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October 31, 2014

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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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