incentives

Polk County’s 2023 Average Annual Wages

100% – $51,588 or $24.80/hr
115% – $59,326 or $28.52/hr
125% – $64,485 or $31.00/hr
150% – $77,382 or $37.20/hr
200% – $103,176 or $49.60/hr

TAX CREDITS

UJTC

The Urban Job Tax Credit is an incentive for eligible businesses located in a designated urban area to create new jobs. The credit is $500 per qualified job and can be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax.

 

Tax Abatement

Polk Co. E.D. Ad Valorem Tax Exemption

The Polk County Economic Development Ad Valorem Tax Exemption (“Exemption”) is an exemption of taxes to encourage quality job growth in targeted high-value added businesses.

The program was implemented to support economic growth and enhance the county’s ability to be competitive. The exemption was designed to encourage new business development and retain local business with planned expansions.

In order to qualify a company must create a minimum of 10 jobs with an average wage of $59,326 or $28.52/hr and invest a minimum of $10 million in capital investment.

 

Bonus Incentive Program

In an effort to augment the State QTI program and establish a competitive posture both statewide and nationally, Polk County offers the following Polk County Bonus Incentive Program (PCBI) grant in addition to the State QTI incentive.

The original intent of the grant is to help to offset the new road impact fees and to provide a more competitive posture for Polk County when competing on close deals.

This incentive is based on a like calculation of the average private sector wage as used in the State QTI program, and adds an incremental capital investment requirement to determine the number of jobs eligible for the PCBI incentive.

In order to qualify a company must create a minimum of 25 jobs, paying a minimum average wage of $59,326 or $28.52/hr.

 

Impact Fee Mitigation

CITY OF LAKELAND

The Economic Development Impact Fee Mitigation (EDIFM) is a reduction of impact fees to encourage quality job growth in targeted high value added businesses. The EDIFM was designed to encourage Build to Suit and Speculative Building Development.

There are three ways to qualify:

1. High Wage Job Creation: 10+ new jobs at an average wage of $59,326 or $28.52/hr
2. Industrial Job Creation: 100+ new jobs
3. Inventory Development: speculative development

 

POLK COUNTY

The Economic Development Impact Fee Mitigation (EDIFM) is a reduction of impact fees to encourage quality job growth in targeted high value added businesses.  The EDIFM was designed to encourage new and existing industry expansions.

You must be a Qualified Targeted Industry, creating 10 new jobs minimum with an average annual wage of $59,326 or $28.52/hr and a minimum capital investment of $10 million. The mitigation amount increases based on average wage and total capital investment.

 Infrastructure Incentive Program

The Economic Development Infrastructure Incentive Program supports the development of both new and expanding economic development projects that advance the manufacturing base within the City of Lakeland. Assistance may be provided to qualified projects through electric, water, and wastewater utility extensions and relocations, transportation infrastructure development and/or utility impact fee reimbursements.

 

Lakeland Electric ED RIDER

The Lakeland Electric ED Rider Program is available for load associated with initial service to new General Service Customers or the expansion of existing General Service Customers and taking service under one of the following rate schedules: GSD, GSX-2, GSLD, GSX-3, ELDC, or ELDCX-1.

General Service Customers who desire service under Rider EDR must enter into a Service Agreement with Lakeland Electric. The New Load applicable under this Rider must be a minimum of 350 kW at a single delivery point. To qualify for service under this Rider, the General Service Customer must employ an additional work force of at least 25 full-time employees per 350 kW of New Load and comply with all provisions in the Service Agreement.

The load and employment requirements under the Rider must be achieved at the same delivery point. The General Service Customer shall be responsible for Facilities Charges for additional metering equipment that may be required to qualify for this Rider.

CRA Incentives

The City of Lakeland Community Redevelopment Agency works with businesses, developers, and property owners in specific geographic locations to improve the quality of life for residents. Learn more about the area and incentives below: 

 

TRAINING

QUICK RESPONSE TRAINING

Quick Response Training (QRT) offers partial reimbursement to relocating or expanding businesses for expenses related to training new or existing employees after jobs have been created or retained and the training has occurred.

This business-friendly program is flexible to respond quickly to corporate training objectives. If approved, the company provides a match of cash or in-kind contributions. The company chooses what training is needed, who provides it and how it is provided.

INCUMBENT WORKER

Incumbent Worker Training (IWT) provides training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses.

The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. All IWT funds are subject to availability of funding and contingent on training needs. Awards are made on a first come – first serve basis.

VETERAN’S FLORIDA BUSINESS TRAINING GRANT

The Veterans Florida Business Training Grant is available to Florida businesses seeking to train and hire military veterans. The program helps businesses meet workforce demands in a competitive environment by facilitating access to training and education in high-demand fields for veterans through matching training grants up to $8,000 per veteran employee trained.

EMPLOYED WORKER TRAINING GRANT

Florida companies may be able to receive local funding assistance for skills upgrade training for their employed workers. Employed Worker Training (EWT) Grant is a locally funded resource with guidelines established by each of Florida’s individual regional workforce board.

EWT may be used to meet many industry or company-specific training requirements. Businesses may become more competitive by providing their employees new skills that may lead to greater productivity. New skills for employees may also result in career advancement opportunities for the individual.

Zones

FOREIGN TRADE ZONE

The Foreign Trade Zone (FTZ) was created to enhance U.S. production and job opportunities by allowing companies to defer, reduce and/or eliminate placement of U.S. Customs duties depending on the range of activities to be conducted in the zone. Simplify and reduce the cost of formal custom entry procedures.

The zone expedites the movement of goods to and from zone sites. Additional benefits may apply to goods subject to federal excise tax and imported production equipment for use in the zone. Lakeland/Polk companies are in the service area of FTZ 79. Qualified companies can obtain FTZ designation by applying to the U.S. Foreign Trade Zones Board for usage driven site designation. The Grantee of FTZ 79 is the City of Tampa. 

BONDS

Revenue bonds

Industrial Revenue Bonds (IRB) are tax free, below-market rate, long term financing of fixed assets for qualified manufacturers and 501c3 non-profits. IRB’s are issued by the Polk County Industrial Development Authority on behalf of private companies to finance land, buildings and equipment. IRB’s can not be used for inventory or working capital. Bonds are issued from $1 million to $10 million.

 

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