State and local incentives

As a designated rural county, Nassau County is able to offer many incentives to new and expanding businesses who choose to operate in the area.  The Nassau County Economic Development Board (NCEDB) is here to assist you through the process.  Our team can act as a resource to help you identify the incentives you may be eligible for and guide you through the process of applying for them.  Please find a list below of local incentive programs. For a listing of state programs, please visit Enterprise Florida.

The NCEDB can assist your company with a number of programs that can offset expenses incurred by relocating your business to Nassau County.  We can provide assistance with permitting, occupational licensing or other local issues that your company may encounter.

Local incentives

Qualified Target Industry Tax Refund (QTI): The Qualified Target Industry Tax Refund incentive is available for companies that create high wage jobs in targeted high value-added industries.  This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes.  Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per net new Florida full-time equivalent job created; $6,000 in an Enterprise Zone or Rural Community (county).  For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job; businesses falling within a designated high impact sector or increasing exports of its goods through a seaport or airport in the state by at least 10 percent in value or tonnage in each year of receiving a QTI refund, add $2,000 per job; projects locating in a designated Brownfield area (Brownfield Bonus) can add $2,500 per job.  The local community where the company locates contributes 20 percent of the total tax refund.  No more than 25 percent of the total refund approved may be taken in any single fiscal year.  New or expanding businesses in selected targeted industries or corporate headquarters are eligible.

Nassau County is designated a rural county by the state of Florida and the state will award a minimum of $4,500 per job.  The QTI award is jointly funded with 80 percent coming from the state and 20 percent from the local community; however, the community’s 20 percent match can be waived because Nassau is designated a rural county.  Approval of the tax refund by both state and local governments must be made before your company actually commits to locating in Nassau County.

Qualifications:

• Inclusion within list of Nassau County’s Targeted Industries
• Create at least 10 new full time jobs
• Overall average wage (including management) of new jobs must equal or exceed 115 percent of the lower of the statewide or local area average wages for the private sector.  For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual wage, add $2,000 per job

Nassau County Economic Development Grant:  Nassau County offers qualified businesses a return of a portion of ad valorem property taxes (taxes due on real and personal property) based on the new capital investment and jobs created by the business. 
 
The business must be in a targeted industry, create at least ten new jobs, and create at least $1 million in new capital investment in the county.  The amount of the annual grant is based on the size of the project.  Businesses meeting the basic requirements will be eligible to receive a grant of 100 percent of the increase in taxes resulting from the new capital investment in the first year, declining to 80 percent the second year, 60 percent the third year, and so on, until the grant phases out at the end of the fifth year.
 

More information on the EDG Incentive can be found in Nassau County’s Municipal Code at Chapter 1, Article X Sec. 1-181 of the County’s Code of Ordinances or here:

For more information on taxes in Nassau County, please visit our Taxes page.

Source: Enterprise Florida