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May 27, 2018

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Florida's Rural Advantages - Good Business Sense

Florida's rural counties provide a skilled workforce and financial advantages.

Gary B. Shepherd | 10/1/2007

Enhanced Incentives:

Companies can access a wide range of incentives in Rural Enterprise Zones (REZ) located in most of Florida’s 32 rural counties.

  • Jobs Tax Credit
    A tax credit for up to 24 months against corporate income tax or sales and use tax for new jobs created. The credit is for 30% of wages paid to employees living in an REZ. If more than 20% of employees live in the REZ, the credit is 45%.
  • Property Tax Credit
    A tax credit on corporate income tax equal to 96% of ad valorem taxes paid on new or improved property, for up to $25,000 per year for five years; the cap is $50,000 per year if 20% of employees live within the REZ.
  • Business Equipment Sales Tax Refund
    Refund of sales taxes paid on business property with a sales price of at least $5,000 per unit; the property must be used exclusively in the REZ for at least three years.
  • Building Materials Sales Tax Refund
    Refund of sales taxes paid on the purchase of building materials used to rehabilitate real property located in the REZ. Up to $5,000 is refundable (or $10,000 if 20% of the employees live within the REZ) per parcel.
  • Sales Tax Exemption for Electrical
    Energy A 50% sales tax exemption on the purchase of electrical energy to qualified businesses located within the REZ if the municipality has reduced the municipal utility tax by at least 50%; a 100% exemption is available if 20% of permanent, full-time employees live in the REZ.
  • Community Contribution Tax Credit
    A 50% credit on state corporate income tax, insurance premium tax or sales tax refund for donation to an approved local community development project.

Tags: North Central, Agriculture, Environment, Business Florida

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Florida Trend Video Pick

2018 Atlantic Hurricane Season Outlook
2018 Atlantic Hurricane Season Outlook

Dr. Gerry Bell, lead seasonal hurricane forecaster at NOAA’s Climate Prediction Center, and the rest of his team NOAA, are predicting an 75 percent chance that the 2018 Atlantic hurricane season will either be near-normal or above normal.

Earlier Videos | Viewpoints@FloridaTrend

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