This year, the Florida legislature passed new tax policy specifically targeted at increasing the amount of data center investment in our state. Florida Power & Light Company (FPL) President & CEO Eric Silagy publicly announced the news and echoed our state's excitement at our company's 3rd annual 7x24 Exchange reception, alongside our statewide economic development partner, Enterprise Florida, Inc.
Florida now provides exemptions for sales and use tax, infrastructure, equipment, personal property and electricity for data centers that make a minimum capital investment of $150 million and have a critical IT load of 15 megawatts or more. And Florida's approach to data center attraction is among the most generous in the nation - just four states currently apply such exemptions for electricity. This new tax policy, combined with Florida's proximity to international markets, the most submarine fiber landing points in the Southeast, and low electric rates with the ability to negotiate rates even lower with our Commercial Industrial Service Rider (CISR), makes Florida one of the most attractive states for data center.
We will keep you informed on an infrequent basis with this newsletter and plan to share how data centers can apply for the tax exemptions as well as other relevant news, incentives and electric rates that apply to your industry. Data centers are important to us because they provide high paying jobs to the state economy, boost technological innovation, and make large capital investments that boost the state economy.
That's why FPL's Office of Economic Development was created in 2012, with the primary purpose of the continuous improvement of Florida's economy. It is our belief that a strong state economy is good business for all Floridians. Over the last 5 years, our team has implemented a number of economic development efforts that have resulted in companies pledging to create more than 20,000 total new jobs in Florida.
We look forward to connecting with you in the future and supporting you as you consider Florida for your next data center location. Our team of experts understands the unique needs of this industry and pledge our ongoing partnership through site selection, construction and operations.
Director of FPL's Office of Economic Development