Martin County Local Incentives

Martin County Job Creation Toolkit

Martin County offers the following business incentives to induce business expansion and relocation activities:
 

 

Martin County Opportunity Fund (MCOF)


MCOF is a "deal-closure" program and may include anything of value to make a project happen, i.e. cash, land, lease concessions, or funds to leverage other state/federal funds like SBIR/STTR grants.

 


 

Martin County Job Creation Grant (MCJCG)


MCJCG is similar to the Qualified Targeted Industry Tax Refund (QTI) program at the state level and, when applicable, will be the source of matching funds for QTI benefits. This grant rewards businesses for job creation and is paid out over 4 years according to the following tiers based on percentage of average wage paid:

 


  100% of average wage = $2,000/job equating to 5.4% of the average wage paid
  115% of average wage = $3,000/job equating to 7.0% of the average wage paid
  150% of average wage = $4,000/job equating to 7.2% of the average wage paid
  200% of average wage = $5,000/job equating to 6.7% of the average wage paid

 

MCJCG funds are distributed after Year 2 of a qualified project, following job creation and verification. Other bonuses could be enacted to encourage job creation in targeted areas, like CRAs, Enterprise Zones, and SBA HubZones.

 

 

Ad Valorem Tax Exemption


A new or expanding business may apply for an "economic exemption" for improvements to real property not already on the Martin County Tax Roll. The applicant must create and maintain a required number of full time jobs, and the project must have a positive impact on the local economy.

 

 

Fee Relief


As a means to help create jobs and encourage reuse of vacant or underutilized commercial/industrial space, the already established Impact Fee Relief program could be expanded to include business permits and other fees.  BCC may choose to sunset this program after 2 years, or review its continuation on an annual basis.

 


 

Expedited Permitting


Encourages new businesses to relocate in Martin County by assisting qualified projects with a fast-tracked permitting process.  Expedited permitting also assists existing companies expand their operations.