Capital Investment Tax Credit (CITC)

Used to attract and grow capital-intensive industries in Florida, the Capital Investment Tax Credit (CITC) is an annual credit, provided for up to twenty years, against the corporate income tax. The amount of the annual credit is based on the eligible capital costs associated with a qualifying project. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations.

In order to participate in the program, a company must apply to the Economic Development Corporation of Sarasota County prior to the commencement of operations. In order to qualify for consideration under the program, an applicant must:

Operate within designated high impact portions of the following sectors: Life Sciences, Financial Services, Information Technology, Transportation Equipment Manufacturing, and Semiconductors; Create at least 100 new jobs in Florida in connection with the project; and Make a cumulative capital investment of at least $25 million in connection with the project during the period from the beginning of construction to the commencement of operations.

Eligibility: The amount of the annual credit is up to five percent of the eligible capital costs generated by a qualifying project, for up to 20 years. The annual credit may not exceed a specified percentage of the annual corporate income tax liability generated by the project. Those percentages are:

One hundred percent, for a project with a cumulative capital investment of at least $100 million; Seventy-five percent, for a project with a cumulative capital investment of at least $50 million but less than $100 million; and Fifty percent, for a project with a cumulative capital investment of at least $25 million but less than $50 million.  Contact us for more information.