Taxes & Incentives
Opportunity Zones: Prospectus
Putnam County is home to Florida’s premier Opportunity Zones. The three Zones, two in Palatka and one in Crescent City, are prime for development and investment. The Putnam County Chamber of Commerce developed the following Prospectus as a tool for highlighting and marketing the county's Opportunity Zones. Take a look at the Prospectus below to learn more about the demographic and economic data of the county and each zone and to see why investing in Putnam County is a perfect opportunity.
Opportunity Zones: Interactive Map
This interactive map is a product of the Putnam County Property Appraiser and can be used to find property information county-wide. To see information about properties located in Putnam County’s three Opportunity Zones, apply the “Opportunity Zones” layer in the Layer List at the bottom of the map. Users can also filter zoning and land use data for the county, the City of Palatka, and the City of Crescent City. For more information on available properties, contact the Putnam County Chamber of Commerce.
State Incentives
The tax environment in Florida is very favorable. Florida does not have corporate franchise tax, personal state income tax or taxes on inventories or foreign income. Florida is also a “Right-to-Work” state. Employees are not required to join a union, and employment may be terminated “at will” by either employee or employer.
Capital Investment Tax Credit (§220.191, F.S.). Objective is to spur capital investment in Florida’s High Impact Sectors (as defined by Florida Statutes). It is used to attract and grow capital-intensive industries in Florida: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or a corporate headquarters facility. Annual credit, provided for up to 20 years, against the corporate income tax.
Rural Job Tax Credit. This is an incentive for eligible businesses located in one of Florida’s 36 qualified rural areas* to create new jobs. Five million dollars of tax credits may be approved in a calendar year. The tax credit provides for $1,000 per qualified employee and can only be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax. A business may receive up to $500,000 of tax credits under this section during any one calendar year. These tax credits are provided to encourage meaningful employment opportunities that will improve the quality of life of those employed and to encourage economic expansion of new and existing businesses in rural areas of Florida.
*Putnam County is a qualified county
Qualified Target Industry Tax Refund (§288.106, F.S.). Objective is to to attract new high quality, high wage jobs for Floridians in target industries. $3,000 tax refund per new job created; jobs must be more than 115% of the county’s average annual wage.
Job creation is verified before tax refund is given to company.
Brownfield Redevelopment Bonus Refunds (§288.107, F.S.). Objective is to spur job creation and capital investment in designated brownfield areas eligible for bonus refunds. Brownfield areas eligible for bonus refunds means a brownfield site for which a rehabilitation agreement with the Department of Environmental Protection or a local government delegated by the Department of Environmental Protection has been executed under s. 376.80 and any abutting real property parcel within a brownfield area which has been designated by a local government by resolution under s. 376.80.
The Brownfield Redevelopment Bonus is available to any eligible company, including those that do not fall under one of the targeted industries. Approved applicants receive tax refunds up to $2,500 for each job created.
High Impact Business Performance Incentive Grant. This is a negotiated incentive used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors as designated by the Department of Economic Opportunity (DEO). Once recommended by SelectFlorida and approved by DEO, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.
Machinery and Equipment Sales Tax Exemption. This is an exemption from sales and use tax applies to the amount charged to customers for labor associated with the maintenance or repair of:
- New Manufacturers - In order to qualify for the new business exemption, the machinery and equipment must have been purchased, or a purchase agreement made, prior to the date the business first begins to produce a product for inventory or immediate sale. Purchased machinery and equipment must be received within twelve months of the date that production began.
- Expanding Manufacturers - Industrial machinery and equipment is exempt from tax when purchased by an expanding business.
- Mining Activities - Machinery and equipment
Semi-Conductor Defense and Space Technology Tax Exemption (§212.08, F.S.). Objective is to support technology-based companies as they continue to invest in critical advanced technology machinery and equipment and support the retention and growth of these high-value, high-wage industries. Businesses involved in semiconductor, defense and space technology production are eligible to apply for a sales tax exemption permit, valid for two years, on the purchase of machinery and equipment. The majority of companies using this tax exemption bid on government defense and space contracts and must keep their overhead costs low in order to stay competitive and win these lucrative contracts. This incentive helps companies achieve this goal.
Quick Response Training. Quick Response Training, administered by CareerSource Florida, is a state-funded grant program that provides funding to qualifying businesses to train new, full-time employees. Grant funding is provided as a performance-based reimbursable grant, 12-month maximum term, for customized, skills-based training. Quick Response Training is available to new or expanding businesses in Florida’s targeted industries. These industries are typically high-skill industries, produce exportable goods or services and have wages of 125% above state or local wages.
Local Incentives
There are 3 Opportunity Zones located in Putnam County where private investments, under certain conditions, may be eligible for capital gain tax incentives. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act to stimulate economic development and job creation, by incentivizing long-term investments in designated areas.