Florida Incentive Compensation Plan

State:
Multi-State
Control #:
US-CC-20-104
Format:
Word; 
Rich Text
Instant download

Description

This is a multi-state form covering the subject matter of the title.
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FAQ

Incentive compensation is a form of variable compensation in which a salesperson's (or other employee's) earnings are directly tied to the amount of product they sell, the success of their team, or the organization's success.

High-Impact Performance Incentive Grants (HIPI) attract and grow high-impact businesses within Florida by offering performance-based financial incentives. These grants aim to boost economic development and create new job opportunities for Floridians.

Incentive Compensation Examples A gainsharing plan is an incentive compensation model where an organization incentivizes employees to overperform by offering financial shares of the business gains that stem directly from their improved individual performance.

The High Impact Business Performance Incentive Grant is a negotiated incentive used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors as designated by the Department of Economic Opportunity (DEO).

One of the major advantages is that Florida is a more tax-friendly state. The sales tax in Florida sits at around 6%, there is no state income tax, estate tax, intangible goods tax or inheritance tax. There are also various tax exemptions for which you may qualify.

A core principle of the state's economic development incentive programs is that businesses are paid based on verified performance, meaning no tax dollars are paid until job creation or capital investment numbers are audited and confirmed.

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Florida Incentive Compensation Plan