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The Tampa City Council will consider an economic development tax exemption ordinance at its April 21 meeting to implement a referendum passed by city voters March 1. The city will hold a second public hearing required for final approval.
The program, which has been gaining popularity and adopted by a number of other Gulf Coast communities since last year's primaries, aims to create and retain jobs. Mayor Bob Buckhorn is proposing the program for new businesses locating in Tampa and existing businesses that are expanding their operations.
Qualifying new businesses may claim an exemption of 50% to 75% of the value of property improvements and tangible personal property. Expanding businesses would be eligible for the exemption based on added improvements and increased tangible property. Exemptions would be provided on a three-tier system for five to 10 years based on the number and types of jobs created, average annual wages and location of the business.
Because the program is intended as an incentive, a business must notify the city of its intent to apply for an exemption before the business locates or expands. To qualify for the program, a business must meet the definition of a “high value business” that has a significant economic impact or is a “target industry.” If passed, the city council would approve each application for the exemptions by ordinance.
The city would join Hillsborough County in offering the tax exemptions. A business locating in the city could apply for exemptions on both Hillsborough County and city taxes. Exemptions would not apply to taxes levied by other taxing authorities such as the Hillsborough County School Board.
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