Suwannee County Business Incentives

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2018

Business Incentive Program authorizes the commission to make performance-based grants to both existing and new businesses desiring to expand or locate within the county, as well as The companies that wish to develop speculative space for industrial and office projects. Eligibility for and the amount of incentives granted will be based on a points system. Points will be awarded to each applicant based on such criteria as: whether the company is within a targeted industry, the amount of their capital investment, the numbers and rates-of-pay of new full-time equivalent (FTE) jobs they create. The Grant is a rebate of Taxes calculated based on the standards set forth in the Business Incentive Program guidelines. Grant payment are tied to the business’s ad valorem and personal property tax assessment for the project. The purpose of performance based incentive program is to create sustainable jobs and increase tax roll growth from new capital investment.. The company has to create the jobs and the dollar amount of capital investment agreed upon between the county and applicate, then the county will rebate up to 100% or a reduced percentage based on the actual performance.