|
Industry Overview | Established Industry Associations | Workforce | Top Employers | Library | Investment Tools
Aviation & Aerospace
Industry Overview
Florida is a top state for aviation, and Pinellas County companies enjoy a pro-business climate with performance-based job creation incentives, competitive tax rates, developed infrastructure and a skilled workforce.
Established Industry Associations
Florida Aviation & Aerospace Alliance (FAAA)
Florida Aviation Trades Association (FATA)
Space Florida
Florida Defense Alliance
Florida High Tech Corridor
Workforce
Pinellas County's aviation and aerospace industry employs over 7,000 professionals, with an annual average wage of $58,583, creating an annual economic impact of over $418 million.
Through St. Petersburg College's University Partnership Center, students earn Bachelor's Degrees from Florida's renowned Embry-Riddle Aeronautical University.
Top Employers
Aerosonic
ATK Missile Systems
Aviation Components
Bigorre Aerospace
Honeywell International
Lockheed Martin
National Aviation Academy
Raytheon
Smiths Aerospace
Investment Tools
Job Creation
Qualified Target Industry Tax Refund Program (QTI)
This investment tool is available for companies that create high wage jobs in targeted, high value-added industries. This incentive returns a portion of taxes paid by the business after the company meets its job creation and wage commitments. Pre-qualified businesses receive tax refunds of $3,000 per net new to-Florida job. Additional "per job" bonuses are available for businesses paying 150% or more of the average annual wage or locating in Enterprise Zones or Brownfield designated areas.
Qualified Defense Contractor Tax Refund
The Qualified Defense Contractor Tax Refund may provide up to $5,000 in tax refunds per job created or saved in Florida through the conversion of defense jobs to civilian production, the acquisition of a new defense contract or the consolidation of a defense contract impacting Florida employment. The Governor and the Florida Legislature enacted new legislation adding contracts and subcontracts approved by the United States Department of Homeland Security as eligible under the Qualified Defense Contractors (QDC) Tax Refund program.
Job Creation Incentive Grant (JCIG)
This investment tool is available for companies that create jobs paying at least 150% of the average county wage in targeted, high-value added industries, with a capital investment of at least $50 million in Pinellas County. The grant award is equal to $500 per new job created for jobs paying 150% of the average county wage and $1,000 per new job created for jobs paying 200% of the average county wage.
Industrial Revenue Bonds (IRB)
IRB's are tax-free, below-market-rate, long term financing of fixed assets for qualified manufacturing and 501 (c) 3 non-profit organizations. IRB's are issued by local governments on behalf of private companies to finance land, building and equipment. IRB's cannot be used for inventory, working capital or refinancing of existing debt. There is no minimum project size, ($1 million is considered the minimum to be economically feasible) with a $10 million maximum.
Enterprise Bonds Program
This state program offers tax-exempt, low-interest bond financing to qualified manufacturing and 501 (c) 3 non-profit organizations. This program was designed to improve low cost capital availability to Florida's growing and expanding businesses to allow them to be more competitive in the global and domestic marketplace. Loan amounts range between $500,000 and $1,200,000 in Pinellas County.
Employee Training
Quick Response Training (QRT)
This is a customer-driven training program designed as an inducement to secure new
value-added businesses to Florida as well as provide existing businesses the necessary training for expansion. Customized entry-level skills training is limited to 24 months or less and can be conducted at the business' own facility, at the training provider's facility or at a combination of sites that best meets the needs of the business. Eligible projects are new or expanding/existing Florida businesses that produce exportable goods or services, create new permanent, full-time jobs and employ Florida workers who require customized entry-level skills training.
Incumbent Worker Training Program (IWT)
This program provides training to existing employees within Florida companies for the
purpose of maintaining competitiveness in a global economy and for business retention.
Training can be conducted at the business facility, the training provider's facility or a combination of sites. Open to all Florida businesses that have been in operation for at least one year, have at least one full-time employee and require training for existing employees. Businesses must provide a matching contribution to the project.
Redevelopment Incentives
Brownfield Redevelopment Bonus
The Bonus Tax Refund is available to encourage redevelopment and job creation within
designated Brownfield areas. Pre-approved applicants receive tax refunds of up to $2,500 per new job created in the area. The amount of the refund is equal to 20% of the average annual wage of the new jobs created. Refunds are based upon taxes paid by the business. No more than 25% of the total refund approved may be paid in any single fiscal year. The Brownfield Redevelopment Bonus may be awarded in addition to the Qualified Target Industry Tax Refund. Qualifying companies must be pre-approved by state agencies prior to committing to a new location.
Enterprise Zone incentives (EZ)
Tax incentives are offered to businesses located within designated Enterprise Zones. Zones are designated within the City of St. Petersburg and the City of Clearwater. Florida offers an assortment of tax incentives to businesses that choose to create employment within an Enterprise Zone, a specific geographic area targeted for economic revitalization. These include: Jobs Tax Credit, Machinery and Equipment Tax Refund, Building Materials Refund, Property Tax Credit and the Community Contribution Tax Credit Program.
Tax Credits
Urban Job Tax Credit
This is a tax credit incentive for new or expanding businesses creating full-time jobs located in a designated area of St. Petersburg. Companies within specified industries can receive a $500 credit per job, which can be taken against either the state corporate income tax or the state sales and use tax.
Infrastructure
Economic Development Transportation Fund
Grant Funding can be awarded to local governments in need of assistance for transportation projects that will serve as an inducement for a company's retention, expansion or relocation to Pinellas County. The Economic Development Transportation Fund is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. These grants are limited to $2 million and are awarded to the local government for public transportation facility improvements.
International Trade
Foreign Trade Zone
This is a cost benefit program available to local companies involved in international trade. It was created to enhance U.S. production and job opportunities by deferring, reducing or eliminating payment of duties, eliminating formal customs entries, removing duty on goods processed and exported from the zone, as well as materials and parts used in production. Additional benefits include a reduction in federal excise taxes and elimination of quota restrictions.
Other Incentives
Sales & Use Tax exemptions
These include exemptions for manufacturing machinery and equipment, electricity used in the manufacturing process, maintenance or repair of certain aircraft, pollution control abatement or monitoring, semiconductor, defense and space technology and the labor component of research and development expenditures.
» Return to top
|
