The Office of Economic and Small Business Development (OESBD) provides assistance to Broward County businesses through business development, training, technical assistance, and international trade programs. These programs are designed to facilitate better communication between the Broward County business community and County government and to increase contracting opportunities for small businesses. Additionally, Broward County works with our private sector partner the Greater Fort Lauderdale Alliance to help companies already located in Broward County succeed and prosper. A key business retention and expansion initiative is BRAVO (Business Retention Assistance and Visitation Outreach). Through this program, representatives of the Alliance, local municipalities, and chambers of commerce conduct visits to local businesses in an effort to strengthen the local economy.
Among the tools and resources employed by OESBD to accomplish these objectives are:
Qualified Target Industry Tax Refund (QTI)
New and existing companies that create high-wage jobs in targeted industries may be eligible for this incentive. The incentive includes refunds on corporate income, sales, ad valorem (property taxes), tangible & intangible personal property, insurance premium, and certain other taxes. Applicants who create jobs in these industries at 115% of the County's average annual wage could be eligible for incentive tax refunds of up to $6,000 per new job created.
Broward County Job Growth Incentive
Both new and existing businesses creating high-skill/high-wage jobs and serving multi-state or international markets may be eligible for this incentive. The incentive is a direct cash incentive paid to companies creating jobs in excess of 115% of the County's average annual wage. This program requires the joint participation of Broward County and the municipality in which the company is, or will be located. Companies could receive up to $2,000 per new job created to a maximum Broward County contribution of $200,000 per company.
High Impact Performance Incentive Grant
Designated high-impact sector businesses creating at least 50 new full-time equivalent jobs (if an R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period; and making an investment of at least $50 million (if an R&D facility, an investment of at least $25 million) in a three-year period may be eligible for this grant program. Upon approval, the business would be awarded 50% of the eligible grant upon commencement of operations, with the balance of the awarded grant provided when full employment and capital investment goals are met.
Capital Investment Tax Credit
This is an annual credit, provided for up to 20 years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: advanced manufacturing, clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing or be a corporate headquarters facility. Projects must create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. The level of investment and the project's Florida corporate income tact liability for the 20 years following commencement of operations determines the amount of the annual credit.
Broward County Incentives Story Map
Broward County OESBD developed the NEW Broward County Incentives Story Map
to provide developers, investors and small businesses access to economic development incentives and information. A brief tutorial is available for your convenience.
The Office of Economic and Small Business Development's Retention and Expansion programs are also used to attract and recruit businesses. For more information, contact us at 954-357-6400.