Helping Businesses Locate &
Expand On Florida’s Space Coast

Incentives

The Economic Development Commission of Florida’s Space Coast (EDC) serves as the single point of contact to help your company understand and access all the financial benefits of a Florida location, including Florida state and local incentives.

Incentive Packages Customized For Your Business

The EDC works closely with our economic development partners at the State of Florida (Enterprise Florida), Space Florida and the various local jurisdictions in the Space Coast region. Your project will be assigned a specific Project Manager with business expertise in your industry area to ensure that all statutory avenues available to lower ALL business taxes and other costs are known and effectively applied for the benefit of your project. The EDC will craft a comprehensive and aggressive incentive package and assist in the preparation of incentive application forms and manage throughout the process in confidentiality.

Full-Service Source

The EDC will craft a comprehensive and aggressive incentive package for any type and size of business, from corporate headquarters to manufacturing plants to service firms. Our team can provide a customized Florida state and local incentive analysis and other custom research that fits your specifications, along with assistance in preparing incentive application forms and managing the process, ensuring your company is in the ideal financial situation for your profitability to thrive.

State and Local Incentives

For flexible and creative financial assistance, look no further than the EDC of Florida’s Space Coast. In addition to creative incentive packages, our goal is to serve as the single point of contact to help your company understand and access all the financial benefits of a Space Coast location, including Florida state and local incentives.

SNAP Program – Streamlining Permitting

Reach Your Growth & Expansion Goals On Florida’s Space Coast

The Economic Development Commission of Florida’s Space Coast’s Simplified, Nimble, Accelerated Permitting, or S.N.A.P. is an innovative program which challenged municipalities to rate themselves on their permitting processes. The EDC and its Development Council then identified what worked and what did not and developed best practices that streamlined the permitting process.

Municipalities, which offered input and feedback during SNAP development, then refined their own permitting processes to achieve these new, streamlined standards. In doing so, they earned a S.N.A.P. designation from the EDC.

The results have been outstanding. In the County’s largest city, Palm Bay, before S.N.A.P., it took 20 calendar days to grant a commercial building permit. After S.N.A.P., that figure was 6.03 calendar days, an improvement of 70 percent. In West Melbourne, the time for a commercial permit went from 10 days before S.N.A.P. to 5.92 days after, an improvement of 40 percent.

TELL US ABOUT YOUR PROJECT

Why The Space Coast?

More than a great place to live, more than business friendly, the Space Coast is business ready. Whether you are a start-up or a Fortune 100 company, the Space Coast offers the right operating climate by combining efficient, streamlined permitting, low operating costs, aggressive and targeted incentives, and a coveted workforce – producing one of the very best site-location choices in the United States. Read more here.

Capital Investment Tax Credit

The Capital Investment Tax Credit (CITC) is a valuable tool for capital intensive industries considering a Florida location. Eligible projects are corporate headquarter facilities or projects in designated high-impact portions of the following sectors: clean energy, biomedical technology, financial services, information technology, silicon technology, or transportation equipment manufacturing.

Projects must create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. The level of capital investment and projected corporate income tax liability for the 20 year period following the commencement of operations determines the amount of the annual credit.

The High Impact Performance Incentive Grant

The High Impact Performance Incentive Grant (HIPI) is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors.

Quick Response Training Program

The Quick Response Training Program (QRT) provides grant funding for customized training for new or expanding businesses. Through this employer-driven program, Florida is able to retain and attract businesses creating new high-quality jobs effectively.
The EDC will assist with application and program development or delivery of this incentive. To participate in the program, the project must:

  • Be “for-profit” and create new, permanent, full-time (35+ hours per week) jobs for Florida workers requiring customized entry-level skills training not available at the local level
  • Create high-quality jobs paying an average annual wage of at least 115 percent of local or state private-sector wages, whichever is lower, unless the business is located in a distressed urban or rural community, Enterprise/Empowerment Zone, or brownfield area
  • Produce an exportable (beyond regional markets) good or service

Qualifying companies may use in-house training, outside vendor training programs, or a local educational entity to provide training. Reimbursable training expenses include instructor/trainer wages, curriculum development, and textbooks/manuals. This program is customized, flexible, and responsive to individual company needs.

Additional Incentives

Capital Investment Tax Credit

The Capital Investment Tax Credit (CITC) is a valuable tool for capital intensive industries considering a Florida location. Eligible projects are corporate headquarter facilities or projects in designated high-impact portions of the following sectors: clean energy, biomedical technology, financial services, information technology, silicon technology, or transportation equipment manufacturing.
Projects must create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. The level of capital investment and projected corporate income tax liability for the 20 year period following the commencement of operations determines the amount of the annual credit.

The High Impact Performance Incentive Grant

The High Impact Performance Incentive Grant (HIPI) is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors.

Quick Response Training Program

The Quick Response Training Program (QRT) provides grant funding for customized training for new or expanding businesses. Through this employer-driven program, Florida is able to retain and attract businesses creating new high-quality jobs effectively. The EDC will assist with application and program development or delivery of this incentive. To participate in the program, the project must:

  • Be “for-profit” and create new, permanent, full-time (35+ hours per week) jobs for Florida workers requiring customized entry-level skills training not available at the local level
  • Create high-quality jobs paying an average annual wage of at least 115 percent of local or state private-sector wages, whichever is lower, unless the business is located in a distressed urban or rural community, Enterprise/Empowerment Zone, or brownfield area
  • Produce an exportable (beyond regional markets) good or service

Qualifying companies may use in-house training, outside vendor training programs, or a local educational entity to provide training. Reimbursable training expenses include instructor/trainer wages, curriculum development, and textbooks/manuals. This program is customized, flexible, and responsive to individual company needs

Ad Valorem Tax Abatement Program

Brevard County and several local municipalities offer an Ad Valorem Tax Abatement (AVT) program to eligible companies that meet job creation, wage, and capital investment criteria. The AVT Program provides a substantial temporary reduction for up to 10 years on certain property taxes paid on new tangible personal property and/or new construction. The AVT program is an incentive for both new companies considering a presence in Brevard County and existing companies considering an expansion of operations.

EDC’s Ad Valorem Tax Abatement Council
Mission: Assists in the processing of AVT applications by reviewing submissions and recommending the level of qualifying tax abatement to the Brevard County Commission. Guidelines and application available upon request. A maximum of 22 EDC Investors and municipal partners serve on this council.

Incumbent Worker Training Program

The Incumbent Worker Training Program provides grant funding for customized training for existing “for-profit” businesses. Through this customer-driven program, Florida is able to effectively retain and keep businesses competitive through upgrade skills training for existing full-time employees.
The EDC will assist with application and program development or delivery of this incentive. To participate in the program, the project must:

  • Be a “for-profit” business or entity
  • Have been in operation for a minimum of one year prior to the application date
  • Demonstrate financial viability
  • Comply with the nondiscrimination and equal opportunity provisions
  • Have at least one full-time employee (must be Florida Resident)
  • Not have been considered for the award one year prior to application

Priority is given to businesses in targeted industries, Enterprise Zones, HUB Zones, Inner City Distressed areas, Rural Counties and areas, and Brownfield areas.

Why the Space Coast?

More than a great place to live, more than business friendly, the Space Coast is business ready. Whether you are a start-up or a Fortune 100 company, the Space Coast offers the right operating climate by combining low operating costs, aggressive and targeted incentives, and a coveted workforce – producing one of the very best site-location choices in the United States. Take the giant leap to Florida’s Space Coast and see why it is a great place to work and play. Learn More