Opportunity Florida - Economic Development in Northwest Florida

QUALIFIED DEFENSE CONTRACTOR TAX REFUND
(Application Attachment)
(General Project Overview Form)

Award made to businesses, which maintain employment and wage levels at the agreed upon level or higher.

What?

Tax Refund Up to $5,000 per job created or saved in Florida. Conversion of defense jobs to civilian production, the acquisition of a new defense contract, or the consolidation of a defense contract are eligible projects.

Why?

The Qualified Defense Contractor Tax Refund is a tool to preserve and promote growth of Florida's high technology employment base---giving Florida a competitive edge as defense contractors consolidate defense contracts, acquire new contracts, or convert to commercial production.

How?

Derive at least 70 percent of its Florida gross receipts from Department of Defense contracts in the last year and not less than 80 percent over the preceding five years;
Demonstrate that the jobs created or retained make a significant economic contribution to the area economy;
For contract consolidation projects, an increase in employment of at least 25 percent or create at least 80 new Florida jobs; for defense production conversion projects, a net increase in non defense production jobs; for reuse projects, a creation of at least 100 jobs;
Pay an average wage of at least 115 percent of the state, metropolitan statistical area (MSA), or the local average wages . For a project located in a rural city, rural county or in an enterprise zone, the wage requirement may be waived in special circumstances;
Demonstrate that the tax refund is necessary to allow the business to compete for the new contract, or
Provide a resolution from the county commission indicating the 20 percent required for local financial support will be available each year as refunds are due. (Projects located in designated Rural Economic Development Initiative counties may exercise an exemption to the local financial support requirement and accept a 20 percent reduction in refunds.)