The Bay Economic Development Alliance will work to negotiate an incentive package for your company 's relocation or expansion project. An incentive award could include tax refunds and exemptions, workforce training and, for qualifying projects, even cash grants from local, regional and state resources. For eligilbe projects, award amounts are based on many factors, including number of jobs, wage levels, employee benefit packages, capital investment, financial history, economic impact and amount of incentive awards from competing communities.
Economic Development Ad Valorem Property Tax Exemption
The Bay County Board of Commissioners, the City of Panama City and the City of Lynn Haven offer an abatement of the local property tax at the business location on tangible personal property and improvements to real property for a period up to 10 years. In order to qualify, a company must first meet the definitions of a new or expanding business as stated in s. 196.012 (15) and (16), F.S.
CareerSource Gulf Coast and Job Center Services
CareerSource Gulf Coast is one of 24 regional workforce boards around the State of Florida. It is chartered to address the workforce and training needs of Bay, Gulf and Franklin Counties. The vehicle for providing employer and job seeker services is the Job Center, a one-stop shop for Bay County employers’ human resources needs. The Job Center offers free comprehensive services that assist companies in their recruitment efforts and in the management of their workforce. These services include employee recruitment, applicant screening, applicant testing, conference room space and access to business machines. For more information on training services, click here.
Bay County understands the importance of certainty, predictability and efficiency in government regulations. The Bay County Board of County Commissioners work together with the State of Florida’s regulatory agencies to provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards.
Target Industry Incentives
Capital Investment Tax Credit (CITC)
The Capital Investment Tax Credit is used to attract and grow capital-intensive industries in Florida. It is an annual credit, provided for up to 20 years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facility. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the project's Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.
High Impact Performance Incentive (HIPI)
The High Impact Performance Incentive is a negotiated grant used to attract and grow major high impact facilities in Florida. In order to participate in the program, the project must: operate within designated high-impact portions of the following sectors-- clean energy, corporate headquarters, financial services, life sciences, semiconductors and transportation equipment manufacturing; create at least 50 new, full-time equivalent jobs (if a R&D facility, company must create at least 25 new, full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million (if a R&D facility, make a cumulative investment of at least $25 million) in a three-year period. If approved, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.
Qualified Defense and Space Contractor Tax Refund (QDSC)
Florida is committed to preserving and growing its high technology employment base by giving Florida defense, homeland security and space business contractors a competitive edge in consolidating contracts or subcontracts, acquiring new contracts or converting contracts to commercial production. Pre-approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new, full-time equivalent job created or retained.
Qualified Target Industry Tax Refund (QTI)
The Qualified Target Industry (QTI) Tax Refund program provides an incentive for companies in Florida’s qualified targeted industries to locate new facilities in Florida or to expand existing facilities in Florida. The program provides tax refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium and certain other taxes, at $3,000 per new job created. Higher awards are available to companies paying wages 150% or higher than the county’s average annual wage. New or expanding businesses in selected targeted industries, paying at least 115% of the county’s average annual wage, that have a significant positive impact on the community and have local support are eligible.
Workforce Training Incentives
Incumbent Worker Training (IWT)
Florida’s Incumbent Worker Training (IWT) program provides training to currently employed workers to keep Florida's workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Priority is given to businesses in targeted industries, Enterprise Zones, HUB Zones, Inner City Distressed areas, Rural Counties and areas, and Brownfield areas.
Quick Response Training (QRT)
Florida’s Quick Response Training (QRT) program is an employer-driven training program designed to assist new or expanding businesses. The program is flexible and structured to respond quickly to meet business training objectives. A local training provider – school district, technical center, community college, state college or university – is selected and available to assist in the application process and program development or delivery. If the business has a training program in place, a state training provider will supervise and manage the training program and serve as the fiscal agent for the grant funds. Reimbursable training expenses include instructors’/ trainers’ salaries, curriculum development, textbooks/manuals and materials/supplies.
Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit is a Federal tax credit incentive for private, for-profit employers to hire welfare recipients and individuals from other special groups.
Economic Development Transportation Fund
The Economic Development Transportation Fund, commonly referred to as the "Road Fund," is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million. The award is made to the local government on behalf of a specific business for public transportation improvements.