Can Qualified Target Industry Tax Refunds Help You?
Originally published on October 13, 2016
Updated on October 31st, 2023
Growing tech companies throughout Florida can benefit from a myriad of tax credits, many of which were created specifically with the tech industry in mind. One such credit is the Qualified Target Industry Tax Refund (QTI), a discretionary tax credit designed to encourage the creation of high-skill jobs and encourage the growth of corporate headquarters and targeted industries such as clean technology providers.
Administered by Enterprise Florida (a partnership between Florida business and government leaders), the QTI program provides a tax refund of $3,000 per new job created in the state via the expansion of an existing business or opening of a new one. (This amount increases to $6,000 when the job is located within an Enterprise Zone or Rural County.) If the job pays over 150% over the average wage of the area, the business is eligible for a $1,000 per job bonus; if the pay is over 200% of the average wage, that bonus increases to $2,000. At any amount, these credits can mean much-needed tax relief at a time when a company is ready to expand but does not have as much funding on hand.
James Moore works with McGuire Sponsel to help companies learn more about QTI credits and how they can take advantage of the benefits of this program. A recent blog post from the company provides additional information about the program.
Contact James Moore to investigate whether QTI credits can help your company and get the process started with McGuire Sponsel.
All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
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