Incentives for Businesses - PDF Free Download

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 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) 893-7100 or (800) 874-9026, visit website www.stpeteshines.com or contact the agency listed on the contact page of this summary. Name of Incentive Commercial Revitalization Program Program Objective Encourage commercial redevelopment and creation of new full-time jobs. Local/State/ Federal and Contact Agency Summary of the Incentive Benefit Local; City of St. Petersburg Provides grant awards to projects that enhance established business districts by redeveloping properties, decreasing vacancy rates, adding to the tax base, creating new jobs, and improving the quality of life for surrounding neighborhoods. (See attached map) Funding levels, determined by project scope: $25,000; $50,000; or $100,000 Ad Valorem Tax Exemption Program Creation of new full-time jobs. Local; City of St. Petersburg Ad valorem tax exemptions may be granted to qualifying new businesses and expansions of existing businesses that create new full-time jobs. Businesses must be located outside of a tax increment financing (TIF) district. The tax exemption for qualifying businesses will apply only to the new increment of the assessed St. Petersburg millage on improvements including tangible property. (See attached map) Up to $100,000 of exempted taxes. Reduced Transportation Impact Fee Encourage capital investment. Local; City of St. Petersburg The city 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 attached map) Reduction of city transportation impact fee, varies.

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 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) 893-7100 or (800) 874-9026, visit website www.stpeteshines.com or contact the agency listed on the contact page of this summary. Name of Incentive Urban Job Tax Credit Program Program Objective Creation of new full-time jobs. Local/State and Contact Agency Summary of the Incentive Benefit State; Dept. of Economic Opportunity New or expanding businesses that create new full-time jobs in specified industries, including manufacturing, retail, warehousing, and research and development, can receive a $1,500 tax credit per job. New businesses must create at least 10 new jobs and existing businesses must create at least 5 new jobs. $1,500 per job. ($500 bonus award if new employee is in Welfare Transition Program.) Qualified Target Industry (QTI) Tax Refund Program Creation of new full-time jobs by new or expanding businesses in targeted industries. Businesses must be in a target industry and create at least 10 new jobs that pay wages at least 115% of the local average wage. Total award cannot exceed $5 million per applicant in all years and no more than 25% of total refund may be taken in any single year. Businesses must apply and be approved prior to locating or expanding in. $3,000 per new job. (additional bonuses awarded if wage exceeds 150% or 200% of avg annual wage, if located in brown- HUBZone (Historically Underutilized Business Zone) Empowerment Contracting Program Preference for award of Federal contracts to small businesses. Federal; Small Business Administration (SBA) Provides federal contracting preferences to small businesses located in a HUBZone. At least 35% of employees must reside in a HUBZone, the business must qualify as a small business by SBA standards, and the business must be owned and controlled by one or more U.S. citizens or a Community Development Corporation. (See attached map) Preference in award of Federal contracts. Sales Tax Exemption on Electricity and Steam Exemption of State sales tax on use of electricity or steam for manufacturing in targeted industries. State; Dept. of Revenue Businesses in specific industries are eligible for an exemption of sales tax paid on electricity and steam. At least 50% of the electricity and steam used at the business fixed location must be used to operate qualifying machinery or equipment. 50-100% of charged State sales tax based on the amount of electricity or steam used to operate qualifying machinery.

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 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) 893-7100 or (800) 874-9026, visit website www.stpeteshines.com or contact the agency listed on the contact page of this summary. Name of Incentive Program Objective Brownfield Redevelopment Bonus Redevelopment of Brownfield sites. Local/State and Contact Agency Summary of the Incentive Benefit State; Dept. of Environmental Protection Provides financial and regulatory incentives to encourage voluntary cleanup and redevelopment of existing commercial and industrial sites that are abandoned or underused due to actual or perceived environmental contamination. $2,500 job bonus refund, tax credits, liability protection, low-interest loans, expedited permitting, increased State Loan Guarantee. Flex Increase competitiveness of businesses in the global economy. State; CareerSource Provides partial reimbursement to relocating or expanding businesses for expenses related to training new or existing employees after jobs have been created or retained and training has occurred. Eligible businesses will be in a qualified targeted industry, have an exportable good or service, and have wages 115% above state or local wages. Based on need. Incumbent Worker Training Grant Training of existing fulltime employees. State; CareerSource Provides partial reimbursement to employers for preapproved, direct, training-related costs for skills upgrade training for existing employees. Priority will be given to businesses in a qualified targeted industry with 25 employees or less, located in a distressed area, Brownfield, or HUBZone. Based on need; up to $30,000. High Impact Business Performance Incentive Grant (HIPI) Creation of new full-time jobs by new or expanding businesses in targeted industries. Businesses must be in a designated high-impact sector and create at least 50 new jobs and make a capital investment of at least $50 million in a 3-year period OR at least 25 new jobs and a $25 million capital investment in a 3-year period if a R&D facility. Businesses must apply and be approved prior to locating or expanding in. Funding based on need. 50% of grant is awarded upon commencement of operations, balance is awarded once full goals are met.

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 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) 893-7100 or (800) 874-9026, visit website www.stpeteshines.com or contact the agency listed on the contact page of this summary. Name of Incentive Qualified Defense Contractor Tax Refund Program Program Objective Creation and/or preservation of defense industry jobs. Local/State and Contact Agency Summary of the Incentive Benefit A pre-approved tax refund program providing up to $5,000 per job created or saved in through conversion of defense jobs to civilian production, acquisition of a new defense contract or consolidation of a defense contract impacting employment. New legislation adds contracts and subcontracts approved by the U.S. Dept. of Homeland Secu- Up to $5,000 in tax refunds per net new job created or saved in. Capital Investment Tax Credit Attract and grow businesses that are in capital intensive industries. Businesses must be in a designated high impact sector, create at least 100 new jobs, and make a cumulative capital investment of at least $25 million in connection with the project. Level of investment and amount of tax liability determines amount of credit. Businesses must apply and be approved prior to commencement of operations. Varies based on level of investment and project s corporate income tax liability. Economic Development Transportation Fund ( Road Fund ) Incentivize business retention, attraction, or relocation. The city must make a competitive application to the State of on behalf of the business and be approved prior to the business relocating or expanding. Grant funding is used to alleviate a location-specific transportation problem that adversely impacts a company s location or expansion decision. Up to $3 million. Foreign Trade Zone (FTZ) Program Facilitate trade and global competitiveness of U.S.-based companies. Local; Pinellas County Economic Development Businesses 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. St. Petersburg is in FTZ 193, which includes Hernando, Pasco, and Pinellas Counties. This federal program is administered by Pinellas County Economic Development. Duty exemption, duty deferral, inverted tariff, logistical.