ENTERPRISE ZONE BENEFITS
An Enterprise Zone is a specific geographic area targeted for economic revitalization. Enterprise Zones encourage economic growth and investment in distressed areas by offering tax advantages and incentives to businesses locating within the zone boundaries.
Jobs Tax Credit (Sales Tax):
Allows a business located within an Urban Enterprise Zone to take a sales and use tax credit for 20 or 30 percent of wages paid to new employees who reside within an enterprise zone. To be eligible, a business must create at least one new job. The Sales Tax Credit cannot be used in conjunction with the Corporate Tax Jobs Credit.
Jobs Tax Credit (Corporate Income Tax):
Allows a business located within an Urban Enterprise Zone to take a corporate income tax credit for 15 or 20 percent of wages paid to new employees who reside within an enterprise zone. The Corporate Tax Credit cannot be used in conjunction with the Sales Tax Credit.
Business Equipment Sales Tax Refund:
A refund is available for sales taxes paid on the purchase of certain business property, which is used exclusively in an Enterprise Zone for at least 3 years.
Building Materials Sales Tax Refund:
A refund is available for sales taxes paid on the purchase of building materials used to rehabilitate real property located in an Enterprise Zone.
Property Tax Credit (Corporate Income Tax):
New or expanded businesses located within an Enterprise Zone are allowed a credit against Florida corporate income tax up to 96% of ad valorem taxes paid on the new or improved property.
Community Contribution Tax Credit Program:
Allows businesses a 50% credit on Florida corporate income tax, insurance premium tax, or sales tax refund for donations made to local community development projects. Businesses are not required to be located in an Enterprise Zone to be eligible for this credit.