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Miami DDA’s Follow the Sun Campaign
The DDA is doubling-down on its effort to recruit new ventures to the region by offering up to $50,000 per year to qualifying businesses that intend to relocate to or expand in downtown Miami.
The DDA launched a campaign to bring finance firms to the region from high-tax states in 2013, a move to attract higher-paying, professional services jobs to Miami. Since the campaign began, dozens of companies – including Icahn Enterprises, Universa Investments, Boston Private and more – have relocated to or set up offices in the Miami-area.
The Follow the Sun campaign incentives are open to businesses with at least 10 employees that earn a minimum salary of $68,000 per year. Businesses can earn a one-time payment of $500 per employee and receive up to $50,000 per year. A company may not receive more than $150,000 within a three-year period.
The DDA notes that Florida is one of only seven states without a personal income tax, a significant advantage for high-income earners and business owners. New proposals to raise taxes in New York, Illinois and California – the latter is considering a top tax rate of 54% for millionaire residents- are expected to spur more relocations to South Florida, the DDA said. For more information on the “Follow the Sun” initiative, Click Here.