|
Industry Overview | Established Industry Associations | Workforce | Success Stories | Top Employers | Library | Investment Tools
Life Sciences / Medical Technologies
Industry Overview
Pinellas County leads Florida's High Tech Corridor, with 33% of the medical technology employment. Organizations such as the Florida Medical Manufacturers' Consortium (FMMC) have created a network of industry members, educational and governmental partners with a vested interest in expanding this vital industry sector. Pinellas County offers medical technology companies a pro-business environment with job creation tax incentives, low tax rates, a developed infrastructure, strong existing industry base and a skilled workforce.
Library:
Florida: A Rising Star in Life Sciences
Established Industry Associations
Florida Medical Manufacturers' Consortium (FMMC)
BIOFlorida
Workforce
Florida ranks second in the United States in FDA registered establishments
Florida has more than 32,000 companies, employing more than 605,000 workers in the medical manufacturing industry
4.6% of the Florida High Tech Corridor's Medical technology industry employment is located in Pinellas County.
70% of the more than 10,000 medical technology jobs in the Tampa Bay region are located in Pinellas County
The average annual wage for the industry is approximately $45,000.
Pinellas County's top rated colleges and universities provide firms with qualified graduates in a variety of majors including Associates, Bachelors and Masters Degrees and certificate programs in Medical Device Technology, Regulatory Affairs and Orthotics & Prosthetics
Pinellas' extraordinary technical education center www.myptec.org offers students the ability to fulfill national workplace competencies in both business and industry, providing hands on training on up to date manufacturing equipment. Certificate programs on various trades including CNC machining, CAD and machine shop.
Success Stories:
Top Employers
Aaron Medical
Alps Corporation
Bausch & Lomb Surgical
Baxter Healthcare
Cardinal Health
Conmed Linvatec
Halkey Roberts
King Pharmaceuticals
Oscor
Smith & Nephew
Tampa Bay Research Institute
West Pharmaceuticals
Library:
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 200 percent or more, of the average annual wage, or locating in Enterprise zones or Brownfield areas.
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.
Tax Credits
Capital Investment Tax Credit
This is a tax credit used to attract and grow capital-intensive industries in the form of an annual credit against corporate income tax for up to 20 years in an amount equal to 5 percent of the eligible capital costs. Eligible costs include expenses incurred in the acquisition, construction, installation and equipping of a project. Amount of annual credit may not exceed a specific percentage of annual corporate income tax liability. Each qualified applicant must be in a designated high impact sector, create at least 100 new full-time jobs and make a cumulative investment of at least $25 million. Qualifying companies must be pre-approved by state agencies prior to committing to a new location.
High Impact Performance Incentive Grant (HIPI)
A negotiated incentive used to attract and grow major high-impact facilities in Florida. Pre-approved applicants must be in high-impact industry sectors, create at least 100 new full-time jobs (75 for R&D companies) in a three year period, and make a cumulative investment of at least $100 million ($75 million for R&D companies) in a three year period. Once certified the high impact business is awarded 50 percent of their eligible award and the remaining balance once project goals are met.
Sales Tax Exemption on Electricity & Steam
Charges for electricity used directly and exclusively at a fixed location to operate machinery and equipment that is used to manufacture, process, compound or produce items of tangible personal property for sale or to operate pollution control equipment, recycling equipment, maintenance equipment, or monitoring or control equipment used in such operations, may be exempt from the sales tax.
Sales Tax Exemption on Machinery & Equipment
New or expanding manufacturers purchasing machinery and equipment or the maintenance or repair of existing equipment may be eligible for an exemption from the sales tax incurred.
Urban Job Tax Credit
This is a tax credit incentive for eligible new or expanding businesses creating new 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 (can only be taken against one).
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. 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 currently employed workers at 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
This is a program that 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 a designated Brownfield area. The amount of the refund is equal to 20 percent of the average annual wage of the new jobs created. Refunds are based upon taxes paid by the business. No more that 25 percent 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 (QTI) 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, which is a specific geographic area targeted for economic revitalization. These include: Jobs Tax Credit, Business Machinery and Equipment Refund, Building Materials Refund, Property Tax Credit an the Community Contribution Tax Credit Program.
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.
» Return to top
|
