State and local incentives

As a designated rural county, Nassau County is able to offer many incentives to new and expanding businesses who choose to operate in the area.  The Nassau County Economic Development Board (NCEDB) is here to assist you through the process.  Our team can act as a resource to help you identify the incentives you may be eligible for and guide you through the process of applying for them.  Please find a list below of state and local financial incentive programs.

The NCEDB can assist your company with a number of other programs that can offset expenses incurred by relocating your business to Nassau County.  We can provide assistance with permitting, occupational licensing or other local issues that your company may encounter.

Targeted industry incentives

Qualified Target Industry Tax Refund (QTI): The Qualified Target Industry Tax Refund incentive is available for companies 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.  Pre-approved applicants 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).  For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job; businesses falling within a designated high impact sector or increasing exports of its goods through a seaport or airport in the state by at least 10 percent in value or tonnage in each year of receiving a QTI refund, add $2,000 per job; projects locating in a designated Brownfield area (Brownfield Bonus) can add $2,500 per job.  The local community where the company locates contributes 20 percent of the total tax refund.  No more than 25 percent of the total refund approved may be taken in any single fiscal year.  New or expanding businesses in selected targeted industries or corporate headquarters are eligible.

Nassau County is designated a rural county by the state of Florida and the state will award a minimum of $4,500 per job.  The QTI award is jointly funded with 80 percent coming from the state and 20 percent from the local community; however, the community’s 20 percent match can be waived because Nassau is designated a rural county.  Approval of the tax refund by both state and local governments must be made before your company actually commits to locating in Nassau County.

Qualifications:

  • Inclusion within list of Nassau County’s Targeted Industries
  • Create at least 10 new full time jobs
  • Overall average wage (including management) of new jobs must equal or exceed 115 percent of the lower of the statewide or local area average wages for the private sector.  For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual wage, add $2,000 per job

Qualified Defense and Space Contractor Tax Refund (QDSC):  Florida is committed to preserving and growing its 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.  Pre-approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new Florida full-time equivalent job created or retained; $6,000 in an Enterprise Zone or rural county.  For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job.

Capital Investment Tax Credit (CITC):  The Capital Investment 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 headquarters facility.  Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs.  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.  The level of investment and the project’s Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.

High Impact Performance Incentive Grant (HIPI):  The High Impact Performance Incentive 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 Florida Department of Economic Opportunity (DEO).  In order to participate in the program, the project 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 (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million (if a R&D facility, make a cumulative investment of at least $25 million) in a three-year period. Once recommended by Enterprise Florida, Inc.  (EFI) and approved by DEO, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.

Nassau County Economic Development Grant:  Nassau County offers qualified businesses a return of a portion of ad valorem property taxes (taxes due on real and personal property) based on the new capital investment and jobs created by the business. 
 
The business must be in a targeted industry, create at least ten new jobs, and create at least $1 million in new capital investment in the county.  The amount of the annual grant is based on the size of the project.  Businesses meeting the basic requirements will be eligible to receive a grant of 100 percent of the increase in taxes resulting from the new capital investment in the first year, declining to 80 percent the second year, 60 percent the third year, and so on, until the grant phases out at the end of the fifth year.
 


Targeted IndustriesMore information on the EDG Incentive can be found in Nassau County’s Municipal Code at Chapter 1, Article X Sec. 1-181 of the County’s Code of Ordinances or here:
 



Workforce training incentives


FloridaFlex:  FloridaFlex, formerly known as Quick Response Training (QRT) program, is designed to increase the competitiveness of Florida businesses in the global economy. In existence since 1993 and lauded by economic developers and national business groups, the program continues to play a vital role in the state’s overall economic development efforts. FloridaFlex provides grant funding for customized, skills-based curriculum development and training, through partial reimbursement, to new or expanding businesses in Florida’s targeted industries (qualified targeted industries). These industries are high-skill industries, have an exportable good or service and have wages of 125 percent above state or local wages.


Incumbent Worker Training Program (IWT):  Incumbent Worker Training (IWT) – a program that provides training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses.  The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees.  Priority is given to businesses in targeted industries, Enterprise Zones, HUB Zones, Inner City Distressed areas, Rural Counties and areas, and Brownfield areas.  For additional information on the IWT program, visit CareerSource Florida.


Infrastructure incentives

Economic Development Transportation Fund:  The Economic Development Transportation Fund, commonly referred to as the “Road Fund,” is an incentive tool designed to alleviate transportation problems that adversely impact a specific company’s location or expansion decision.  The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million.  The award is made to the local government on behalf of a specific business for public transportation improvements.  This program is funded by the state legislature as an inducement for the location, expansion or retention of qualified business and industrial projects to the state.  Application is made by Nassau County to the state to fund the cost (up to $3 million) of transportation projects (access to roads, road widening, grade crossings, traffic signalization, etc.) necessary for the location of a qualified business or industry to Florida.

Qualifications:
• Company operations must be regional in nature, i.e., markets served by this operation must be external to Florida
• Approval of the application by the state must be made prior to the company committing to a specific location
• No more than $5,000 per job created or retained may be granted except for projects located in critical economic development areas, such as a rural county like Nassau, in which case the award increases to $7,500 per job.  Waivers may be granted for projects with high capital investment, high wages or other significant economic impact


Special opportunity incentives

Rural Incentives: Florida encourages growth throughout the state by offering increased incentive awards and lower wage qualification thresholds in its rural counties.  Additionally, a Rural Community Development Revolving Loan Fund and Rural Infrastructure Fund exist to meet the special needs that businesses encounter in rural counties.

Rural Job Tax Credit:  The Florida Rural Job Tax Credit is provided to encourage economic expansion within stated designated Rural Counties, including Nassau County.  $1,000 per new job created within designated counties is available.  This incentive may be taken only as a credit against state corporate income tax or state sales tax.  The incentive does not require a “but-for” test and there is no minimum wage criteria.  New companies must create at least 10 new full-time jobs.

Economic Development Grant Incentive:  The program is designed to be an incentive based on the incremental increase in property taxes resulting from a new investment in the community.  It is available to businesses in Nassau County’s targeted industries that add to the tax base, project new employment of at least 10 direct, full-time equivalent positions and/or make a significant investment in the community.

Sales Tax Exemption:  The purchase of equipment and machinery used in the manufacturing process is exempt from the payment of Florida State sales tax.  This applies to other supporting equipment as well, such as computers that are used 50 percent or more to control the production process.  The exemption is 100 percent of all sales tax for new industries.

For more information on taxes in Nassau County, please visit our Taxes page.




Source: Enterprise Florida



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Laura DiBella
Executive Director
The NCEDB exists because of the generous support of the Nassau County Board of Commissioners, our local municipalities and economic development partners.
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