Summary
An applicant may not be certified as qualified under this section after June 30, 2020.
In 2008, Florida established the Capital Investment Tax Credit for high-impact sectors with the purpose of attracting and growing capital-intensive industries to Florida. The annual tax credit is 5% of eligible capital costs generated by qualifying projects for a maximum of 20 years. A qualifying project is a new or expanding facility located in Florida that is in a high-impact sector, as defined by
Enterprise Florida, Inc. Currently, high-impact sectors include clean energy, biomedical technology, financial services, information technology, silicon technology and transportation equipment manufacturing. Projects must include an investment of at least $25 million in eligible capital costs, among other criteria.
The annual tax credit is limited by the annual corporate income tax liability of the project. The following tax credit limits apply:
- Capital investment of at least $100 million: 100% of the annual corporate tax liability
- Capital investment between $50 million and $100 million: 75% of the annual corporate tax liability
- Capital investment between $25 million and $50 million: 50% of the annual corporate tax liability
Solar manufacturing facilities may transfer tax credits earned through this program. In order to qualify for this transfer, solar manufacturing companies must create at least 400 jobs within six months of beginning operations. The average annual salary of employees must be $50,000 or higher.
