The City of Miami Gardens looks forward to working closely with businesses interested in relocating to the City and tapping into development incentives available to them and low-interest financing available through New Market Tax Credit (NMTC) monies. Please find a snapshot of business incentives available in the following information:
Qualified Target Industry Tax Refund (QTI)
The Qualified Target Industry Tax Refund inducement incentive is available for companies that create high wage jobs in targeted high value-added industries. The QTI is a performance based incentive that requires the creation of at least 10 new full-time jobs at salary levels equal to or exceeding 115% of the State annual average wage. This incentive refunds corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. Approved applicants receive tax refunds of up to $3,000 per net new Florida full-time equivalent job created. This amount is increased to an additional $1,000 to $2,000 per job for businesses paying 150% to 200% respectively for the average annual wage. The City will facilitate the application to the State of Florida and Miami-Dade County.
Miami-Dade County Targeted Jobs Incentive Fund (TJIF)
This Miami-Dade County inducement incentive provides tax refunds to expanding or relocating companies that create new jobs in targeted high value-added industries. The TJIF is a performance based incentive that requires the creation of at least 10 new full-time jobs at salary levels equal to or exceeding 100% of the State annual average wage, pay all existing employees no less than the County-adopted Living Wage and make a minimum capital investment of $3 million. Approved applicants receive, for a period of up to 6 years (or longer as may be determined by the County), a tax refund of 80% of the amount of incremental Countywide Ad Valorem Property taxes generated by the project. Additional bonuses are awarded if the company is a Miami-Dade County “Green Certified” business, locates in a “Green Certified” building or in a Designated Priority Area. The actual amount of the award/benefit will be determined by an Economic Impact Analysis and approval by the Miami-Dade Board of County Commissioners. The TJIF is funded 100% by Miami-Dade County.
Urban Jobs Tax Credit Program
The Urban Job Tax Credit Program offers incentives for eligible businesses located in one of Miami-Dade’s 10 designated urban areas to create new regular and full-time jobs (minimum of 20 new jobs for new businesses and minimum of 10 new jobs for existing businesses). The credit ranges from $500 to $1,000 per qualified job and can be taken against either the Florida Corporate Income Tax or the Florida Sales and Use Tax. The credit can only be taken against one of these two taxes.
The Brownfield Redevelopment Bonus Refund is available to businesses that locate and develop on underutilized industrial or commercial Brownfield sites. Approved applicants receive tax refunds of up to $2,500 for each job created.
Economic Development Transportation Fund (EDTF)
The Economic Development Transportation Fund, commonly referred to as the "Road Fund," is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million.