make a cumulative investment of at least $100 million.

    The Capital Investment Tax Credit and the High Impact Performance Grant are available to the high impact portions of the following sectors:
    Biomedical Technology 
    Financial Services
    Silicon Technology 
    Transportation Equipment Mfg

    The State of Florida’s Qualified Target Industry Tax Refund Program (QTI) encourages quality job growth in targeted high value-added businesses. The program provides an incentive for target industries to locate new facilities in Florida or to expand existing facilities. The program provides tax refunds of $3,000 per new job created. This is increased to $6,000 per job if the company locates in and Enterprise Zone. Higher award amounts are available to companies paying very high wages. To qualify, a company must create at least 10 new jobs, pay an average of at least 115 percent of area wages, have a significant positive impact on the community, and have local support.

    Only businesses serving multi-state and/or international markets are targeted. Business must be able to locate in other states. Retail activities, utilities, mining, and other extraction or processing businesses, and activities regulated by the Division of Hotels and Restaurants of the Department of Business and Professional Regulation are statutorily excluded from consideration.

    Information Industries 
    Sound Recording Industries
    Film Video & Electronic Media 
    Customer Care Centers
    Publishing Industries 
    Telecommunications
    Credit Bureaus 
    Management Services
    Securities, Commodity Contracts 
    Finance and Insurance Services
    Manufacturing Facilities, includes Chemical & Pharmaceutical
    Computer and Electronic Product/Component Manufacturing
    Surgical and Medical Instrument Manufacturing
    Food and Beverage Products Manufacturing
    Printing and Related Support Activities
    National, International and Regional Headquarters
    Offices of Bank Holding Companies
    Professional, Scientific & Technical Services
    Information Services & Data Processing
    Administrative and Support Centers
    Non-depository Credit Institutions
    Credit Intermediation & Related Activities

    Targeted Jobs Incentive Fund (TJIF) is patterned after the QTI program. The program provides tax refunds to expanding or relocating companies that create full-time equivalent jobs. Under this program, Miami-Dade County may provide the company with a refund of up to 100 percent of the incremental Countywide Ad Valorem Property taxes generated by the company’s location or expansion in excess of $3 million in capital investment.

    To qualify, an applicant must be one of the targeted industries of the State of Florida QTI Program. In addition, One Community One Goal target industries are also eligible, which include:

    Instruments Sound Recording
    Research and Development 
    Printing and Publishing
    Life Sciences 
    Visitor and Tourism
    International Commerce 
    Film and Entertainment

     

 
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