Regional Review: FDI As Economic Engine for Growth in the South Atlantic States

Beth Mattson-Teig (Location USA / April 2013)

The South Atlantic region is home to a notable list of international firms from countries ranging from Japan and South Korea to Finland and Israel. Announcements of new foreign direct investment continue to pour in from a myriad of industries and a wide spectrum of projects big and small. More

Federal and State Legislative Moves to Boost Competitiveness & Business Climate

Jason Hickey, President, Hickey & Associates, LLC (Q1 / Winter 2013)

Understanding the competitive economic climate across the United States, Congress and state legislatures continue to propose new legislation to compete in today’s economic environment. More

Economic Developers Working “Smarter” With Incentives

Beth Mattson-Teig (Q1 / Winter 2013)

The incentives package that Kentucky recently awarded Ford to retain and grow jobs at two Louisville facilities is an example of how economic development agencies are taking steps to tweak financial incentives in order to make them more effective and protect their investments. More

How Corporate Taxes Impact the Business Climate

Area Development Online Research Desk (November 2012)

“Taxes are a fact of life,” the Tax Foundation states in a new background paper, but “not all tax systems are created equal.” With that in mind, the organization sets out every year to rank U.S. states in its “State Business Climate Tax Index.” More

Regional Review: South Atlantic Draws Firms From Around the Globe

Beth Mattson-Teig (August 2012)

Foreign direct investment is becoming a bigger economic engine for growth throughout the South Atlantic States. More

Colliers International: Will the United States Be Ready for Intermodalism?

Area Development Online Research Desk (August 2012)

Colliers International recently released its North American Port Analysis Report highlighting the rapid growth of "intermodalism" and the need for significant investment in U.S. ports post-Panamax. More

Florida Basic Business Taxes 2012

Area Development Online Research Desk (2012)

Florida's economic development, finance, and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include a Qualified Defense and Space Contractor Tax Refund and a Capital Investment Tax Credit. More

Florida Direct Financial Incentives 2012

Area Development Online Research Desk (2012)

Florida's economic development, finance, and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include Qualified Target Industry Tax Refunds, Jobs for the Unemployed Tax Credit Program (JUTC), and private activity bonds. More

FLORIDA at a glance

POPULATION: 19,057,542 (2011)

LABOR FORCE: 9,248,488 (2011)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES:Electronics and electronic equipment, printing and publishing, fabricated metals, industrial machinery and equipment, lumber and wood products, business services, tourism, agriculture

EXPANDING INDUSTRIES: Cleantech, life sciences, infotech, aviation/aerospace, defense/homeland security, logistics/distribution, financial/professional services

COLLEGE GRADUATES: (Age 25 and over with BA or higher) 25.8%

BASIC BUSINESS TAXES:
Corporate Income Tax: 5.5 percent on apportioned income basis; $50,000 exemption subtracted to compare net Florida taxable income; S-corporations (with exemptions) and partnerships pay no state corporate income tax on earnings

Sales Tax: 6 percent; county option of 0-2.5 percent; current highest state and county tax: 7.5 percent

Property Tax: Locally fixed rates at fair market value on real and tangible personal property; no state levy on real and tangible property

BUSINESS INCENTIVES:
Qualified Target Industry Tax Refund (QTI)

High-Impact Performance Incentive grants (HIPI)

Qualified Defense and Space Contractor Tax Refund (QDSC)

Capital Investment Tax Credit (CITC)

Quick Response Training (QRT)

Incumbent Worker Training (IWT)

Economic Development Transportation Fund (Road Fund)

Clean Energy Investment Fund

Semiconductor, Defense, and Space Technology sales and use tax exemptions (SDST)

Sales and use tax exemption on machinery and equipment