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Florida has a stable economy and highly favorable tax climate that enhances Florida’s position as a profitable location for business and industry. Progressive legislation ensures Florida remains a worldwide hub for new and expanding businesses. Incentives for which a particular business may qualify include but are not limited to the following.
State of Florida Incentives- Qualified Target Industry Tax Refund, up to $6,000 per qualifying new job created
- High Impact Performance Incentive Grant, for pre-determined high-impact facilities
- Qualified Defense Contractor Tax Refund, up to $5,000 per new qualifying job created
- Economic Development Transportation Fund, up to $2 million for qualifying road projects
Career Source Training Incentives
- Quick Response Training Incentives, customized training for qualifying projects
- Incumbent Worker Training Program, new skills training for qualifying existing employees
Ormond Beach Incentives
- Ormond Beach property tax reimbursement, real estate and personal property tax abatement for qualified businesses
- Growth assistance funding programs for job creation and capital investment for qualified businesses
- Downtown District property improvement grants
- Permit streamlining, expedited permit review process for business development
Tax Advantages
- NO CORPORATE INCOME TAX ON LIMITED PARTNERSHIPS
- NO CORPORATE INCOME TAX IN SUBCHAPTER S CORPORATIONS
- NO STATE PERSONAL INCOME TAX GUARANTEED BY THE FLORIDA CONSTITUTION
- NO CORPORATE FRANCHISE TAX ON CAPITAL STOCK
- NO STATE-LEVEL PROPERTY TAX
- NO PROPERTY TAX ON BUSINESS INVENTORIES
- NO PROPERTY TAX ON GOODS-IN-TRANSIT FOR UP TO 180 DAYS
- NO SALES AND USE TAX ON FLORIDA GOODS PRODUCED FOR EXPORT
- NO SALES TAX ON PURCHASES OF RAW MATERIALS FOR SPECIFIED QUALIFYING USES
- NO SALES/USE TAX ON CO-GENERATION OF ELECTRICITY
- TAX EXEMPTIONS ON ELECTRICITY USED IN THE MANUFACTURING PROCESS
- TAX CREDITS FOR ENERGY EFFICIENT MANUFACTURING EQUIPMENT
Recent News
Ormond Crossings’ First Development
Ormond Crossings has its first occupant! Security First Insurance had a Grand Opening event Nov. 14. 2019 for their new home, a gleaming 136,000-square-foot, four-story office building.
The building cost was $38.2 million, paid by Security First. The landowner, Tomoka Holdings, paid about $2 million for infrastructure. “That’s a tremendous investment in the future of Ormond Beach,” said Locke Burt, CEO and president.
And there’s still room for growth. The company bought 48 acres in 2017, and only 13 acres have been cleared. Melissa Burt DeVriese, Burt’s daughter and chief administrative officer and legal counsel, said this space could contain a campus of buildings someday. City Economic Developer Brian Rademacher said the available space in Ormond Crossings is one of the attractions for development. Companies can buy as much land as they need for now and the future, rather than trying to fit into developed area.
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