Tax incentives are offered to all types of businesses that are located within a designated Enterprise Zone that employ zone residents, rehabilitate real property and/or purchase business equipment to be used in the zone. Tax credits are available to businesses that pay either the florida Corporate Tax or the Florida Sales and Use Tax. Sales tax refunds and sales tax exemptions are available if eligible purchases are made.
Section 220.181, Florida Statutes, allows businesses located in an enterprise zone that pay Florida corporate income tax a corporate income tax credit for wages paid to new employees who have been employed by the business for at least 3 months. Some restrictions apply.
Section 220.096, Florida Statutes, allows businesses located in a Florida enterprise zone that pay Florida sales and use tax a monthly credit against their tax due on wages paid to new employees who have been employed by the business for at least 3 months. Some restrictions apply.
Section 220.182, Florida Statutes: New or expanded businesses located in an enterprise zone are allowed a credit on Florida corporate income tax equal to 96% of ad valorem taxes paid on the new or improved property (the assessment rate varies by county) or up to $50K for a period of 5 years.
Section 212.08(5)(g), Florida Statutes: A refund is available for sales taxes paid on the purchase of building materials used to rehabilitate real property located in an enterprise zone.
Section 212.08(5)(h), Florida Statutes: A refund available for sales taxes paid on the purchase of certain business property (e.g. tangible personal property such as office equipment, warehouse equipment, and some industrial machinery and equipment) which is used exclusively in an enterprise zone for at least three years.
Section 212.08(l5), Florida Statutes: Up to 100% of the sales tax on electricity can be exempted for a period of five years for qualified businesses located in an enterprise zone. This exemption is only available if the municipality in which the business is located has passed an ordinance to exempt enterprise zone businesses from 50% of the municipal utility tax.
Section 220.183, Florida Statutes, allows businesses anywhere in Florida a credit of Florida corporate income tax, insurance premium tax, or r10rida sales tax equal to 50% of the value, if the donations are made to local community development projects. Donations must be made to an eligible sponsor conducting an approved community development proj ect. The annual amount of credit granted is limited to $200,000 per firm, per year, and $2,000,000 for the state.