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Enterprise Zones are areas targeted for economic revitalization. The Florida Enterprise Zone program offers financial incentives to businesses located in designated areas found in urban and rural communities. These incentives are offered to encourage private investment in the zones as well as employment opportunities for the area’s residents.
The Tallahassee/Leon County Enterprise Zone was launched on January 1, 2003. Almost 20 square miles in size, the Enterprise Zone is located in the central, southern and western portions of the community and lies within both the corporate limits of Tallahassee and in portions of unincorporated Leon County.
In the Capital Region, Leon, Gadsden and Wakulla counties have designated Rural Enterprise Zones. For additional information on the Enterprise Zone Program in Florida, please visit Enterprise Florida’s comprehensive website detailing the tax advantages and economic incentives available to businesses located within zone boundaries.
Leon County Property Appraiser
Tax incentives are offered to all types of businesses that are located within a designated Enterprise Zone and employ zone residents, rehabilitate real property or purchase business equipment to be used in the zone. Tax credits are available to businesses that pay either the Florida Corporate Income Tax or the Florida Sales and Use Tax. Sales tax refunds and sales tax exemptions are available if eligible purchases are made.
Enterprise Zone Stimulus Tax Credit (Sales and Use Tax)
This program allows businesses located in an Enterprise Zone that collect and pay Florida Sales & Use Tax and create a new full-time job, a credit against its tax based on wages paid to new employees (in a full-time job) who have been employed by the business for at least three months and live within the boundaries of the Enterprise Zone.
Enterprise Zone Stimulus Tax Credit (Corporate Income Tax)
This program allows businesses located in an Enterprise Zone that pay state corporate tax and create a new full-time job, a credit against its tax based on wages paid to new employees (in a full-time job) who have been employed by the business for at least three months and live within the boundaries of the Enterprise Zone.
Sales tax refund for business machinery and equipment used in an Enterprise Zone
A refund is 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.
Sales tax refund for building materials used in an Enterprise Zone
A refund is available for sales taxes paid on the purchase of building materials used to rehabilitate real property located in an Enterprise Zone. This incentive is limited to owners, lessors and lessees of the real property that is rehabilitated within an Enterprise Zone.
Enterprise Zone Property Tax Credit (Corporate Income Tax)
New or expanded businesses located in an Enterprise Zone are allowed a credit on Florida corporate income tax equal to 96 percent of ad valorem taxes paid on the new or improved property. (The assessment rate varies by county.)
Community Contribution Tax Credit Program
This program allows a business anywhere in Florida a 50 percent credit on Florida corporate income tax, insurance premium tax or sales tax refund for donations to local community development projects. Donations must be made to an eligible sponsor conducting an approved community development project. The annual amount of credit granted is limited to $200,000 per firm and $10,000,000 for the state.
For More Information:
Call (850) 224-8116