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Incentives
The Palm Beaches include competitive, flexible incentives for relocating and expanding companies, with assistance tailored to factors such as job creation, wages, benefits, industry, and business activity.
Incentives
The Business Development Board of the Palm Beaches’ experienced economic development team works closely with city, county, and state partners to help companies identify and navigate business incentives, grants, economic development programs, and approval processes. From Boca Raton to Jupiter and west to the Glades Region, we support companies evaluating business relocation and expansion opportunities throughout Palm Beach County.
State Incentives:
- High Impact Performance Incentive (HIPI): Negotiated grants for major facilities in high-impact sectors (Clean Energy, Corporate HQ, Financial Services, Life Sciences, Semiconductors, Transportation Equipment Mfg). Requires 50+ new FTE jobs (25 for R&D) and $50M+ investment (or $25M for R&D) within 3 years.
- Capital Investment Tax Credit (CITC): Up to 20 years of annual corporate income tax credits based on eligible capital costs. Requires 100+ new jobs and $25M+ capital investment; covers similar high-impact sectors plus Information Technology.
- Quick Response Training Program (QRT): Grant funding for customized workforce training for new/expanding businesses in qualified targeted industries, administered by CareerSource Florida.
- Rural Job Tax Credit Program: $1,000–$1,500 per qualified new job for businesses in one of Florida's 36 designated rural counties; capped at $500,000/year, carries forward 5 years.
- Urban Job Tax Credit Program: $500–$2,000 per qualified new job for businesses in designated urban areas; carries forward 5 years.
- Research and Development (R&D) Tax Credit: Corporate income tax credit equal to 10% of qualified research expenses above a 4-year average, limited to FloridaCommerce-certified target industries; carries forward 5 years.
- Veterans Florida Business Training Grant: Matches 50% of training costs (up to $8,000/veteran) for businesses training or hiring military veterans.
- Individuals with Unique Abilities Tax Credit: $1/hour worked (up to 1,000 hours) for employing qualified employees with a physical or intellectual disability; max $10,000/year, carries forward 5 years.
- Experiential Learning Tax Credit: $2,000 per apprentice, pre-apprentice, or student intern hired, up to $10,000/year (covers tax years 2022–2025).
- Sales & Use Tax Exemptions: Cover manufacturing machinery/equipment, R&D equipment, solar energy equipment, commercial space activities, aviation maintenance/repair, and semiconductor/defense/space technology facilities; also applies to electricity/steam used for qualifying manufacturing equipment.
- Florida Job Growth Grant Fund: Direct state grants (not tax refunds) for public infrastructure and workforce training projects supporting private-sector job creation; awards from under $1M to over $10M.
Local Incentives (Palm Beach County):
- Job Growth Incentive Fund Grant: $500–$2,000 per job for creating/relocating 50+ non-retail full-time jobs within 36 months, paying 115% of average county/industry wages.
- Ad Valorem Tax Exemption: Up to 100% property tax exemption (up to 10 years for new businesses) for qualifying new or expanding manufacturing/office businesses meeting job-creation thresholds; $1,000 non-refundable filing fee.
- Expedited Permitting: Streamlined, concurrent regulatory review for qualifying BDB projects in targeted industries.
- Municipal Incentives: Additional cash incentives from Jupiter, Palm Beach Gardens, West Palm Beach, and Boca Raton for relocating/expanding companies.
Utility & Workforce Incentives
- FPL Economic Development Rate (EDR): Reduced electric rates for businesses adding 350+ kW of load and 25 new jobs per 350 kW added.
- FPL Commercial Industrial Service Rider (CISR): Negotiated rates for businesses with 2,000+ kW load as part of a competitive site-selection project.
- CareerSource Palm Beach On-the-Job Training (OJT): Reimburses up to 50% of gross training wages for newly hired employees upon successful training completion.
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