Inventives

In addition to its unbeatable lifestyle, the region also boasts a pro-business tax climate and offers a host of incentives on the local, regional and state levels to help businesses flourish in Central Florida’s Polk County.

 To learn more or see if your business qualifies, please contact a member of CFDC's team:

Alex Price, Director of Business Development - (863) 937-4430 - alex@cfdc.org

LOCAL INCENTIVE PROGRAM

Polk County Ad Valorem Tax Exemption (AVTE):

The exemption was implemented to support economic growth and enhance the county’s ability to be competitive. To be eligible, a company must be a qualified target industry, create a minimum of 10 new jobs and meet the programs wage requirement. Projects must invest a combined minimum of $10 million in building and equipment (real and tangible property). The exemption must be approved by the Board of County Commissioners before any improvements to real property are made. Click here for the resolution stating the policy guidelines and requirements.

Additional programs may apply to projects representing significant job creation and capital investment. Please reach out to CFDC's team member to learn more. 

STATE INCENTIVE PROGRAMS

Quick Response Training Grant (QRT):

The QRT grant is available to new or expanding businesses to help fund customized training for new employees. Reimbursable training expenses include instructors’/trainers’ wages, curriculum development, and textbooks/manuals. Because this program is customized, flexible, and responsive to individual company needs, funds are determined on a case-by-case basis.

High Impact Performance Incentive Grant (HIPI):

The High Impact Performance Incentive is a negotiated grant available to companies with a headquarters relocation project or those operating in a high-impact sector of one of Florida’s key industries, including clean energy, financial services, life sciences, semiconductors and transportation equipment manufacturing. In order to qualify, businesses must create 50 new full-time jobs (25 for Research & Development facilities) and make a cumulative investment of $50 million ($25 million if R&D) during a three-year period. If approved, 50 percent of the award is distributed at the beginning, followed by 50 percent once employment and investment goals are met.

Capital Investment Tax Credit (CITC):

Up to 20 years in corporate tax credits are available to companies with a headquarters relocation project or operating in the clean energy, financial services, life sciences, semiconductors or transportation equipment manufacturing sectors. In order to qualify, businesses must create 100 new full-time jobs in three years and make a total investment of a minimum of $25 million.

REGIONAL INCENTIVE PROGRAMS

Duke Energy Economic Development Rider:

Reduction of base rate demand and energy charges for companies that add 25 net new jobs and have an electrical demand of 500 kWh of which a minimum load factor of 50% must originate from a single point of delivery. Capex must exceed $500,000.

TECO Energy Economic Development Rider Program:

Reduction of base rate demand and energy charges for companies that add 25 full-time equivalent new jobs and have an electrical demand of 350 kWh from a single meter.

Florida Public Utilities Natural Gas Commercial Rebate:

Rebates are available for new natural gas commercial appliances. Amounts vary by rebate category and customer class.

Foreign Trade Zone (FTZ 79):

International businesses can take advantage of added import flexibility on products for re-export and enjoy cash flow benefits and substantial savings on import fees.

FROSTPROOF SUCCESS STORY

Sold by Ben Hill Griffin to Nucor Corps. in 2018, Nucor has built a $240 million steel mill south of Frostproof.  The “micro-mill” will make steel rebar from scrap metal for the construction industry.  Micro-mills differ from Nucor’s other facilities, called mini-mills, in having a smaller production capacity limited to just a few products.

Nucor employs more than 26,000 people in North America, including more than 700 workers in Florida, including Frostproof.

The Frostproof plant has 250+ workers and will make an average annual salary of $68,000.  Because of that salary and the number of jobs created, Nucor got several tax breaks to build the Frostproof plant.

A state incentive program will pay Nucor $7,500 for each new job paying 150% or more of the local average annual wage.  The state incentives total about $1.2 million.