ENTERPRISE ZONE PROPERTY TAX CREDIT (Corporate) (Form 1158z)
Section 220.182, Florida Statues
What is the Rural EZ program?
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).
What are the advantages?
Any unused portion of the credit may be carried forward for five years. · The credit can be claimed for five years, up to a maximum of $50,000 annually, if 20% or more employees are enterprise zone residents; otherwise the credit is limited to $25,000 annually.
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 must also be added back to Florida taxable income.
How do I receive the credit?
Businesses must file Form DR-456 with the county property appraiser before April 1 of the first year in which the new or expanded property is subject to assessment. An Enterprise Zone Coordinator will certify Form F-1158Z and provide copies to the Department of Revenue. Firms must include copies of receipts for applicable ad valorem taxes paid with tax returns and Form F-1158Z.
