10.19.15 |
SHARE   |  

Florida Issues Guidance on Sunset of Enterprise Zone Program

sunset and sea waves icon

The Florida Enterprise Zone program  (the “Program”) is set to expire on December 31, 2015 (except for certain extensions).1 In anticipation of the expiration of the Program, the Florida Department of Revenue (DOR) has issued Tax Information Publication #15ADM-04, which addresses various transition rules related to the sunset of the Program.

Here are some highlights from the Tax Information Publication:

  • EZ Jobs Credit Against Corporate Income Tax2 – Businesses granted a credit prior to the expiration of the Program are permitted to continue claiming the credit for the same period of time they would have been available had the Program not expired. Businesses may also claim carryovers of unused credit amounts for the same period of time such carryovers would have been available had the Program not expired. No new credits will be approved after December 31, 2015.3
  • EZ Jobs Credit Against Sales Tax4 – The sales tax credit is allowed for new jobs created in an enterprise zone, but only upon affirmatively showing the DOR that the statutory requirements of the credit have been satisfied. Applications for the credit submitted to the DOR by December 31, 2015, and which are subsequently approved, can be taken on sales tax returns for up to 24 months after approval. No new applications will be accepted after December 31, 2015.5
  • EZ Property Tax Credit6 – Businesses granted a credit against prior to the expiration of the Program are permitted to continue claiming the credit for the same period of time they would have been available had the Program not expired, provided that the business continues to meet all applicable requirements throughout the time the credit is claimed. Business may also claim carryovers of unused credit amounts for the same period of time such carryovers would have been available had the Program not expired. No new credits will be approved after December 31, 2015.7
  • Building Materials Used for Real Property Rehabilitation in an Enterprise Zone8 – Businesses may be eligible for a refund of taxes paid on building materials used to rehabilitate real property located in an enterprise zone. To be entitled to this sales tax refund after December 31, 2015, the materials must have been purchased and used in a rehabilitation that was deemed to be substantially complete no later than December 31, 2015. Applications for refund must be submitted to the DOR within six months after the rehabilitation has been deemed to be substantially complete by the local building code inspector.9
  • Business Property Used in an Enterprise Zone10 – Businesses may be eligible for a refund of taxes paid on business property used in an enterprise zone. To be entitled to this tax refund after December 31, 2015, the business property must have been purchased and used in an enterprise zone on or before December 31, 2015. Applications for refund must be submitted to the DOR within six months after the tax is due.11
  • Electrical Energy Used in an Enterprise Zone12 – Businesses granted a sales tax exemption on electrical energy used in an enterprise zone prior to the expiration of the Program will be permitted to receive the exemption for the same period of time it would have been available had the Program not expired. No new exemptions will be granted after December 31, 2015.13

 

Learn More About ADP SmartCompliance® Tax Credits

 

Learn more about how the ADP SmartCompliance® Tax Credits module can help businesses maximize the capture of tax credits and incentives for which they are eligible.

 

 


1 Florida Statutes Section 290.016

2 Florida Statutes Section 220.181

3 Florida Tax Information Publication #15ADM-04 (Sept. 8, 2015)

4 Florida Statutes Section 212.096

5 Florida Tax Information Publication #15ADM-04

6 Florida Statutes Section 220.182

7 Florida Tax Information Publication #15ADM-04

8 Florida Statutes Section 212.08(5)(g)

9 Florida Tax Information Publication #15ADM-04

10 Florida Statutes Section 212.08(5)(h)

11 Florida Tax Information Publication #15ADM-04

12 Florida Statutes Section 212.08(15)

13 Florida Tax Information Publication #15ADM-04

 


TAGS  

One comment on “Florida Issues Guidance on Sunset of Enterprise Zone Program”

  1. bitcoin says:

    The work required to generate the hash is exponentially
    higher as the number of leading zeroes required in the hash generated.
    A record or a block is created every 10 minutes that hold the details of transactions.
    The offer remains the same as they are for physical customers and sometimes banks offer more to people who deal online with their accounts.

Leave a comment

Your email address will not be published. Required fields are marked *


1-855-864-1712

Sign Up for
Email Updates

featured webinar