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Gifford Neighborhood Plan 2014 <br /> Economic Development <br /> Currently, the Board of County Commissioners offers various financial incentives to encourage target industries and to attract new <br /> business to the County or help existing businesses to expand. Target industries include manufacturing and other basic industries. <br /> Generally, target industries are businesses that pay wages near or above the County's annual average wage or sell services or products <br /> to areas outside the County. By targeting industries that pay higher than average wages, the County intends to improve the standard <br /> of living and employment opportunities of residents of the County. Selling services or products to area outside of the County will <br /> bring more money into the County. <br /> The County's target industry incentives include local jobs grants, impact fee financing, utility deposit waivers, tax abatement, and <br /> special incentives granted by the Board of County Commissioners on a case by case basis. Additional state funded incentives are <br /> available to target industries locating or expanding within the County. State incentives include a qualified target industry tax refund, <br /> local job training, an employed worker training, and a worker recruitment/assessment. Each of these incentives are available for <br /> businesses in Gifford as well as areas outside Gifford that offer employment opportunities for Gifford residents. <br /> Enterprise Zone <br /> In 2005, Indian River County and the City of Vero Beach jointly established an Enterprise Zone encompassing properties in and <br /> around the City of Vero Beach Municipal Airport and properties within the Gifford Community (Figure 13 below). The Enterprise <br /> Zone is an area designation approved by the state to encourage new economic growth and investment in distressed areas through tax <br /> incentives for residents (building materials sales tax refunds) and businesses located within Enterprise Zones. Those tax incentives <br /> available to businesses located within Enterprise Zones include: <br /> ■ Job Tax Credit(Sales Tax and Use Tax Credit or Corporate Income Tax Credit) <br /> ■ Sales Tax Refund (Refund of Sales Tax Paid on Certain Business Equipment/Building Materials) <br /> ■ Property Tax Credit(Applied to Corporate Income Tax) <br /> ■ Electrical Energy Sales Tax Exemption(Sales Tax Exemption on Electrical Energy) <br /> ■ Community Contribution Tax Credit(Florida Corporate Income Tax, Insurance Premium Tax, or Sales Tax Refund). <br /> NCommunity Development Indian River County 33 <br /> V <br />