Incentives

High Impact Performance Incentive (HIPI)

The High Impact Performance Incentive (HIPI) is a negotiated incentive used to attract and grow major high-impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors as designated by the State of Florida.

To qualify for consideration under the program, an applicant must:

• Operate within designated high impact portions of the following sectors: Clean Energy, Corporate Headquarters, Financial Services, Life Sciences, Semiconductors, and Transportation Equipment Manufacturing;
• Create at least 50 new full-time equivalent jobs in Florida in a 3-year period; or if a research and development facility, create at least 25 new full-time equivalent jobs in a 3-year period; and
• Make a cumulative investment in the state of at least $50 million in a 3-year period, or if a research and development facility, make a cumulative investment of at least $25 million in a 3-year period.

Capital Investment Tax Credit (CITC)

The Capital Investment Tax Credit (CITC) 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. The amount of the annual credit is based on the eligible capital costs associated with a qualifying project. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations.

To qualify for consideration under the program, an applicant must:

• Operate within designated high impact portions of the following sectors: Clean Energy, Corporate Headquarters, Financial Services, Information Technology, Life Sciences, Semiconductors, and Transportation Equipment Manufacturing;
• Create at least 100 new jobs in Florida in connection with the project; and
• Make a cumulative capital investment of at least $25 million in connection with the project during the period from the beginning of construction to the commencement of operations.

Quick Response Training Program (QRT)

The Quick Response Training Program (QRT) provides grant funding for customized training to new or expanding businesses. Through this customer-driven program, Florida is able to effectively retain and attract businesses creating new high-quality jobs. The program is structured to be flexible and to "respond quickly" to meet the business’s training objectives. Career Source Florida, Inc. administers the program.

Program Requirements:

New, existing or expanding Florida businesses (including nonprofit) must:

• Operate in a Qualified Targeted Industry
• Produce an exportable good or service or it can be a non-exportable service-based company
• Create new, full-time, high-quality jobs
• Require customized entry-level skills training of 24 months or less which is not available at the local level

Funding priority given to businesses:

• Creating high skill/high wage jobs
• In qualified targeted industries
• Offering jobs located in a distressed, urban inner city, rural area, Enterprise Zone or Brownfield area
• Whose grant proposals have the greatest potential for economic impact that contribute in-kind and/or cash matches

Reimbursable training expenses:

• Instructors’/trainers’ salaries
• Curriculum development
• Textbooks/manuals

Palm Beach County Job Growth Incentive Fund Grant

Applicant must:

• Create and/or relocate 50 or more new, non-retail, full-time jobs;
• Create jobs in a maximum period of up to 36 months;
• Apply prior to making the decision to expand or relocate;
• Create jobs with average salaries 115% of the county or industry average; and
• Provide financial statements for most recent three years of federal tax returns.
• The base award is from $500 to $2,000 per job created.

Palm Beach County Ad Valorem Tax exemption

Companies applying for this exemption must meet the definition of a new or expanding business.

New Business Is Defined As One Of The Following:

• Manufacturing business creating at least 10 full-time jobs;
• Any business establishing 25 or more jobs with at least 50% of sales outside of Palm Beach County;
• Any office space in this county owned and used by a corporation newly domiciled in this county, provided such office space houses 50 or more full-time employees of such corporation.
• For eligible NEW businesses, up to 100% of assessed value of all improvements and all tangible property for up to 10 years may be exempted.

Expansion Of An Existing Business Is Defined As One Of The Following:

• Manufacturing business creating at least 10 full-time jobs.
• Any business establishing 25 or more jobs with at least 50% of sales outside of Palm Beach County.
• Any business located in an Enterprise Zone.
• Any expansion of an existing business must increase operations on a site co-located with a commercial or industrial operation owned by the same business.
• For expanding businesses, up to 100% of assessed value of all added improvements to real property and net increase in tangible personal property acquired.
• Property acquired to replace existing plant or equipment does not qualify.
• Exemption shall not accrue to improvements included on tax rolls prior to the effective date of the ordinance specifically granting a business an exemption.
• Exemption applies only to taxes levied by Palm Beach County.
• $1,000 non-refundable filing fee.

Expedited Permitting

Many municipalities and Palm Beach County provide an expedited permitting process for builders and developers. The process helps bring together regulatory agencies, authorities, and government departments to concurrently review projects to cut delays and costs during project development. Projects must be a BDB project and fall within a targeted industry.

Municipalities:

In addition to the county, various municipalities offer attractive cash incentives for companies relocating to or expanding in the area. Municipalities with incentives programs for eligible projects include: the Town of Jupiter; the City of Palm Beach Gardens; the City of West Palm Beach; and the City of Boca Raton. The BDB works with the “location of choice” to solidify these financial commitments on behalf of the company.

Florida Power & Light:

FPL offers an economic development rate (EDR) for commercial and industrial businesses that provides significant savings above and beyond the company’s very competitive electric rates.

Economic development rate available to new or expanding customers that:

• Add at least 350 kilowatts of new load
• Add 25 new jobs per 350 kilowatts of added load

Commercial Industrial Service Rider (CISR)

To negotiate a rate, potential or existing businesses must:

• Have a load of 2,000 kW or greater, served by a single meter
• Document that this is part of a competitive site location project with opportunities for lower electric rate alternatives

Career Source Palm Beach:

On-the-Job Training

Career Source Palm Beach is the funding source for an On-the-Job Training (OJT) Program to assist Palm Beach County employers with the cost of training a newly hired employee. Reimbursement of up to 50 percent of the gross training wage during the OJT period may be provided to a participating employer upon successful completion of the training.