Incentives for Small Businesses

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Sharlene Bryant
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1 Incentives for Small Businesses The following overviews of incentive programs are summarized and presented based on a company s location in St. Petersburg, Florida. This summary is for reference purposes only and is not presented as all inclusive. Some incentives are only available in specific areas (see attached maps). Obtain complete program guidelines from the respective program provider. For more program information or assistance in preparing applications, contact the City of St. Petersburg s Economic Development Division at (727) or (800) , visit website or contact the agency listed on the contact page of this summary. = Not Applicable Name of Incentive and Contact Agency Objective Incentive Offered Summary of the Incentive Minimum Maximum HUBZone (Historically Underutilized Business Zone) Empowerment Contracting Contracting opportunities with Federal government. Preference in award of Federal contracts. stimulates economic development and creates jobs by providing federal contracting preferences to small businesses located in a HUBZone. At least 35% of employees must reside in a HUBZone and the business must be owned and controlled by one or more U.S. citizens or a Community Development Corporation. (See Foreign Trade Zone (FTZ) Facilitate trade and global competitiveness of U.S.-based companies. Varies (e.g. duty exemption, duty deferral, inverted tariff, logistical benefits, etc.) Business must be located in a FTZ and engaged in import or export of goods, storage of imported goods for others, or manufacture or assembly of products with imported parts and materials. The Port of St. Petersburg is a local FTZ. This federal program is administered by Pinellas County Economic Development. State of Florida Urban Job Tax Credit Creation of new full time jobs. Credit against State of Florida Corporate Income Tax or Sales and Open to targeted industries (e.g., mfg., retail, hotels, warehousing, call centers, etc) in certain areas of the city. New businesses must create at least 30 jobs, existing businesses must create at least 15 new jobs. Leased employees are eligible. (See $500 per job. ($500 bonus award if new employee is in Welfare Transition.)

2 The following overviews of incentive programs are summarized and presented based on a company s location in St. Petersburg, Florida. This summary is for reference purposes only and is not presented as all inclusive. Some incentives are only available in specific areas (see attached maps). Obtain complete program guidelines from the respective program provider. For more program information or assistance in preparing applications, contact the City of St. Petersburg s Economic Development Division at (727) or (800) , visit website or contact the agency listed on the contact page of this summary. = Not Applicable Name of Incentive and Contact Agency Objective Incentive Offered Summary of the Incentive Minimum Maximum Zone (EZ) Jobs Tax Credit Creation of new full time jobs for EZ residents. (See Credit against State of Florida Corporate Income Tax or Sales and Businesses located in an EZ area may take a monthly credit for new full time jobs created. Employees must have been employed for at least 3 months. This credit can be taken for up to 24 months that the new employee remains with the business. Business must create at least one new job. Leased employees are eligible, but must have been employed for at least 6 months. 20% of the new employees monthly wages. 30% of the new employees monthly wages, if employee resides in the EZ. Zone (EZ) Property Tax Credit Creation and/or expansion of businesses located in an EZ. (See Credit against State of Florida Corporate Income Tax. New, expanding, or rebuilt businesses located in an EZ area may receive a credit on the amount of ad valorem taxes paid. The business must earn more than $5,000 and establish 5 or more new full-time jobs. Any unused portion of the credit can be carried forward for up to five years. $250,000 ($50,000 annual credit claimed for 5 years.) 20% or more of business permanent, full-time employees reside in the EZ. Zone (EZ) Business Equipment Sales Tax Refund Purchase of business equipment by businesses located in an EZ. (See Refund of State of Florida Sales and Businesses located in an EZ area are eligible for refund of sales taxes paid on the purchase of equipment or machinery. The equipment purchased must have a minimum purchase price of $5,000 per unit and be used exclusively in the EZ area for at least 3 years. Refund is 97% of the state sales tax paid on business equipment. $291 $ 5,000 per application $10,000 per application if 20% or more of business permanent, full-time employees reside in the EZ. Zone (EZ) Building Materials Sales Tax Refund Rehabilitation or construction of real property located in an EZ area. (See Refund of State of Florida Sales and Businesses and residents located in an EZ area are eligible for a refund of the sales taxes paid on purchase of building materials used to rehabilitate or construct real property located in an EZ area. Refund available only one time per parcel per owner. Recipient must be either the owner, lessor, or lessee of the real property. Condominiums are not eligible for this incentive. $500 $5,000 per application $10,000 per application if 20% or more of business permanent, full-time employees reside in the EZ.

