How does the program help our community?

●     Stimulates Local Investment: local investment in new property or equipment supports local industries involved in construction, manufacturing, retail and service providers; contributing to the overall prosperity of the community.

●      Long-term Revenue Growth: While tax abatements may reduce immediate tax revenue, they lead to long-term growth in the tax base as businesses grow, hire more employees, and generate additional economic activity.

●      Enhancing Workforce Development: By attracting businesses that require skilled labor, tax abatements can lead to increased options for workforce training programs, which helps build a more skilled and adaptable workforce.

Performance Based Accountability

Performance-Based safeguards ensuring accountability include:

●      Public approval process including application, citizen’s review panel recommendation and Brevard County Commissioners’ approval.

●      Companies must invest before receiving any benefit.

●      Companies must file annual reports to the County.

●      Failure to comply with job creation, capital investment and wage commitments results in loss of abatement.

Vote Yes for authority to grant exemptions!

Ballot language:

 

BALLOT

Brevard County, Florida

Caption:        Economic Development Ad Valorem Tax Exemptions for new businesses and expansions of existing businesses

Shall the board of county commissioners of Brevard County, Florida continue to be authorized to grant, pursuant to s. 3, Art. VII of the State Constitution, property tax exemptions to new businesses and expansions of existing businesses that are expected to create new, full-time jobs in the county?

Yes - For authority to grant exemptions.

_______      No - Against authority to grant exemptions.

Brevard County Ad Valorem Tax Abatement Program FAQs:

Q1: What is the Brevard County Ad Valorem Tax Abatement Program?

A1: The Brevard County Ad Valorem Tax Abatement Program is an economic incentive program that offers partial tax relief to eligible businesses to encourage new investment and jobcreation within the county.

 

Q2: Who is eligible to apply for the tax abatement program?

A2: Eligible applicants include new and expanding businesses within target industries defined by state statute. Businesses must create a minimum of 10 new jobs and make a new capital investment.

 

Q3: What types of property taxes are eligible for abatement?

A3: Abatement is provided only toward the new investment in real property improvements and  tangible personal property; such as equipment and machinery.

 

Q4: How long does a tax abatement last?

A4: The duration of the tax abatement can vary between six and ten years, depending on the specifics of the project and the level of investment and job creation.

 

Q5: How do I apply for the tax abatement program?

A5: To apply, businesses must complete the Brevard County Ad Valorem Tax Abatement Program application form detailing the new investment and job creation.

 

Q6: What is the application process?

A6: The application process involves submitting an application, undergoing an eligibility review by Brevard County Board of County Commissioners during a Public Hearing, undergoing review by the Ad Valorem Tax Abatement Council during a public meeting, with final approval from the Brevard County Board of County Commissioners during a second and final public meeting.

 

Q7: Are there any fees associated with applying for the tax abatement program?

A7: There are no application fees.

 

Q8: What criteria are used to evaluate tax abatement applications?

A8: Applications are evaluated based upon county approved criteria including: the amount of capital investment, type of jobs, number of new jobs, average wage, and the overall economic impact to the community.

 

Q9: Can a company apply for both the City AVT abatement program and the County AVT abatement program?

A9: Yes, a company can apply for both the City AVT abatement program and the County AVT abatement program. Each program is independent and requires separate applications. The following cities offer AVT: Cocoa, Cocoa Beach, Melbourne, Palm Bay, Rockledge, Titusville.

 

Q10: What happens after the application is approved?

A10:The business will enter into an agreement with Brevard County outlining the terms of the tax abatement. The company must then comply with the terms, such as number of new jobs and capital investment to maintain eligibility.

 

Q11: When does the company receive the Abatement and can it be rescinded?

A11: Once the business meets the first milestone of the County Agreement, they are eligible to receive the abatement. If the business fails to meet the agreed-upon targets over the term of the agreement, the agreement can be rescinded.

 

Q12: Can an abatement be renewed?

A12: No, a tax abatement cannot be renewed.

 

Q 13: Are taxpayers paying the difference?

A13: No. Tax incentives provide reductions for a set period of time (six to ten years) to encourage new investment within the community.  This initial investment stimulates additional tax revenue through the direct, indirect, and induced economic activities.

 

 

 

Political advertisement paid for by Business Voice Political Committee, Inc.

PO Box 360822, Melbourne, FL 32936