Obtaining Grants, Credits, Refunds, and Public Financing

What does obtaining grants, credits, refunds, and public financing entail?

Obtaining grants, credits, refunds, and public financing is a process through which businesses and organizations secure financial incentives from government entities to support their operations and promote economic development in Florida. These incentives may include grants for specific projects, tax credits for creating jobs, refunds for business expenses, or access to public financing for capital investments.

Need help with a matter related to obtaining grants, credits, refunds, and public financing? Schedule your consultation today with a top economic development attorney.

Which Florida laws and regulations apply to obtaining grants, credits, refunds, and public financing?

In Florida, several laws and regulations guide obtaining grants, credits, refunds, and public financing for economic development and related government incentives. For instance, the Florida Enterprise Zone Act offers tax incentives to businesses within designated Enterprise Zones to encourage job creation and capital investment. Another example is the Florida Qualified Target Industry (QTI) Tax Refund program under Florida Statutes Section 288.106, which offers tax refunds to businesses that create high-wage jobs in targeted industries

What are common issues related to grants, credits, refunds, and public financing that lead to litigation?

The following issues are among the most common in litigation involving obtaining grants, credits, refunds, and public financing:

• Misrepresentation or Fraud: Parties may face accusations of providing false or misleading information during the application process for funding, which can lead to legal disputes.
• Breach of Contract: Failure to fulfill the terms and conditions of a grant, credit, refund, or public financing agreement can result in litigation.
• Improper Use of Funds: Disputes may arise if the funds received are left unused for the intended purpose or if the funds are misappropriated.
• Non-Compliance With Regulations: Parties working to obtain financial assistance must comply with various federal and state regulations. Failure to do so may lead to litigation.
• Disputes Over Eligibility: Conflicts can arise when multiple parties claim eligibility for the same grant, credit, refund, or public financing opportunity.
• Government Enforcement Actions: Regulatory agencies may take legal action against parties who violate laws and regulations regarding obtaining financial assistance.

What are effective measures to minimize the risk of litigation over obtaining grants, credits, refunds, and public financing?

Implementing the following strategies may help mitigate risk:

• Conduct Thorough Due Diligence: Ensure all information provided during the application process is accurate and complete. Verify the eligibility of the project or business for the specific financial assistance opportunity.
• Develop Clear Agreements: Draft comprehensive agreements that outline the terms and conditions of the financial assistance, including how the funds should be used and any reporting requirements.
• Implement Strong Internal Controls: Establish proper oversight and controls to monitor the use of funds and ensure compliance with all applicable laws and regulations.
• Maintain Accurate Records: Keep detailed records of fund usage and allocation, and be prepared to provide supporting documentation if requested.
• Stay Informed About Regulatory Changes: Regularly review and update your understanding of federal and state laws and regulations related to obtaining financial assistance to ensure continued compliance.
• Seek Professional Advice: Consult with legal and financial advisors who know the requirements and regulations for obtaining grants, credits, refunds, and public financing in economic development and related government incentives matters. Their guidance can help you navigate the complexities and minimize the risk of litigation.

When a set of facts is appropriate to meet litigation requirements, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

Frequently Asked Questions

1. What types of projects or businesses typically qualify for grants, credits, refunds, and public financing in Florida?

Eligible projects or businesses often include those that contribute to the state’s economic development, create jobs, or provide significant public benefits. Examples include infrastructure projects, research and development initiatives, and businesses operating in targeted industries such as advanced manufacturing, technology, and clean energy.

2. Can a small business or start-up qualify for financial assistance through grants, credits, refunds, and public financing in Florida?

Yes, small businesses and start-ups may qualify for financial assistance through programs that support entrepreneurship and innovation. These programs may offer grants, tax credits, or other financial incentives to help businesses grow and create jobs in Florida.

3. How can I learn about Florida’s available grants, credits, refunds, and public financing opportunities?

Resources such as the Florida Department of Economic Opportunity and the U.S. Small Business Administration can provide information on available financial assistance programs. In addition, you can consult with local economic development agencies, industry associations, and non-profit organizations specializing in economic development to identify potential funding opportunities.

Have more questions about governance or operations for your business?

Crucially, this overview of obtaining grants, credits, refunds, and public financing does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain a tireless advocate every step of the way. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation