Ad Valorem Abatement:
The City Council has the ability to abate ad valorem taxes for a new or expanding business, at their discretion, for a period of up to 10 years.
Qualified Target Industry Tax Refund:
The Qualified Target Industry Tax Refund (QTI) program provides an incentive for target industries to locate new facilities in Florida or to expand existing facilities in Florida. The program provides tax refunds of up to $4,800 (in rural communities or enterprise zones requesting a waiver of the local match requirement) per new job created. Higher awards are available to companies paying very high wages.
To qualify for the QTI program a company must create at least 10 new jobs (or a 10% increase for expanding Florida companies), pay an average of at least 115% of the area wages (for Walton County 115% of the current local average wage is $32,879 annually or $15.81 hourly), have a significant positive impact on the community and have local support.
The business also must be operating in a Qualified Target Industry including: Cleantech, Life Sciences, Infotech, Aviation/Aerospace, Homeland Security/Defense, Financial/Professional Services, Manufacturing, Corporate Headquarters, Or Research And Development.
Quick Response Training Incentives:
The Quick Response Training (QRT) program provides grant funding for customized training to new or expanding businesses. The program is flexible and structure to respond quickly to meet business training objectives.
If the business has a training program in place, a state training provider will supervise and manage the training program and serve as the fiscal agent for the grant funds. Reimbursable training expenses include: instructors’/trainers’ salaries, curriculum development, textbooks/manuals, and materials/supplies.
Incumbent Worker Training:
The Incumbent Worker Training (IWT) program provides employers with funds to train currently employed workers in an effort o keep their firms and workers competitive. The program addresses retraining to meet changing skill requirement caused by new technology, retooling, new product lines and new organization structuring.
Economic Development Transportation Fund:
The Economic Development Transportation Fund (“Road Fund”) provides up to $3 million to local governments for the construction or improvement of transportation infrastructure needed to accommodate new or existing industry.
Rural Infrastructure Fund:
The Rural Infrastructure Fund provides grant assistance to governments within designated rural areas for the development of infrastructure to accommodate new or existing industry.
State and local permit streamlining procedures are available to assist business in obtaining necessary permits and approvals in a quick, efficient and predictable manner.
For more information regarding any of the incentives programs listed above, please contact the Walton County Economic Development Alliance at 850-892-4859, or by email.