Incentives
The City of Leesburg’s Economic Development staff works to provide expanding and new businesses with needed incentives and financing opportunities. These incentives and financing options are provided by the City, County and State of Florida. Incentive and financing programs that are available to Leesburg businesses are as follows:
Ad Valorem Tax Abatement Program
The program provides industrial, manufacturing and distribution companies with up to a 10-year exemption from ad valorem taxes and tangible personal property taxes.
Capital Investment Tax Credit
Provides annual corporate income tax credits to eligible high-impact sector businesses equal to 5 percent of the eligible capital costs of a new or expanding Florida facility.
CDBG Infrastructure Grants
The Florida Department of Community Affairs administers the Community Development Block Grant (CDBG) Program. The CDBG program currently provides $12 million to provide infrastructure to new or expanding businesses.
Florida Energy Loan Program
The program provides low-interest loans to small businesses to purchase and install energy-efficient equipment or otherwise improve a facility's energy efficiency.
High Impact Business Performance Grant
This is an incentive used to attract and grow high-impact businesses in Florida. For example, a qualified high-impact business making a cumulative investment of $100 million and creating 100 jobs may be eligible for a total grant award of $1 million to $2 million. A qualified company engaged in R&D that makes a cumulative investment of $75 million and creates 75 new jobs may be eligible for a total grant award of $2 million to $3 million.
Impact Fee Deferral Program
This program allows businesses to defer the Lake County Transportation Impact Fee over a period of time. The number of jobs created, the wages paid and other program requirements determine the time period.
Impact Fee Financing Program
The program provides financing opportunities when the total of City impact fees reaches $20,000. The fee may be financed over five years with the interest being set at the prime rate.
Job Growth Investment Trust Fund
Lake County established this fund to assist business expansion and relocation projects. Business can receive up to $2,500 per job created, if they meet specific program requirements. All jobs created for which assistance is requested must earn at least the annual median wage, which is currently $9.80 per hour. This program functions to promote high-paying jobs in targeted industries within Lake County.
Lake Technical Center Training Programs
The Lake County Public School Board, through the Lake Technical Center offers training programs custom designed to meet a firm's specialized needs.
On-the-Job Training Program
Job Services of Florida will provide a reimbursement to businesses of up to 40% of wages paid to qualified employees when the company agrees to provide on-the-job training for eligible positions.
Qualified Defense Contractor Tax Refund Program
The refund provides up to $5,000 per job created or saved in Florida through conversion of defense jobs to civilian production. Also qualifying are the acquisition of a new defense contract or the consolidation of a defense contract that results in at least a 25 percent increase in Florida employment or a minimum of 80 jobs.
Qualified Target Industry Tax Refund Program
This program provides tax refunds to pre-approved applicants of up to $5,000 per new job created.
Quick Response Training Program
Working with community colleges, vocational/technical centers, state universities and other institutions, the program provides start-up training tailored to a company's needs.
Sales Tax Exemption on Aircraft Parts, Repair and Maintenance
Creates a sales tax exemption for replacement engines, parts and equipment used in the repair and maintenance of eligible aircraft. Also provides a sales tax exemption for the sale or lease of qualified aircraft.
Sales Tax Exemption on Manufacturing Machinery and Equipment
Allows for the purchase of certain manufacturing machinery and equipment to qualify for an exemption from paying the state sales/use tax.
Sales Tax Refund on Manufacturing or Research Equipment
Transforms an existing sales tax refund program for silicon technology machinery into a direct and recurring exemption.
Small Business Technology Growth Fund
Creates a new program to provide financial assistance (loan guarantees, letters of credit) to Florida businesses with emerging technological potential and fewer than 100 employees.
Questions or comments? E-mail us. We're here to help you every step of the way.