If you're a leader at a manufacturing company looking to establish or expand operations in Florida, you'll want to be aware of the many tax incentives available. Florida offers many incentives to reduce your tax burden and make doing business in the state more affordable.
However, it's important to understand which incentives are available and how to take advantage of them. In this article, we'll discuss some of the most crucial tax incentives for manufacturers.
Here are examples of the most important tax incentives available to manufacturing companies in Florida:
The Florida Enterprise Zone Program offers tax incentives to businesses that locate or expand in designated enterprise zones. Companies can receive various benefits, including reduced property and state income taxes.
Florida offers a sales tax exemption for manufacturing equipment and machinery. This exemption can result in significant savings for businesses making substantial investments in new equipment.
The Florida Job Growth Grant Fund supports manufacturing in Florida. This fund provides money to businesses that create new jobs or train existing employees.
Florida offers a tax credit of 20% of eligible investments in manufacturing property and equipment. This credit can help offset the cost of expanding or upgrading your manufacturing operations and replenish your financial resources.
The state offers a credit for the purchase of pollution control equipment. This credit can help offset the cost of investing in cleaner manufacturing processes.
You'll need to work with the Florida Department of Economic Opportunity to take advantage of these incentives. The department can help you navigate the process of applying for and receiving tax incentives.
There are many Florida tax incentives available to manufacturing companies. These incentives can lower the cost of doing business in Florida and make locating or expanding operations in the state more attractive. Contact a tax expert to discover more about which incentives you may be eligible for.