Enterprise Zone Incentive
Enterprise Zone (EZ)
Sarasota has a designated Enterprise Zone east of U.S. 41 from the northern part of the city to parts of downtown. Businesses located within the zone are eligible for various tax incentives, including a jobs tax credit on sales tax and corporate income tax, sales tax refunds on business equipment and building materials, a property tax credit on corporate income tax, and an electrical energy sales tax exemption.
The program allows businesses located in a Florida enterprise zone, who collect and pay Florida sales and use tax, a monthly credit against their tax due on wages paid to new employees in a new fulltime job who have been employed by the business for at least 3 months and are residents of a Florida enterprise zone or are Welfare Transition Program participants or “Rural County” for businesses located within a “Rural Enterprise Zone”.
This incentive provides a credit of 20% of wages paid to new eligible employees who are residents of a Florida enterprise zone. If 20% or more of the permanent, fulltime employees are residents of a Florida enterprise zone, the credit is 30%.
The credit is limited to the amount of tax due on each return. There is no refund or carry forward for credit in excess of the tax due. This credit is not available if the Enterprise Zone Jobs Tax Credit, against corporate tax, is taken. The credit is limited to 24 months if the employee remains employed for 24 months.
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