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Industry Overview | Established Industry Associations | Workforce | Top Employers | Library | Investment Tools
Optics & Photonics
Industry Overview
Pinellas County offers optics and photonics companies a progressive pro-business climate paired with performance-based job creation incentives, competitive tax rates, a network of established industry professionals, developed infrastructure and a skilled workforce. Optics and photonics are significant to the economy, and Florida's Governor has underscored this importance by allocating $10 million to establish the Florida Photonics Center of Excellence (FPCE) at the University of Central Florida's College of Optics and Photonics. Florida is emerging as the nation's leader in photonics-based industries and industries enabled by photonics.
Established Industry Associations
Florida Photonics Cluster
University of Central Florida's College of Optics and Photonics (CREOL)
Florida High Tech Corridor
Workforce
There are nearly 1,800 optics and photonics professionals employed in Pinellas County, accounting for 28% of the total optics & photonics employment in Florida's High Tech Corridor.
The average annual wage for the optics and photonics industry in Pinellas County is $49,582, creating an annual economic impact of over $66 million.
Pinellas County is committed to training tomorrow's optics and photonics professionals through unique workforce development programs, internships, apprenticeships and on-the-job training, fellowships, continuing professional education and extensive partnerships with local colleges and national universities.
Success Stories:
Top Employers
Film Technologies International Inc.
Insight Control System International
Intelligent Micro Patterning, LLC
Ocean Optics
Technology Research Corporation
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.
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.
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
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%
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 a 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% of their eligible award
and the remaining balance once project goals are met.
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.
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