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State of Florida & Lake County Sponsored Business Incentive Programs

Ranked No. 5 in the nation on the Tax Foundation’s State Business Tax Climate Index for FY2012, the state of Florida commonly offers an advantageous tax climate for businesses. Below is information about the various business incentive programs sponsored by the State of Florida and Lake County Economic Development.

For more information about these programs, call 352-742-3918 or e-mail
Lake County Economic Development & Tourism.

Economic Enhancement Area Program (EEAP) (Brownfield Redevelopment)

To encourage the redevelopment or reuse of properties with real or perceived contamination, this program offers $2,500 job bonus tax refund for each new job created within the Economic Enhancement Area (EEAP), and the applicant is eligible for sales tax credit on building materials related to construction of a housing project or mixed-use project in the designated area. In addition, if a Brownfield Site Rehabilitation agreement is entered into with the Department of Environmental Protection, the applicant is eligible for a 50% voluntary cleanup tax credit and, if the project is redeveloped as affordable housing, an additional 25% voluntary cleanup tax credit and state loan guarantees.

Qualified Target Industry Tax Refund Program (QTI)

To encourage the creation of high-skilled jobs and growth of corporate headquarters and targeted industries, this program provides a tax refund of $3,000 per qualified job created. An additional bonus of $1,000 and $2,000 respectively is paid for jobs paying 150% or 200% of the County’s average annual wage.

Qualified Defense & Space Contractors Tax Refund Program (QDSC)

To encourage the preservation and growth of the high technology employment base by giving Florida defense, homeland security, and space business contractors a competitive edge in consolidating contracts or subcontracts, acquiring new contracts, or converting contracts to commercial production, this program, offers tax refunds of $3,000 per job created or retained; An additional bonus of $1,000 and $2,000 respectively is paid for jobs paying 150% or 200% of the County’s average annual wage.

Economic Development Transportation Fund (EDTF)

To encourage businesses to locate, remain or expand within the County, the "Road Fund" offers local government funding to alleviate transportation problems that adversely impact a specific company’s location or expansion decision. The amount is based on number of jobs created or retained and transportation project costs, up to $3 million.

Sales and Use Tax Exemptions (SUTE)

To encourage manufacturing facilities, these programs offer exemptions from the State’s portion of sales tax on machinery and equipment purchased for manufacturing use, and on power consumption used in the manufacturing process.