Glades County Economic Development Incentives
- Foreign Trade Zone Status
- Enterprise Zone Incentives
- Sales Tax Exemption for Electrical Energy
- Property Tax Credit (Corporate Income Tax)
- Building Materials Sales Tax Refund
- Business Equipment Sales Tax Refund
- Jobs Tax Credit
Glades County Is Open for Business
In addition to boasting an Enterprise Zone that spans much of the county, including property adjacent to the best road, rail, water and utilities infrastructure, and an economic development tax abatement which is not restricted to manufacturing, Glades County also enjoys certain incentives based on its designation as a rural county.
Glades County welcomes the opportunity to discuss options in detail and your business requirements.
Tracy Whirls, Executive Director
Glades County Economic Development Council
Foreign Trade Zone Status
Glades County is one of six counties in Florida’s Heartland Regional Economic Development Initiative (FHREDI) region. As such, industrial properties in Glades County will enjoy free trade zone status under FTZ 215 as a usage driven FTZ site. Additional incentives including quick response training programs may be available through the State of Florida.
Enterprise Zone Incentives
Tax incentives are offered to businesses that are located in the Glades County Enterprise Zone. The incentives are available to businesses who pay either the Florida Corporate Income Tax or the Florida Sales and Use Tax and hire workers who live in any Enterprise Zone.
Sales Tax Exemption for Electrical Energy
New or expanding businesses within the Glades County Enterprise Zone are exempted from current and future municipal taxes on electrical service. Qualified businesses shall receive an exemption equal to 50 or 100 percent of sales tax charged on electricity as stated in Florida Statute 212.08(15) and Statute 166.231(8) for a period of five years.
New or expanded businesses located within an Enterprise Zone are allowed a credit against Florida corporate income tax equal to 96% of ad valorem taxes paid on the new or improved property.
By filing an application for the Enterprise Zone property tax incentive, the client company could receive a rebate from the state against corporate income tax, based on the value of the company’s property and the amount of local ad valorem taxes paid on that property. The credit can be claimed for five years, up to a maximum of $50,000 a year, for a total of $250,000.
A refund is available for sales taxes paid on the purchase of building materials used to rehabilitate real property located in an Enterprise Zone.
The company would be eligible for a refund of 97 percent of the sales tax paid on building materials, up to $10,000 per parcel (if 20 percent of your employees live in an Enterprise Zone), for building materials used for constructing the facility. That includes employees who live in neighboring counties’ Enterprise Zones as well as Glades County’s Enterprise Zone.
Business Equipment Sales Tax Refund
A refund is available for sales taxes paid on the purchase of certain business equipment, up to $10,000 per parcel, which is used exclusively in an Enterprise Zone for at least three years. This is in addition to the capital equipment sales tax exemption offered by the state of Florida to manufacturing companies.
Jobs Tax Credit
The Company may also be eligible for Enterprise Zone job creation credits, worth up to $8,000 per job, through the QTI tax refund program and a Rural Job Tax Credit worth $1,000 per new employee, which can be applied against either Florida corporate or sales tax. The job tax credit against corporate income tax provides a credit of 30 percent of wages paid to new employees who are residents of a Florida Enterprise Zone; and if more than 20 percent of the company’s employees are residents of a Florida Enterprise Zone, or a rural county, the credit is up to 45 percent of wages paid. Alternatively, the company could claim the jobs credit against sales tax.