QUALIFIED TARGET INDUSTRY
The Qualified Target Industry (QTI) Tax Refund is a tool available to Florida communities to encourage quality job growth in targeted, high value-added industries. Pre-approved applicants creating jobs in Florida receive refunds on the taxes they pay including corporate income, sales, ad valorem, and certain other taxes.
Eligible applicants pay an average annual wage that is at least 115 percent of the state, metropolitan statistical area (MSA), or the local average wage – a minimum average annual wage of $45,957 ($22.09 per hour) for Polk County. The amount of the refunds is equal to $3,000 per new job created. An additional $1,000 “per job” bonus is available for businesses paying 150 percent of the local or statewide average annual wage ($59,945 for Polk County).
In order to participate, the company must apply to Enterprise Florida prior to making a decision to locate in Florida. The community must provide a resolution from the city or county commission recommending the applicant for the incentive and committing to provide a local match equaling 20 percent of the total tax refund.
LAKELAND COMPANIES RECEIVING QUALIFIED TARGET INDUSTRY TAX REFUNDS
|Year||Company||Jobs Created||Local Tax Credit (20%)||State Tax Credit (80%)|
|2009||Colorado Boxed Beef||44||$16,000||$144,000|
|2016||Publix - Deli Line Expansion||41||$24,600||$98,400|
|2017||Publix - Kitchen||25||$25,000||$100,000|
|2018||DHL Supply Chain (IKEA)||160||$96,000||$384,000|
The Urban Job Tax Credit is an incentive for eligible businesses located in a designated urban area to create new jobs. The credit is $500 per qualified job and can be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax Urban Job Tax Credit Overview & Application + UJTC MAP
LAKELAND COMPANIES RECEIVING URBAN JOB TAX CREDITS
|Advanced Discount Auto Parts||16||$8,000|
|Publix Super Markets||21||$10,500|
|Publix Super Markets||52||$26,000|
|Caito Food Service||45||$22,500|