Capital Investment Tax Credit for Clean Energy (Florida)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Florida

Name Capital Investment Tax Credit for Clean Energy
Incentive Type Industry Recruitment/Support
Applicable Sector Industrial
Eligible Technologies Clean Energy
Active Incentive No

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount 5% of eligible capital costs
5% of eligible capital costs







Start Date 2008-07-01







Maximum Incentive 20 year maximum










Program Administrator Executive Office of the Governor

Date added to DSIRE 2008-06-26
Last DSIRE Review 2011-04-20



References DSIRE[1]


Summary

In 2008, Florida established the Capital Investment Tax Credit for high-impact sectors with the purpose of attracting and growing capital-intensive industries to Florida. The annual tax credit is 5% of eligible capital costs generated by qualifying projects for a maximum of 20 years. A qualifying project is a new or expanding facility located in Florida that is in a high-impact sector, as defined by Enterprise Florida, Inc. Currently, high-impact sectors include clean energy, biomedical technology, financial services, information technology, silicon technology and transportation equipment manufacturing. Projects must include an investment of at least $25 million in eligible capital costs, among other criteria.

The annual tax credit is limited by the annual corporate income tax liability of the project. The following tax credit limits apply:

  • Capital investment of at least $100 million: 100% of the annual corporate tax liability
  • Capital investment between $50 million and $100 million: 75% of the annual corporate tax liability
  • Capital investment between $25 million and $50 million: 50% of the annual corporate tax liability

Solar manufacturing facilities may transfer tax credits earned through this program. In order to qualify for this transfer, solar manufacturing companies must create at least 400 jobs within six months of beginning operations. The average annual salary of employees must be $50,000 or higher.


Authorities (Please contact the if there are any file problems.)

Authority 1: Florida Statute 288.106




Authority 2: Florida Statute 220.191
Date Effective 2008-07-01
Date Enacted 2008-06-25

















Incentive Contact

Contact Name Taxpayer Services
Department Florida Department of Revenue

Address 1379 Blountstown Highway

Place Tallahassee, Florida
Zip/Postal Code 32304-2716
Phone (800) 352-3671
Phone 2 (850) 488-6800


Website http://www.myflorida.com/dor
     
     

  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency (DSIRE)"