Business Climate
Florida consistently ranks among the best states for businesses and entrepreneurs because of its competitive cost of doing business, pro-business tax policies, and robust incentives. In fact, the Tax Foundation named Florida the No. 1 business tax climate in the Southeast and No. 4 in the U.S. In addition, Triumph Gulf Coast economic development funds are available in Pensacola.
Expedited Permitting
Florida's regulatory agencies and local governments provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards. The City of Pensacola offers a free, weekly one-stop development review meeting, with no application or fee required.
0%
Florida Income Tax
0%
Tax on S-Corps and Limited Partnerships
$1.5B
Triumph Gulf Coast Incentive Fund
State Incentives
| Program | Benefits | Qualifications |
|---|---|---|
| High Impact Performance Incentive | Cash Grant | 50 new FT jobs, $50 million capital investment in 3 years |
| Capital Investment Tax Credit (CITC) | Annual credit against state corporate income tax for 20 years equal of 5% of eligible capital costs | $25 million minimum capital investment |
| Research and Development Tax Credit | 10% of excess qualified research expenses over company’s base | Qualified expenses allowable under U.S. Code Title 26 §41. Base amount equal to qualified expenses for 4 prior taxable years |
| Manufacturing Machinery and Equipment Sales Tax Exemption | Up to 100% on Sales and Use Taxes | Purchase of manufacturing equipment |
| Electricity Sales Tax Exemption | 50-100% Sales and use tax exemption on electricity | Amount of exemption dependent on consumption |
| Boiler Fuels Sales Tax Exemption | Sales tax exemption on combustible fuel in the manufacturing process | Fuel source is a clean natural resource |
| Repair and Labor Charges Tax Exemption | Sales tax exemption | Qualified expenses are on repair and labor charges and parts and materials for repairs to industrial machinery |
Flexible Workforce Training Grants
| Program | Benefits |
|---|---|
| Quick Response Training (QRT) | Assistance developing a training program that is customized, flexible, and responsive to individual company needs |
| Incumbent Worker Training (IWT) | Established companies in Florida can receive assistance for skills upgrade training for existing employees. |
| Veterans Florida Workforce Training Grant | Grant funding for customized, skills-based curriculum development and training for the military veteran population |
Triumph Gulf Coast
$1.5 billion is available to Northwest Florida communities for economic development enhancements. These funds, from a settlement related to the Deepwater Horizon oil spill, represent an unprecedented opportunity for Northwest Florida.
The funds can be used to:
- Provide the equivalent of up to 100% abatement of property taxes, including school taxes, for up to 10 years
- Support infrastructure needs, such as buildings, roadways, rail spurs, utilities, and more for competitive projects
- Develop industry-driven workforce training programs to drive business growth
Florida Tax Advantages
- 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 co-generation of electricity
Florida 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 the 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 of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.
Foreign Trade Zone #249
Awarded by the U.S. Foreign Trade Zones Board in 2001, FTZ 249 covers five sites in Escambia County, Florida, including the Port of Pensacola. The Zone was officially activated in January 2003 when the cargo storage requirements of a major Port user sparked the need to designate several segments of the Port with active Foreign Trade Zone status. As the need arises, additional warehouses and open areas of the Port can be converted to active FTZ status relatively easily.
Typically, Foreign Trade Zones are utilized as a means of deferring or eliminating U.S. Customs duties and other taxes.
Ready to get started?
Contact us today…
Erica Grancagnolo
Director of Economic Development
850-435-1687
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