Incentives

Nassau County Incentives Overview

Qualified Target Industry Tax Refund (QTI)
This program provides a refund of taxes paid for each new job created by newly locating or expanding qualified industries. Because Nassau County is designated a Rural County by the state of Florida, the state will award a minimum of $6,000 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 “targeted industries” (generally, a manufacturer or national, regional or divisional headquarters operation or distribution facility.)
• 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.

The following breakdown applies to Nassau County:

Economic Development Transportation Fund (EDTF)
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 $2 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.

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 œbut-for test and there is no minimum wage criteria. New companies must create at least 10 new full-time jobs.

Quick Response Training Grant (QRT)
This is also an inducement program for job creation and retention. In addition to actual employee training, the grant may cover the cost of acquiring specialized equipment, retaining an instructor and provision of a training facility, if required,  necessary to conduct training programs. The amount of the grant is affected by the skill levels required, number of new jobs and the wage levels paid;  the minimum wage requirements are the same as for QTI. Previous grants have ranged from $600 to $1,200 per new job with higher awards going to projects with high average wages, high capital investment or locations within critical economic areas. Application must be made jointly by the company and the training institution providing the training. If desired, the company may also provide the training and directly receive reimbursement up to 95 percent of the approved grant.

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.

In addition to these specific incentive programs offered through the state, the Nassau County Economic Development Board (NCEDB) stands ready to assist your company with a number of other programs that could vastly reduce the expenses incurred by locating in Nassau County.

The NCEDB, working in conjunction with WorkSource, a division of the state Workforce Development Board, can assist your company in the recruitment, screening and placement of new employees using your criteria. WorkSource will tailor its recruitment, screening and testing efforts to the company’s needs and can host job fairs for your company as well as provide access to its extensive database of potential employees. The value of this benefit is estimated at $300 to $500 per employee hired.

Lastly, the NCEDB is at your disposal to provide any assistance necessary for permitting issues, occupational licensing or any other local ‘costs of doing business’ issues that the company might encounter and with which we can expedite the process. We will also act as a resource to guide you through the process of applying for grants and incentives and smooth the way for you to locate your facility in Nassau County.