The primary local revenue source is the ad valorem tax. In addition, direct plant employment and the indirect employment resulting from the multiplier effect would generate additional ad valorem taxes when these workers purchase or rent a house or apartment. The demand for local public services would increase with the plant operations and new employment. The law identifies Silicon Technology as such a sector. Due to the heavy capital investment required annually for business in this sector to remain competitive, taxing such goods adds significant tax liability to these businesses that are present in very few other states.
Business can receive entire refund, or direct one-half to a university or community college.
If the school agrees to the contribution, it must match the funds and come to agreement with the business on providing research or educational services that directly benefit the donor business. Administered by EnterpriseFlorida Jobs and Education Partnership and Department of Education. Business must apply before making a formal decision to locate to Florida. The state provides a number of tax breaks and incentives to business choosing to locate in these zones, hire workers from these zones, or rehabilitate property in these zones. Tax credits are available to businesses paying Florida Corporate Income or Sales and Use Taxes.