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Listed
below are the State and local incentives available for Sarasota
Enterprise Zone businesses, property owners and residents.
Additional information and Enterprise Zone application forms
can be found at www.floridaenterprisezone.com.
Also,
the Sarasota County Board of County Commissioners approved
adoption of ordinances waiving certain Impact
Fees for all properties located in the Sarasota
Enterprise Zone (see below).
Information
and technical assistance for preparation of applications are
available at the Newtown Redevelopment Office, (941) 373.7780,
or dru_jones@sarasotagov.com.
Enterprise
Zone Incentives________________________
Jobs
Tax Credit (Sales Tax)
Allows a business located within an Enterprise
Zone to take a sales and use tax credit for 20 or 30 percent
of wages paid to new employees who reside within an enterprise
zone. To be eligible, a business must create at least one
new job for every job application filed. The Sales Tax Credit
cannot be used in conjunction with the Corporate Tax Jobs
Credit.
Jobs Tax Credit (Corporate
Income Tax)
Allows a business located within an Enterprise
Zone to take a corporate income tax credit for 15 or 20 percent
of wages paid to new employees who reside within an enterprise
zone. The Corporate Tax Credit cannot be used in conjunction
with the Sales Tax Credit.
Business Equipment Sales
Tax Refund
A refund is available for sales taxes paid
on the purchase of certain business property, which is used
exclusively in an Enterprise Zone for at least three years.
Building Materials Sales Tax Refund
A refund is available for sales taxes paid
on the purchase of building materials used to rehabilitate
real property located in an Enterprise Zone.
Property Tax Credit (Corporate
Income Tax)
New or expanded businesses located within an
enterprise zone are allowed a credit against Florida corporate
income tax equal to 96 percent of ad valorem taxes paid on
the new or improved property.
Sales Tax Exemption for Electrical Energy
A 50 percent sales tax exemption is available
to qualified businesses located within an Enterprise Zone
on the purchase of electrical energy, if the municipality
has reduced the municipal utility tax by at least 50 percent.
Community Contribution
Tax Credit Program
Allows businesses a 50 percent credit on Florida
corporate income tax, insurance premium tax, or sales tax
refund for donations made to qualified local community development
projects. Businesses are not required to be located in an
enterprise zone to be eligible for this credit.
Impact
Fee Waiver__________________
Effective February 19, 2004, Ordinance to waive
Impact Fees imposed by the county for property subject to
fees for roads, parks, library, emergency
medical services, and fire and rescue.
Effective
May 1, 2004, Ordinance 2004-028, under Sec. 70-296 (a)(8)
of the County Code, Principal Residential Uses within the
Enterprise Zone are exempt from having to pay the Educational
System Impact Fee.
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