Economic Development Council of Tallahassee/Leon County


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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% of ad valorem taxes paid on the new or improved property (the assessment rate varies by county). FORMS Property Tax Credit Form F-1158Z Property Tax Credit (Notice of New, Rebuilt, or Expanded Property) Form DR-456 PURPOSE New or expanded business 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 ADVANTAGES Any unused portion of the credit may be carried forward to five years. LIMITATIONS Firms must earn more than $5,000 to take advantage of the credit. The Federal tax burden may increase, since state tax liability is reduced. The amount of the credit must also be added back to Florida taxable income. ELIGIBILITY REQUIREMENTS The corporation must be located within an Enterprise Zone Firms must earn more than $5,000 to take advantage of the credit. New businesses must establish 5 or more new jobs. Expanding businesses must establish 5 or more new jobs. Rebuilding businesses must have suffered damage in an “emergency.” TAX CREDIT CALCULATION New businesses: tax credit will be based on the amount of ad valorem taxes paid. Expanding businesses: tax credit will be based on the additional ad valorem taxes paid from the assessments on additional real or tangible personal property acquired for the expansion project. Rebuilding businesses: tax credit will be based on the ad valorem taxes paid from the assessments on property replaced or restored If 20% or more of the full time employees are Enterprise Zone residents then the maximum of $50,000 annual credit can be claimed for 5 years; otherwise the credit is limited $25,000 annually for 5 years. CALCULATIONS New businesses: tax credit will be based on the amount of ad valorem taxes paid. Expanding businesses: tax credit will be based on the additional ad valorem taxes paid from the assessments on additional real or tangible personal property acquired for the expansion project. Rebuilding businesses: tax credit will be based on the ad valorem taxes paid from the assessments on property replaced or restored. For additional information contact Karen Hintz, Economic Development Program Coordinator, Economic Development Council of Tallahassee/Leon County, Inc. (850) 521-3111 or khintz@taledc.com

Back To E-Zone Incentives List \| See If A Property Is In Leon's E-Zone