Incentives, Tax Credits & Refunds and Other State Funding Programs for Florida Bioscience Companies
BioFlorida advocates for state incentives, direct & leveraged investment funds and tax policies that support growth of Florida's bioscience industry. To get involved with our advocacy efforts or share your ideas for improvement of Florida's business climate, please email firstname.lastname@example.org or join our Government Affairs Committee.
Institute for the Commercialization of Public Research –
Assists investors and entrepreneurs who seek to identify new business opportunities based on technologies developed through publicly-funded research. For more information about funding opportunities offered by the Institute, please visit www.florida-institute.com/
Seed Funding - Funding for early-stage companies that are licensed and referred by public and private state universities or research institutes. The Institute is accepting applications for its Seed Capital Accelerator Program (SCAP) which will provide funding in the form of repayable loans ranging from $50,000 - $300,000 to qualified Institute companies.
Florida Opportunity Fund – Includes Fund-of-Funds, Clean Energy Investment Program and Florida Venture Capital Program.
For more information about the Florida Opportunity Fund programs please visit www.floridaopportunityfund.com
Florida Venture Capital Program - Direct investment program launched in Q4 2011. $1M - $3M funding target range for qualified early stage Florida companies of less than 500 employees and ability to demonstrate expected 10:1 private capital leverage.
Florida Growth Fund –
On behalf of the Florida State Board of Administration, Hamilton Lane manages a $250 million fund that makes private equity fund investments and certain direct investments alongside other institutional investors. For more information about the Florida Growth Fund opportunities, please visit www.floridagrowthfund.com
Enterprise Florida, Inc. –
Provides numerous incentives to both new companies, as well as existing companies looking to relocate or expand in Florida. For more information about the following incentives, please visit www.enterpriseflorida.com
Quick Action Closing Fund (QAC) – Preference is given to projects that include at least a 20 percent local match of cash or in-kind contributions, which contributions provide a cash savings to the private business entity receiving the incentive awards.
Capital Investment Tax Credit (CITC) – An annual credit, provided for up to 20 years against a company’s corporate income tax that is used to attract and grow capital-intensive industries in Florida. To qualify, a company must create a minimum of 100 jobs and invest at least $25 million in eligible capital costs.
High Impact Performance Incentive (HIPI) – Grants used to attract and grow major high impact facilities in Florida. Grants are provided to applicants who are pre-approved by the Department of Economic Opportunity. To qualify, a company must create 50 new full time equivalent jobs (if an R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a 3 year period and make a cumulative investment in the state of at least $50 million.
Qualified Target Industry (QTI) Tax Refund – Provides incentives to target industries to expand existing facilities or build new facilities in Florida. To qualify, a company must create at least 10 new jobs (or a 10 percent increase for expanding Florida companies), pay an average of 115 percent of area wages, have a significant positive impact on the community and have local support.
Quick Response Training (QRT) – Provides grant funding for customized training to new and expanding businesses.
Incumbent Worker Training (IWT) – Provides employers with funds to train currently employed workers in an effort to keep their first and workers competitive.
Single Sales Factor Apportionment – Florida allows a company that made qualified capital expenditures equal to or exceeding $250 million within a 2-year period beginning on or after July 1, 2011 to apportion its adjusted federal income solely by the sales factor. To qualify, a company must contact the Division of Strategic Business Development within the Department of Economic Opportunity to discuss submitting an application. For more information, please contact Tim Proctor at (850) 487-2568.
Research and Development Tax Credit Program (R&D) –
Florida offers a limited number of research and development tax credits equal to 10 percent of a company’s expenses. Applications may be filed with the Florida Department of Revenue on or after March 20, 2012 for qualified research expenses incurred within the preceding calendar year, and credits shall be granted in the order in which completed applications are received. For more information, please visit www.dor.myflorida.com/dor/gta.html