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Florida's Enterprise Zone Program – Corporate Income Tax Incentives
Enterprise Zone Jobs Credit
A business that is located in an enterprise zone may take a credit against Florida corporate income tax when it hires employees who:
- Live in an enterprise zone or
- Participate in a welfare transition program.
To qualify for the credit, the business must:
- Show an increase in the number of full-time jobs in the 12 months before the date of the application.
- Have employed the eligible employees for at least 3 months.
- Have leased the eligible leased employees for more than 6 months.
Find out how to claim this credit.
To claim the credit, the business must:
- Complete Form F-1156Z (Florida Enterprise Zone Jobs Credit - Certificate of Eligibility for Corporate Income Tax).
- Attach all required documentation.
- Get certification from the enterprise zone coordinator for the zone where the business is located.
- Submit Form F-1156Z and documentation as attachments to the Florida corporate income tax return (Form F-1120) for the taxable year in which an eligible new employee is hired.
The credit may be claimed for up to 24 months.
Enterprise Zone Property Tax Credit
A business that is located in an enterprise zone and starts a new business, expands an existing business, or rebuilds an existing business, may take a credit against Florida corporate income tax.
Find out how to claim this credit.
To claim the credit, the business must:
- Complete Form DR-456 (Notice of New, Rebuilt, or Expanded Property) and file it with the local property appraiser by April 1 of the year in which the new, expanded, or rebuilt property first becomes subject to assessment.
- Complete Form F-1158Z (Enterprise Zone Property Tax Credit).
- Attach all required documentation.
- Get certification from the enterprise zone coordinator for the zone where the business is located.
- Submit Form F-1158Z, a copy of Form DR-456, and documentation as attachments to the Florida corporate income tax return (Form F-1120) for the taxable year in which the business becomes eligible for the credit.
The credit may not exceed $25,000 yearly, unless the number of full-time, permanent employees of the business who live in an enterprise zone divided by the total number of full-time, permanent employees is 20 percent or greater. If the 20 percent employment requirement is met, the business may receive a credit up to $50,000.
The business must employ 5 or more additional full-time employees at the enterprise zone location, and keep at least that level of employment during the time the credit is claimed.
If the credit granted exceeds the tax liability shown on the return, the balance of the credit may be carried forward for up to 5 years.
Community Contribution Tax Credit
A business that donates cash, property, or goods to an approved community-based organization or government agency may take a credit against Florida corporate income tax. The credit is equal to 50 percent of the value of the donation, with a limit of $200,000 per year.
Find out how to claim this credit.
To claim the credit, the business must:
- Complete Form 8E-17TCA#1 (OTTED - Application for a Community Contribution Tax Credit).
- Attach all required documentation.
- Get approval from the Office of Tourism, Trade, and Economic Development (OTTED) before making a donation.
- Attach the credit approval letter from OTTED to the Florida corporate income tax return (Form F-1120) for the taxable year in which the donation is made.
A business may receive no more than $200,000 in community contribution tax credits yearly. Taxpayers who claim this credit against corporate income tax cannot claim the credit against sales tax or insurance premium tax.
If the credit granted exceeds the tax liability shown on the return, the balance of the credit may be carried forward for up to 5 years.
For More Information
For more information about these corporate income tax incentives, see sections 220.03 and 220.183, Florida Statutes, and Rule 12C-1.0188, Florida Administrative Code.