Business Facilities - January 2008 - (Page 9) services to a neighborhood organization that provides services in this community, then it may be eligible for a tax credit of up to 50% of the investment or donation up to a maximum of $100,000. PUBLIC UTILITY TAX REBATES: Firms meeting the criteria for targeted industry tax credits are eligible for a rebate of 50% of the public utilities tax imposed on new or increased consumption of gas and electricity for five years. The public utilities tax rate is 4.25%. The utility tax on the consumption of electric by licensed manufacturers and food or agribusiness processors is reduced from 4.25% to 2%. Additionally, electric consumed in the manufacture of automobiles is exempt from the utility tax. CORPORATE INCOME TAX CREDITS (TARGETED INDUSTRY & TARGETED AREAS): Firms within targeted industries qualify for corporate income tax credits of $400 for each new employee and $400 for each new $100,000 investment. Firms within targeted industries who also locate in a targeted area qualify for $650 for each new employee and $650 for each new $100,000 investment. Firms must invest a minimum of $200,000 and create a minimum of five new positions. BROWNFIELDS TAX CREDIT PROGRAM provides tax credits to any taxpayer who invests $200,000 in a qualified brownfield facility and who has hired at least five qualified employees during any taxable year. Companies that locate in a brownfield are eligible to receive tax credits for new employees ($650 for each new employee), capital investment ($650 per each $100,000 of investment), and a 15-year graduated gross receipts tax credit. FLORIDA THE QUALIFIED TARGET INDUSTRY TAX REFUND is available for companies that create high-wage jobs in targeted high value-added industries, and it includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per new full-time job created, and $6,000 in an Enterprise Zone or rural county. For businesses paying 150% of the average annual wage, add $1,000 per job, and for businesses paying 200% of the average annual salary, add $2,000 per job. There is a cap of $5 million per single qualified applicant in all years, and no more than 25% of the total refund approved may be taken in any single fiscal year. HIGH-IMPACT PERFORMANCE INCENTIVE GRANTS are negotiated and used to attract and grow major high-impact facilities in Florida. In order to participate in the program, the project must operate within designated highimpact portions of the following sectors—biomedical technology, financial services, silicon technology, and transportation equipment manufacturing; create at least 100 new fulltime equivalent jobs (if a research and development facility, create at least 75 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $100 million (if a research and development facility, at least $75 million) in a three-year period. QUALIFIED DEFENSE CONTRACTOR TAX REFUND: This tax refund may be up to $5,000 per job created or saved in Florida through the conversion of defense jobs to civilian production, the acquisition of a new defense contract, or the consolidation of a defense contract that results in at least a 25% increase in Florida employment or a minimum of 80 jobs. CAPITAL INVESTMENT TAX CREDIT: This 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: biomedical technology, financial services, information technology, silicon technology, and transportation equipment manufacturing. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. GEORGIA Recently Georgia became the first state in the Southeast to adopt a SINGLE FACTOR GROSS RECEIPTS apportionment formula. This new formula substantially reduces Georgia income tax for companies based in the state that deliver a large portion of products or service to customers outside Georgia. (In the previous corporate income tax system, companies were taxed on property in Georgia, total payroll receipts, and Georgia gross receipts.) CENTERS OF INNOVATION: The state has established six Centers of Innovation, each supporting a different strategic industry, where innovative companies can accelerate their growth by tapping university-sponsored research, university and private sector talent, and other state and private sector resources. Qualified companies may be eligible for matching research grants. Industries include aerospace, agriculture, life sciences, logistics, manufacturing, and entrepreneur outreach. The GEORGIA ENTERTAINMENT INDUSTRY INVESTMENT ACT grants base tax credits to qualified productions, as well as additional credits for employing Georgia talent and shooting in underdeveloped counties. It is available not only to traditional motion picture projects such as feature films, television series, commercials, and music videos, but also innovative new industries such as game development and animation. This new program offers a base tax credit of 9% with uplifts based on Georgia job creation, expenditures in Tier 1 and 2 counties, and for multiple television projects by a single production company. HAWAII THE HAWAII ENTERPRISE ZONES PROGRAM: Eligible businesses that satisfy Enterprise Zone hiring requirements are exempt from the Hawaii General Excise Tax, and can claim two partial state personal or corporate income tax credits for up to seven consecutive years. THE EMPLOYMENT AND TRAINING FUND PROGRAM provides industry or employerspecific training programs in critical skill shortage and high-growth occupational areas. The NATIVE HAWAIIAN REVOLVING LOAN FUND is a lending program for Native Hawaiians whose mission is to increase sustainable, Native Hawaiian-owned businesses by fostering economic independence, commitment, and fiscal responsibility through entrepreneurial/job development. BUSINESS FACILITIES 9
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.