3 The following overviews of incentive programs are summarized and presented based on a company s location in St. Petersburg, Florida. This summary is for reference purposes only and is not presented as all inclusive. Some incentives are only available in specific areas (see attached maps). Obtain complete program guidelines from the respective program provider. For more program information or assistance in preparing applications, contact the City of St. Petersburg s Economic Development Division at (727) or (800) , visit website or contact the agency listed on the contact page of this summary. Name of Incentive and Contact Agency Objective Incentive Offered Summary of the Incentive Minimum Maximum State of Florida Quick Response Training Grant Training of employees in new full time jobs. State Grant to a Training Provider on behalf of the business. Eligible businesses must produce exportable goods or services and create new full time permanent jobs in the state. Applying businesses must require customized entry-level skills training of 24 months or less which is not available at the local level. Funding priority given to businesses meeting special circumstances. Based on Need. Based on Need. State of Florida Incumbent Worker Training Grant Training of existing full time employees. State Grant to a Training Provider on behalf of the business. Provides grant funding to employers to assist with expenses associated with customized skills-upgrade training for existing employees. Eligible businesses must have been in operation for at least 1 year, have at least 1 full time employee, and be current on all state taxes. Funding priority given to businesses meeting special circumstances. Businesses are required to provide 50% of requested direct training costs. Based on Need. $50,000 City of St. Petersburg Reduced Transportation Impact Fee Encourage capital investment. Reduction of City transportation impact fee. The City of St. Petersburg collects transportation impact fees (TIF s) for land development projects to fund needed transportation system improvements to support new trips generated by the project. TIF rates are based on project type and size. Projects located in certain areas of the City are eligible for reduced TIF rates. (See Varies. Varies.

4 The following overviews of incentive programs are summarized and presented based on a company s location in St. Petersburg, Florida. This summary is for reference purposes only and is not presented as all inclusive. Some incentives are only available in specific areas (see attached maps). Obtain complete program guidelines from the respective program provider. For more program information or assistance in preparing applications, contact the City of St. Petersburg s Economic Development Division at (727) or (800) , visit website or contact the agency listed on the contact page of this summary. U.S. Small Business Administration - South Florida District Office: 100 S. Biscayne Blvd. - 7th Floor, Miami, FL (305) website - Foreign Trade Zone Resource Center: Foreign Trade Zone Corporation, website - Enterprise Florida, Inc., Capital Development: 390 North Orange Avenue, Suite 1300, Orlando, Florida 32801, (407) website - State of Florida - Department of Economic Opportunity: The Capitol, Suite 2001, Tallahassee, Florida 32399, (850) website - State of Florida - Department of Revenue: 1379 Blountstown Highway, Tallahassee, Florida 32304, (850) website - State of Florida - Workforce Florida, Inc.: 1974 Commonwealth Lane, Tallahassee, Florida 32303, (850) website - State of Florida - Enterprise Zone : website - City of St. Petersburg - Economic Development Division: One 4th Street North, St. Petersburg, Florida 33701, (727) website - City of St. Petersburg - Business Assistance Center: 33 6th Street South, Suite 301, St. Petersburg, Florida 33701, (727) website - City of St. Petersburg - Incentive Lookup Wizard: website - Pinellas County - Economic Development Department: th Street North, Suite 1-200, Clearwater, Florida 33760, (727) website Source: City of St. Petersburg Economic Development Department, Updated November 2011

Incentives for Businesses

Incentives for Businesses The following overviews of incentive programs are summarized and presented based on a company s location in St. Petersburg,. This summary is for reference purposes only and is