Qualified Target Industry Tax Refund Program

The Qualified Target Industry (QTI) Tax Refund is a tool available to encourage quality job growth in targeted high value-added businesses. Pre-approved applicants who create jobs receive tax refunds of $3,000 per net new full-time equivalent job created; $6,000 per job in an Enterprise Zone. For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job. New or expanding businesses in selected targeted industries or corporate headquarters are eligible. If approved, the applicant may receive refunds on the taxes it pays. This includes corporate income, sales, ad valorem, insurance premium, communications services, and certain other taxes. There is a cap of $5 million per single qualified applicant in all years, and no more than 25 percent of the total refund approved may be taken in any single fiscal year.

In order to participate, a company must apply through the Economic Development Corporation of  Sarasota County prior to making a decision to locate or expand in Florida. All final decisions on applications are based upon all available information at that time. Any business decisions, such as announcements, leasing of space or hiring of employees, made prior to submission of a complete QTI application will be grounds for disapproval. Projects that clearly do not require inducement will not be approved. In order to qualify for consideration under the program, an applicant must: • be in a target industry; • submit an application before making a decision to locate or expand in Florida, and demonstrate that the tax refund will make a material difference in the company’s decision to locate or expand in the community; • create at least 10 net new full-time equivalent jobs and, or if an expansion project, increase employment by at least 10 percent (whichever is greater). For a project located in an enterprise zone, the net increase in employment may be waived in special circumstances; • pay an average annual wage that is at least 115 percent of the state, metropolitan statistical area (MSA), or the local average wages. For a project located in a designated Brownfield area or an enterprise zone, the wage requirement may be waived in special circumstances.  Contact us for more information.