City of Largo, Florida
The City of Largo's Economic Development Division utilizes the State of Florida's businesses incentives in order to assist in the expansion or relocation of a business entity into the City of Largo. Below is a description of these incentives along with detailed information sheets on each, and when applicable, the applications needed to apply for the incentives.
In order to provide a quick overview of the incentive programs available to businesses interested in expanding or relocating to Largo, the Division created an incentive matrix that can be downloaded and printed for use as a reference tool. Click here to download the matrix.
If your organization requires confidentiality on a project, our Division has the ability to provide that to you through a letter of. Confidentiality. Please contact the Economic Development Division at 727-586-7360 or by email at firstname.lastname@example.org
Qualified Target Industry Tax Refund Program (QTI)
The Qualified Target Industry (QTI) Tax Refund is a program available for companies that create high wage jobs in targeted high value-added industries. This incentive is a tax refund based program and includes corporate income, sales, ad valorem, intangible personal property, insurance premium, and a few others. Pre-approved applicants who create jobs receive tax refunds of $3,000 per net new full-time equivalent job created. Additional bonus amounts are granted for jobs that are significantly above the average annual wage. For more information on the QTI program click here.
Capital Investment Tax Credit (CITC)
Used to attract and grow capital-intensive industries in Florida, the CITC is an annual credit to off-set the state corporate income tax for up to twenty years. Eligible CITC projects are those in designated high-impact portions of the following sectors: biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or a corporate headquarters facility. For more information on the CITC program click here.
High Impact Business Performance Incentive Grant (HIBPI)
The HIBPI is a grant program designed for major high impact facilities who wish to be in Florida. Applicants will need to be in one of the following sectors: clean energy, corporate headquarters, financial services, life sciences, semiconductors, or transportation equipment manufacturing. Additionally there must be at least 50 new full-time equivalent jobs (25 for R&D facilities) in a three year period; make an investment of at least $50 million ($25 million for R&D facilities). For more information on the HIBPI click here.
Qualified Defense and Space Contractor Tax Refund (QDSC)
and growth in the high technology employment base through the support
of defense, homeland security, and the space industry is a key
commitment in the state. Businesses/contractors who are
consolidating contracts or subcontracts, acquiring new contracts, or
converting contracts to commercial production are eligible for this
program. For more details on the QDSC click here.
Economic Development Transportation Fund ("Road Fund")
to alleviate transportation problems that adversely impact a specific
location for a company, the Road Fund is a grant that is provided to
the local government agency to negate the transportation problem for
the location. The award amount is based on the number of new and
retained jobs and the funds available for any given year in the fund.
More details on the Road Fund can be found by clicking here.
Brownfield Redevelopment Program
In 2008, the City of Largo received a Brownfield Designation for the greater downtown area through the Pinellas County Brownfield Program. The Brownfield Redevelopment bonus is available to encourage redevelopment and job creation in these underutilized industrial or commercial sites. Additional benefits exists for locating in a Brownfield area and include financial incentives, regulatory benefits, and assistance in the redevelopment of an area. Click here for a map of Largo's designated Brownfield Area. For more information on all of the Brownfield programs click here
Pinellas County Job Creation Incentive Program
Pinellas County Job Creation Incentive was created to provide an
incentive to encourage new capital investment and high wage job
creation for new and expanding companies into Pinellas County. To
learn more on this county based incentive click here.
Permit Streamlining Initiatives
The City of Largo understands that businesses need certainty, predictability and efficiency in government regulations. Because of this, ever effort has been taken to streamline procedures to assist existing, expanding or new businesses get through the local permit process in a timely manner. Click here for details on the Permit Streamlining initiative.
New 2010 Incentives
Jobs for the Unemployed Tax Credit Program (JUTC)
This program provides incentives to businesses who hire qualified employees who had been previously unemployed in the state of Florida. Target industry businesses (Life Sciences, Information Technology, Aviation & Aerospace, Homeland Security & Defense, Financial/Professional Services, Manufacturing, Emerging Technologies and Corporate Headquarters) are eligible for tax credits of $1,000 per every employee hired as of July 1, 2010. To learn more on this credit click here.
Manufacturing and Spaceport Investment Incentive Program (MSII)
Developed to encourage capital investment and job creation in manufacturing and spaceport activities, the MSII provides a tax refund up to $50,000 to be applied against the State Sales and Use Tax paid for eligible equipment purchases. Click here for more information on the tax credit.
Entertainment Industry Financial Incentive
Entertainment Industry Financial Incentive program was created within
the Governor's Office of Film and Entertainment. The program was
designed to encourage production organizations to consider Florida as
a site for filming, and to develop and sustain the workforce and
infrastructure for entertainment production. Tax credits are awarded
based on eligibility and type of project being produced in the state.
Over a five year period, beginning in FY2010-11, the state will
allocate $242 million in transferable tax credits for the
entertainment industry. For more on this program click here.
Workforce Training Incentives
Quick Response Training Program (QRT)
The QRT program is a grant program designed for new businesses and existing Florida businesses that are expanding into a new business venture that requires employee training. The program is customized, flexible, and responsive to an individual company needs. Click here for more about the QRT program.
Incumbent Worker Training Program (IWT)
The IWT is a program established to provide training grants to businesses who employ Florida workers and are providing new training opportunities to keep Florida's workforce competitive in a global economy. This program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Click here for more information on the IWT program