An anonymous company is set to receive a large refund through Florida’s “Qualified Target Industry” tax plan. Earlier this week, Boca Raton voted to give an anonymous company named “Project P2P” a $6 million dollar payday. The company will rename unnamed for at least 6 months but the company claims they could bring as many as 800 jobs to the Boca Raton area. The Government refund tax plan has already brought companies like Amazon to South Florida and are hoping to build more incentive to help boost the job market in the area.
So How Do They Get $6M of Taxpayers Money?
The Qualified Target Industry tax plan offers government refunds to any enterprise that creates jobs in Florida. According to the plan, if the company in the states “target industries” being jobs like aerospace technology, life sciences or homeland security, the company can receive government funds to do so. The current plan pays anywhere from $3,000-$6,000 per job created, depending on the area the company moves to.
So Why Dont We Know Who The Company Really Is?
Under Florida statute 288.075, all companies that apply for a refund will be kept anonymous, that is until after the funds are awarded.
County documents state that “Project P2P” could create up to 838 jobs, with an annual salary of roughly $55,000 The program is considered the cornerstone of Governor Rick Scott’s job creation plan. While the funds have not been given to the company as of yet, earlier this week the plan was approved by Boca Raton officials which will start the process.
While there are many mixed feelings surrounding Governor Rick Scott’s plans to bring more jobs to Boca, many are looking primarily at where the funds are coming from and how these companies can assure the public the jobs will be created. So we here at BocaNews decided to take a look.
The NewTimes recently spoke with spokesperson Stephen Lawton who reported “every project is thoroughly reviewed to ensure it is the best deal for the taxpayer, and no company receives any money until it has met its job creation benchmarks.”
So What Happens If The Company Doesnt Make the Appropriate Benchmarks?
Many companies have fallen into ruts when trying to create jobs, no matter how hopeful they may be in the beginning. The companies will receive small portions of the funds in order to create the jobs, but the full amount will not be handed over to the company if the jobs are not created. If the company for any reason falls short of their goal, the funds can and will be vacated immediately and stand to be unable to receive further funding until they meet the standards set in the contract.
The unnamed company is an IT company that is already located in Boca Raton.
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