June 27, 2011

Due to its continued growth and success, Amcor is looking to expand its Central Florida location and create nearly 30 new, high quality jobs.

Amcor is considering leasing 500,000 square feet of space within the Airport International Park of Orlando. This week, the Orlando City Council moved forward with a Qualified Target Industry (QTI) Tax Refund Resolution for Amcor Rigid Plastics, a global leader in responsible packaging including plastic containers for beverages, food and healthcare products and corrugated boxes.

If the QTI incentive is made to Amcor, the company will create 29 new jobs, at an average wage of more than 47 thousand dollars per year, which is more than 115% of the Orange County annual average wage. Amcor’s total capital investment in this project is nearly $19.5 million in the City of Orlando.

Buddy Dyer,
Mayor

What is QTI?

Florida (and Orlando) competes with other states and even foreign countries for the high-wage jobs created by businesses in innovative industries. To effectively compete for high-value employment opportunities, Florida uses conservative, performance-based business incentives as part of its economic development toolkit. In exchange for a business creating jobs in the state, they receive a tax refund once new jobs are created.

Florida's Qualified Target Industry Tax Refund (QTI) is the state's most widely used incentive program designed to encourage the creation of high skill jobs and encourage the growth of corporate headquarters and other targeted industries. The program helps to diversify Florida's economy by enabling the state to effectively compete for higher-wage jobs.

New or expanding businesses -- both small and large -- in targeted, high-growth industries that create at least 10 new jobs paying 115 percent of the average annual wage may receive tax refunds of up to $3,000 per new job created, or up to $6,000 in an Enterprise Zone or rural county

The QTI Tax Refund is considered a locally-driven program, and it requires the support of the community (financial and otherwise) where the business is considering locating or expanding. This support must be demonstrated in the form of a resolution passed by the government entity that will be responsible for providing the required 20 percent local match. (The local match may be waived in rural communities that are unable to provide this funding).

Since its inception, QTI has been used to induce nearly 300 active projects in 48 of Florida's 67 counties that are expected to create more than 64,000 direct new jobs and $4.7 billion in private sector investment.

Categories: QTI

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