Hernando County
Local Incentives |
In
order to stay competitive with other communities the
Hernando County Board
of County Commissioners passed it's first "Business Incentive"
Ordinance in
2003. The ordinance
announced the
county's intent to retain and attract businesses which will
contribute to the enhancement of the local economy.
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Real Estate Commission
Plan |
Hernando County has instituted a new Real Estate
Commission Policy specifically for the Airport Industrial Park,
Corporate AirPark and RailPark located directly off of the Suncoast
Parkway, just 40 minutes from Tampa. This property is available for
long term land lease onl y .Realtor
Commission Brochure |
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Florida High Tech Corridor |
The
Hernando County Office of Business Development is eager to show
your company the benefits of making Hernando County your home
Hernando County is a member of
a 21 county consortium working towards the common goal of bringing
high tech companies into central Florida. This group is spearheaded
by the leadership of two area universities: University of South
Florida and University of Central Florida.
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Economic Development
Transportation Fund |
The
Economic Development Transportation Fund is available to local
governments in need of financial assistance for transportation
projects which will facilitate economic development. The Office
of Business Development of Hernando County, in conjunction with
county government, must apply on behalf of a company that is
considering an expansion or location of facilities and that
has an existing or anticipated transportation problem.
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Incumbent Worker
Training Program |
The
Incumbent Worker Training Program
provides grant funding for customized training for existing
for profit businesses. Through this customer-driven program,
Florida is able to effectively retain and keep businesses competitive
through upgrade skills training for existing full-time employees.
Workforce Florida, Inc. administers the program. |
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Florida High Tech Corridor Matching
Grant Program |
The Program will match funds
which a corporation invests in research projects conducted with
the University of South Florida or University of Central Florida.
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Enterprise Zones
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The Enterprise Zone Program was
established by the state in 1981 and is designed to target a
specific area for economic revitalization. Financial incentives
are offered to businesses and property owners encouraging private
investment and creation of jobs for the residents in the zone.
Credit applies only for new employees that reside in the Enterprise
Zone. 5% of the first $1,500 of monthly wages ($900 per year)
per employee earning in excess of $1,500 per month.10% of wages
paid to a new employee earning less than $1,500 per month. If
20% or more of the permanent employees of the business are residents
of the enterprise zone, the tax credit is 15% of wages paid
to an employee earning less than $1,500 per month. If the enterprise
zone resident is also in the welfare reform program (WAGES)
15% of the first $1,500 of monthly wages ($2,700 per year) per
employee can be applied as a credit. |
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Small Business Administration
504 Loan Program |
Construction loans equal to 90%
of the approved project costs can be obtained through the SBA
504 Program. Favorable interest rates are also available to
qualifying projects.
SBA 504
Loan Application |
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Qualified Target Industry Tax
Refund Program
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The Qualified Target Industry
Tax Refund Program provides for a tax refund of up to $3,000
per new job created in Florida through the expansion of existing
businesses or the location of new businesses.
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Sales Tax Exemption for New And
Expanding Businesses |
Manufacturers Electricity Sales
Tax Exemption
Capital Investment Tax Credit
Provides annual corporate income tax credits to eligible high-impact
sector businesses equal to 5 percent of the eligible capital
costs of a new or expanding Florida facility.
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Enterprise Bonds (EB) |
The primary goal of Enterprise
Bond financing is to enable small manufacturers to access attractive
interest rate financing - rates most often tapped only by the
"Fortune 100" companies. Financing for individual borrowers
are grouped together into a larger pooled bond issue. The pooling
of loans helps spread the costs of issuance over many smaller
borrowers that may otherwise find it uneconomical to seek tax-exempt
financing under traditional IRB criteria. |
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Industrial Revenue Bonds
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Industrial Revenue Bonds offer
a unique opportunity for Florida businesses to get the same
attractive financing as Fortune 500 companies. Florida Development
Finance Corporation has developed the Enterprise Bond Program
that offers credit-enhanced financing for smaller manufacturing
and non-profit projects with affordable issuance costs. Through
the program, creditworthy manufacturers and select non-profit
organizations may qualify for long-term, below market rate loans
for the acquisition of fixed assets
To qualify for tax-exempt financing, your company must meet
the eligibility requirement outlines in the Federal Internal
Revenue Code. Financing must be used for the purchase of land,
buildings and machinery such as production equipment, as well
as to construct or renovate buildings. The minimum project bond
is $500,000. Most Enterprise Bond amounts fall between $500,000
and $3,000,000.The maximum is $10,000,000.
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City of Brooksville Incentives |
Ad Valorem Tax Abatement for
New and Expanding Businesses
This program offers an exemption from ad valorem taxation for
up to ten years of the assessed value of all improvements to
real property and of all tangible personal property made by
or for the use of a new or expanding business. Terms: A new
business shall meet one of the following criteria:
A manufacturer which establishes ten or more full-time jobs.
A business with more than 50% of its sales outside the State
of Florida which establishes 25 or more jobs.
Office space of a new Florida corporation housing 50 or more
full-time employees of the corporation business (applicable
if the business is on a site clearly separate from any other
facility owned by the same company).
Any new business to be located in the Enterprise Zone, which
is clearly separate from any other commercial or industrial
operation owned by the applicant.
Criteria to be met for eligibility of an expansion of an existing
business:
A manufacturer that adds a minimum of ten new employees and
increases employment by 10% or increases productive output by
a minimum of 10%.
A business with more than 50% of its sales outside the State
that adds a minimum of 25 new employees and increases employment
by 10% or increases productive output by a minimum of 10%. The
expansion must be on the same or a co-located site of the business'
current operation.
Any business located in an enterprise zone that increases operations
on a site co-located with a commercial or industrial operation
owned by the same business.
A business cannot receive exemption from the following: School
taxes, County taxes, Bond issues, Water Management District
taxes, Special tax levies
The land on which the new or
expanding business is located.
For more information, contact the City's Community Development
Department at (352) 544-5430.
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Quick Response Training Program
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The Quick Response Training Program
provides quick, effective training that is specially tailored
and designed to meet the needs of business and industry.
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Other Florida Business Incentives
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No personal income tax
No state-level ad valorem taxes
No tax on inventories, goods-in-process or goods-in-transit
$5,000 corporate income tax exemption
$25,000 homestead tax exemption
Tax exemption on pollution control equipment
Sales tax exemption on new machinery and equipment
Sales tax exemption on raw materials used in manufacturing
Corporate and Private Incentives
Incumbent Worker Training Program |
