Work Opportunity Tax Credit (WOTC)
A federal income tax credit that encourages private for-profit companies to hire individuals from qualified targeted groups of job seekers. This incentive can reduce a business’ federal income tax liability up to $9,600 per new hire during the first year of employment, depending on the target group of the qualified individual. There is no limit to the number of qualified employees for which a company may receive this tax credit. For more information on WOTC click here.
Qualified Target Industry Tax Refund
This incentive is available to new or expanding businesses in selected targeted industries or corporate headquarters that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. Applicants, pre-approved by Enterprise Florida, who create jobs in Florida receive tax refunds of $3,000 per net new Florida full-time equivalent job created; $6,000 in an Enterprise Zone or Rural Community (county).
Federal Bonding Program
An incentive program that allows companies to hire with limited liability to their business, at-risk job applicants. A Federal Fidelity Bond, supplied by Travelers Insurance Co., is an insurance policy that protects the business in case of any loss of money or property due to a bonded employee’s dishonesty e.g., theft, forgery, larceny or embezzlement. The bond does not cover liability due to poor workmanship, job injuries or work accidents. Existing employees who need bonding services to avoid layoff or to secure a promotion are also eligible.
All businesses are eligible for bonding services. Bonds can be issued as soon as the applicant has a job offer and a scheduled start date. Bonds are in units of $5,000 and provide coverage for a six-month period.
These incentives are offered to businesses that locate in, clean up, and redevelop an existing Brownfield site(s). Generous financial incentives, regulatory benefits, technical assistance, and liability protection are provided to encourage Brownfield redevelopment and job creation. Eligible businesses receive a Job Bonus Refund of up to $2,500 for each job created.
Capital Investment Tax Credit (CITC)
This tax credit is used to attract and grow capital-intensive industries in Florida. It is an annual credit, provided for up to twenty years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarter facility.
Contact: Business Services Tel: 305-929-1545 or 305-929-1546