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09/03/07 Incentives Pay Off for Enterprise Zone
Businesses and Homeowners
For the third quarter of fiscal year 2007 the
city processed Enterprise Zone Program incentive credits valued at $797,310
on behalf of businesses or homeowners located within the city’s designated
boundaries of the Enterprise Zone.
We would like to share some highlights about
this quarter’s top three incentive programs.
Business Materials Sales Tax Refund:
160 applications processed
$747,435 incentive benefit value
*Sample of program participants: Irwin
Contracting, Snell Arcade L.C, 1010 Central
Business Equipment Sales Tax Refund:
6 applications processed
$265,275 purchased equipment value
$15,439 incentive benefit value
*Sample of program participants: Ceridian
Benefit Services, Walker-Whitney Plaza LLC, Euro-Bake LLC
Jobs Tax Credit:
12 applications processed
30 new jobs created within the Enterprise
Zone (average
mthly wage per job $1913)
$57,394 total of monthly wages resulting in a
refund of 20%-30% or $11,478 to $17,212
$275,491 incentive benefit value over
two-year period
*Sample of program participants:
Parkshore Grill, Bella Brava, Courtyard Marriott
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Q3 activity per business category:
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15
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Retail
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8
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Contractor Services
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5
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Business Consultants
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4
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Realtors
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3
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Manufacturing
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There were 176 new business licenses issued
within the city’s Enterprise Zone in this quarter, so there is ample
opportunity for more businesses to participate in these valuable incentive
credit programs.
Out of the six incentive credit programs
established under the Enterprise Zone program, two require the business to
be incorporated and the remaining four credit programs are available to any
business entity. Residents of the Enterprise Zone may take advantage of the
Business Materials Refund program. The following provides a brief explanation
of the six incentive credit programs available:
1. Jobs Tax Credit: a tax credit for employing
residents of an Enterprise Zone as well as the business must be established
within the Enterprise Zone and collect and pay Florida Sales and Use Tax.
2. Jobs Tax Credit: a tax credit for employing
residents of an Enterprise Zone as well as the business must be established
within the Enterprise Zone. The credit can be taken against Florida
Corporate Income Tax. Business must be structured as a “C” corporation.
3. Business Equipment Refund: a refund of State of
Florida Sales & Use Tax paid on the purchase of eligible business
equipment.
4. Building Materials
Refund: a refund of the State of Florida Sales & Use Tax paid on
the purchase of building materials used to renovate or construct real
property located in the Enterprise Zone. Homeowners are also eligible for
this refund.
5. Property Tax Credit: a credit against
Florida Corporate Income Tax for new or expanding businesses purchasing
real property in an Enterprise Zone. This credit is calculated based on the
amount of ad valorem taxes paid. Business must be structured as a “C”
corporation.
6. Community
Contribution Tax Credit Program: it provides an incentive for businesses to
make donations to community development projects in an Enterprise Zone and
low-income housing projects. The organization must be pre-qualified and deemed
eligible for the donation incentive credit. A list of eligible
organizations is available from the City of St. