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2/6/06 City Receives Enterprise Zone
Re-Designation
Since June 1995, a portion of
the City of St. Petersburg has been designated as a State of Florida Enterprise Zone (AEnterprise Zone@). The benefits of this
designation are access to incentives for businesses, properties and homes
located within the Enterprise Zone. Since the start of the program,
approximately $5.5 million of credits and refunds have been processed and
certified. Applicants range from businesses such as restaurants, cafes,
retailers, and movie theaters to, industrial users, hotels and even
homeowners.
Enterprise Zone incentives are
available in the form of tax credits and/or tax refunds and include:
·
Jobs Tax
Credit: Credit
for hiring residents of the Enterprise Zone.
·
Business
Equipment Sales Tax Refund: Refund of sales taxes paid for the purchase of
qualified business equipment with a minimum purchase price of at least
$5,000 per unit.
·
Building
Materials Sales Tax Refund: Refund of sales taxes paid on the purchase of building
materials used to renovate or construct real property.
·
Property
Tax Credit:
Credit on corporate income tax based on ad-valorem taxes paid on new or
improved property.
·
Community
Contribution Tax Credit: Credit or refund for donations to approved community development
projects.
The Enterprise Zone program was
due to expire on December 31, 2005. In the 2005 Florida Legislative
Session the State Legislature extended the program until December 31,
2015. This legislation also required all existing Enterprise Zones to
apply for re-designation. St. Petersburg’s application for re-designation
was recently approved by the State and is effective January 1, 2006.
The Enterprise Zone and other
incentives are important tools in our effort to retain, attract and
increase economic development and jobs for our residents. This
re-designation will afford the city the ability to allow continued and
expanded use of its incentives, which are a critical part of a
comprehensive revitalization program.
For more information or to view
a map of the Enterprise Zone click here,
or call the Economic Development Department at (727) 893-7100.
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