Learn more about the EDATE program and how it benefits businesses in Okaloosa County.
What is the EDATE program?
EDATE stands for Economic Development Ad valorem Tax Exemption. It is a tool used by Okaloosa County to help businesses expand and attract new, higher-paying jobs by offering temporary property tax exemptions.
Who is eligible for the EDATE program?
Both new and existing businesses in Okaloosa County that meet specific job creation and investment criteria are eligible for the EDATE program.
How long does the tax exemption last?
The tax exemption can last up to 10 years, depending on the agreement and compliance with job creation and investment commitments.
What types of property are eligible for exemption?
New facilities, facility improvements, and new equipment purchases that support new jobs and result in new taxable value are eligible for exemption consideration.
Is the EDATE program a new initiative?
No, the EDATE program has been in place since 1981 and is reauthorized by voters every 10 years. The program has been successfully renewed multiple times.
How does EDATE benefit the community?
EDATE helps diversify the county’s business base, encourages higher-wage job creation, and supports local economic growth by partnering with businesses in their expansion efforts.
What happens if a company fails to meet job creation targets?
EDATE is performance-based. If a company does not meet its job creation targets, it will not receive the tax exemption for that year. Compliance is monitored annually.
How often has the EDATE program been used?
Since 2014, the Board of County Commissioners has approved 12 EDATE applications, benefiting companies like Allegiant, Boeing, and GS Gelato, among others.
What are the consequences of not renewing the EDATE program?
Without EDATE, Okaloosa County would be at a competitive disadvantage compared to neighboring counties that offer similar incentives, potentially losing high-paying employers and hindering local business expansion.
