ENTERPRISE ZONE JOBS TAX CREDIT (Corporate Income Tax) (Form F-1156Z)
Section 220.181, Florida Statues
What is the Rural EZ program?
Allows businesses located in a Florida rural enterprise zone who pay corporate income tax a corporate income tax credit for the wages paid to new employees (in a new full-time job) who have been employed by the business for at least 3 months and are residents of a rural Florida county.
What are the advantages?
Businesses located within a "Rural EZ" will receive a credit of 30% paid to new eligible employees who are residents of a "Rural County". If 20% or more of the permanent, full-time employees are residents of a Florida enterprise zone, the credit is 45%. A five-year carry-forward provision is available for unused portions of past credits.
What are the 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 also must be added back to Florida taxable income.· This credit is not available if the Credit Against Sales Tax for Job Creation is taken.
How do I receive the credit?
Form F-1157Z, which requires a list of names and addresses of eligible employees, must be certified by an Enterprise Zone Coordinator and submitted with the business' corporate income tax return.
