Strategic Planning for Economic Development Incentives

What does guidance on new economic development incentives entail?

Economic development incentives require legal advice and strategic planning for implementing economic growth programs and initiatives. For Florida businesses, these incentives can come in various forms, such as tax credits, grants, and expedited permitting processes.

Corporate executives or boards of directors may require counsel on new economic development incentives when a company is considering relocating or expanding its operations within Florida. In this situation, legal counsel would help navigate the various incentive programs offered at the state and local levels, ensuring compliance with all applicable laws and regulations.

Need help with a matter related to guidance on new economic development incentives? Schedule your consultation today with a top economic development attorney.

Which Florida and federal laws and regulations apply to new and emerging economic development incentives?

In Florida, several laws and regulations pertain to new and emerging economic development incentives. The Florida Statutes (§§ 288.001-288.125) provide the legal framework for various state economic development programs and incentives. Some of the essential programs include the Qualified Target Industry Tax Refund (QTI), the Capital Investment Tax Credit (CITC), and the High Impact Performance Incentive Grant (HIPI).

Additionally, the Florida Department of Economic Opportunity (DEO) oversees and administers many of these incentive programs. They collaborate with Enterprise Florida, Inc., a public-private partnership that serves as Florida’s primary economic development organization.

How can businesses strategically carry out due diligence on new economic development incentives?

Based on the circumstances, the following strategies may be impactful:

• Consulting Experts: Engaging experienced legal counsel, financial advisors, and industry professionals can provide valuable insights into incentive programs and help ensure appropriate due diligence.
• Analyzing Eligibility Criteria: Assess whether your company or project meets the specific eligibility requirements for various incentives, ensuring a better understanding of the incentives that may apply.
• Evaluating Potential Risks: Examine possible legal, financial, and operational risks associated with incentives, including any compliance obligations and the consequences of non-compliance.
• Developing a Comprehensive Application: Prepare a well-documented and persuasive application demonstrating eligibility, project feasibility, and potential economic benefits to the community.
• Monitoring Changes in Legislation and Regulations: Stay current on any changes to laws or regulations that could impact the availability or applicability of economic development incentives.

When a set of facts is appropriate to meet litigation requirements, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

Frequently Asked Questions

1. How can businesses identify new economic development incentives that might apply to their projects?

Businesses can consult local and state government websites, engage with economic development agencies, and work with experienced legal counsel and financial advisors familiar with the Florida and federal incentive landscape. These resources can help identify appropriate incentives and guide how to apply for them.

2. What types of projects typically qualify for economic development incentives in Florida?

Projects that promote job creation, capital investment, and economic growth often qualify for incentives. Examples include manufacturing facilities, research and development centers, and infrastructure projects. In addition, projects in targeted industries, such as clean energy, aerospace, and life sciences, may also receive special consideration.

3. Are there any restrictions on using funds received from economic development incentives?

Yes, funds received from economic development incentives are often subject to restrictions and must be used for specific purposes related to the project. These may include capital expenditures, workforce training, or infrastructure improvements. Therefore, it is crucial to consult the terms and conditions of each incentive program and work with legal counsel to ensure compliance with all requirements.

Have more questions about governance or operations for your business?

Crucially, this overview of guidance on new economic development incentives does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain a tireless advocate every step of the way. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation.