DeLand Opportunity Zone and HUBZone Programs
Details of the programs and maps of the designated areas are listed below.
State of Florida Incentives
For information on Florida Qualified Industries Targeted for Incentives and details regarding specific State incentive programs, visit Enterprise Florida.
- Qualified Target Industry Tax Refund incentive available for creation of high wage jobs in targeted high value-added industries. Incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes.
- Quick Response Training Program reimburses new or expanding businesses for customized training for qualifying projects.
- Incumbent Worker Training Program reimburses existing for-profit businesses for employer-driven training for qualifying existing employees.
- High Impact Performance Incentive Grant for targeted, pre-approved high-impact facilities. ** Currently not available **
- Qualified Defense Contractor Tax Refund up to $3,000 per new qualified job created or retained. Refund may increase if additional qualifications are met.
- Economic Development Transportation Fund based on number of new and retained jobs and eligible transportation project costs, award up to $3 million is available to local government on behalf of a specific business. ** Currently not available **
- Capital Investment Tax Credit is used to attract and grow capital-intensive industries in Florida. It is an annual credit provided up to 20 years against the corporate income tax for qualifying projects.
- Florida Job Growth Grant Fund In 2019-20, the Department of Economic Opportunity will provide $40 million for projects that focus on rapidly developing a highly skilled workforce and on infrastructure initiatives that attract businesses, create jobs and promote economic growth. To learn more about the grant fund or to download an application, visit Florida Job Growth Grant Fund.
- Brownfield Incentives: Florida offers incentives to businesses that locate on a brownfield site with a Brownfield Site Rehabilitation Agreement (BSRA). The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds of up to $2,500 for each job created.
- Opportunity Zones under the Tax Cuts and Jobs Act Of 2017, funds projects by offering substantial federal income tax benefits to investors and developers. A zone fund (OZ fund) is an “investment vehicle” formed as a corporation or partnership in which 90 percent or more of its assets are dedicated to projects in designated opportunity zones. OZ funds encourage long-term investment and job creation by providing tax incentives, including a temporary deferral on capital gains taxes, when investors reinvest those gains in qualified Opportunity Funds. The funds must in turn invest in low-income communities from designated census tracts, called Opportunity Zones. This program is currently under development and as such, the IRS has posted additional guidance with details on many questions that have been submitted.
Opportunity Zone Guidance. This additional guidance covers topics such as:
- Types of gains eligible for deferrals
- Details on Opportunity Zone incentives for individual taxpayers, corporations and partnerships
- Time periods for investments
- Requirements for business and property improvements
- Revenue guidelines
It includes a Notice of Proposed Rulemaking, revenue rulemaking and a draft tax form. Public comment for the Notice of Proposed Rulemaking will be available for 60 days before the rules are finalized. For more information on Opportunity Zones in Florida, please visit www.floridajobs.org/opportunityzones.
DeLand Opportunity Zone Map, which includes the Downtown DeLand CRA.
*** Notice - The IRS Updated the OZ Frequently Asked Questions page with guidance on topics such as when investors can adjust basis to fair market value, where a list and map of opportunity zones (OZs) can be found, and how to become a qualified opportunity fund. ***
Federal HUBZone Program
The purpose of the HUBZone Program is to provide federal contracting assistance for qualified Small Business Concerns (SBC) located in Historically Underutilized Business Zones in an effort to increase employment opportunities, investment, and economic development in such areas. For the latest information on DeLand’s designated HUBZone area, the benefits of doing business in a HUBZone, eligibility as an SBC and related information, please visit the HUBZone website and the City of DeLand’s HUBZone map.
City of DeLand Incentives *
- Expedited Permitting Process expedited permitting with a three business day turn-around is available for $100 for each 1,000 square feet of commercial space.
- Expedited Plan Review staff will provide expedited plan review services for development projects.
- Next day inspection services. Next day inspection services are available.
- Municipal Ad Valorem Tax Abatement Process Incentive is available for manufacturing and other qualified industries expanding or relocating in DeLand, creating new tax base and new jobs meeting established wage thresholds.
- One stop shop for building & fire services provided by the City.
- Land Development Regulations City staff is always willing to help facilitate meetings to help project representatives “walk through the regulations.”
- Community Redevelopment Districts Grants may be available for projects that benefit these districts.
- Career Source Business Assistance Programs (For details on specific programs and services available for Volusia County businesses, visit CareerSource.
* The City of DeLand encourages economic development by facilitating the expansion of existing businesses and by recruiting new high value businesses. The Economic Development Manager proactively assists by reviewing each project with the client or representative, then in coordination with our community and state partners, provides appropriate information about available local, county and state incentives. Each project is evaluated on a case-by-case basis and any incentives, loans or grants require the approval of the funding agency.