The State of Florida, Marion County and the City of Ocala aggressively promote new job creation by offering various investments to assist companies in their site and community selection process. These investments come in the form of grants, refunds, or abatements and may be used singularly or in concert with each other to enhance a company’s profitability. Typical uses for investments include: personnel recruitment and training, infrastructure development, mitigating moving costs, reduction of start-up expenses, etc. Generally most investments may be applied for by new or existing industry although the amounts may vary due to differing formulas applied to the status of the applicant.
State of Florida
State tax incentives available for job creation, investment, and environmental mitigation by businesses located in this area. Benefits may include Job Bonus Tax Refund, building materials sales tax refund, and voluntary cleanup tax credits.
Capital Improvement Tax Credit (CITC)
A program of annual credits against the Florida Corporate Income Tax based on a percentage of capital investment. Program applicable to specific sectors including: life sciences, financial services, corporate headquarters, information technology, transportation equipment manufacturing and semiconductors. Minimum investment needed to qualify for this program is $25 million.
Economic Development Transportation Fund (EDTF)
An infrastructure program provided by the State of Florida and EFI which is designed to remove any transportation impediments to a company choosing a specific site within a community. Application is made in name of the company by the local municipality having jurisdiction over impacted roads. Grant amounts are directly tied to jobs created. Grants of $1 million or more require 200 new jobs, $200,000 to $1 million require 100 or more new jobs and less than $200,000 must produce up to 100 new jobs. Maximum grant amount is $2 million.
Incumbent Worker Training
A training program funded by the Federal Workforce Investment Act and administered by Workforce Florida, Inc. Provides training to existing workers to maintain workforce competitiveness. Training can occur at colleges, vocational centers or a company’s facility. Business must provide matching contribution and training must be completed by end of State’s fiscal year (June 30th).
Machinery and Equipment Sales Tax Exemption
Machinery and equipment used in the manufacturing process may be exempt from Florida Sales Tax through a process of pre-applying for an exempt status. Existing industries must demonstrate an increase in production of a minimum of 10%. Program is administered through the Florida Department of Revenue.
Qualified Target Industry program (QTI)
A tax refund program that is provided by the State of Florida and Enterprise Florida (EFI) based on the number of jobs created and the quality of those jobs. The program allows for refunds of up to $3,000 per job created within certain industrial sectors. Refunds may be taken against corporate income tax, sales tax, intangible personal property tax, insurance premiums and certain other taxes. Requirements are that a minimum of 10 new jobs be created and that those jobs pay a minimum of 115% of the County’s average wage. (Salary requirement may be waived in a Brownfield site or enterprise zone.) Local governments must agree to a matching fund of 20% of the total requested. Program may be used in conjunction with other programs such as “Brownfields” to increase the total per job funding amounts. NOTE: The QTI refund program MUST be used as an inducement.
Quick Response Training program (QRT)
A training program administered through Workforce Florida (WFI) which is designed to help companies identify, recruit and train employees during initial phases of locating or expanding in a Florida community. The program requires at least 10 new full-time jobs be created and allows for training in educational or company facility. Company salaries must be at least 115% of the County’s average wage. (Salary requirement may be waived in a Brownfield site or enterprise zone.) Training programs can be established locally through the College of Central Florida, the Marion County School System or other approved facilities.
Urban Job Tax Credit Program
A program of tax credits against Florida’s Corporate Income Tax or Sales and Use Tax for companies locating within specific urban areas and employing a specific number of employees. Communities are identified by size which dictates number of employees necessary. Tax credits vary from $500 per job created to $1,500. NOTE: The State of Florida maintains additional incentives specific to certain industrial sectors.
Waiver of Sales Tax on Power Consumption by Manufacturers
A State program that allows communities (if they choose) to eliminate the State’s portion of the sales tax normally charged on power consumption in the manufacturing process. The applicant must commit at least 75% of its physical structure to a manufacturing process and must request the elimination from their power supplier.
Economic Development Financial Incentive Grant (EDFIG)
A grant program that authorizes direct cash grants to qualified companies that invest a minimum of $300,000 and create a minimum of 10 new jobs at 115% of the Average Earnings Per Worker in the County. Grant amounts are equal to a percentage of the increased Advalorem taxes generated by the project. Grant amounts vary according to location.
Industrial Development Bonds (IDBs)
A Marion County supported financing program designed to utilize assets and future income of the applicant to guarantee payment of low interest loans. Interest paid to bond purchasers is exempt from federal income tax allowing the buyer to pass along savings to the company in the form of lower rates. Funds may be used for land, building and equipment purchase as well as some “soft costs” such as architectural fees, etc. Users must be manufacturers, health care related or certain non-profits. The maximum amount allowed is $20 million and the practical minimum is $1.5 million. Interest rates are negotiable and are usually tied to a percentage of the current prime rate. A federally mandated per capita amount of bonds are allowed annually.
City of Ocala
Economic Improvement Program (EIP)
The purpose of the EIP is to create economic growth within the Ocala city limits and utility service areas through both the attraction of new business and encouragement of existing business to grow and expand. Funding may include, but is not limited to; the waiving, crediting, or payment of fees, reduced rent on city owned property, grants, land donation or exchange, capital improvements, required infrastructure improvements, grant matching funds, gap financing, and loan guarantees among others. The program is administered by the City of Ocala Revitalization Strategies Department. NOTE: Applicants MUST locate within the City’s utility service area and each application is approved by Ocala City Council.
Chamber & Economic Partnership (CEP)
One-Stop Concierge Service
The Chamber & Economic Partnership will be with your business from beginning to end whether attraction, creation, or expansion. The diverse array of organizations and programs encountered in the economic development process can create significant challenges for businesses at all levels. Our one-stop concierge approach is tailored to assist you through the planning, design and development process. Whatever your need, from workforce training and employee recruitment to technical assistance with government contracting, process improvements, and export growth, you will have a knowledgeable team that will be there to support and assist you from start to finish.
Commercial Real Estate Listings
Whether it is properly zoned land or an existing building, the CEP can help businesses find the right location to grow in Marion County. Visit our Sites & Buildings page to find your new building or site.
Business & Economic Demographics
The CEP provides valuable research to help companies evaluate the feasibility of their expansions in this market. From business climate and workforce to assets and infrastructure, information is key to every aspect of business planning. Our easy to access economic figures, demographic data, trend analysis, and industry data will help you with expansion opportunities, strategic planning, market studies and business plans. Visit our Demographics page to find a vast array of up-to-date information for your every need.
Business Training Solutions
The Enterprise Center at the College of Central Florida (CF) houses two agencies connecting resources to benefit the business community; Workforce Connection and CF - Corporate Training. These organizations have received national recognition for their collaborative efforts to assist companies.
The CEP can help coordinate the process. Getting to the right place and the right people the FIRST time.
CEP partner, CareerSource Citrus Levy Marion, has several free programs to help businesses identify, recruit and train employees. CareerSource CLM is a proud partner of the American Job Center network and member of CareerSource Florida.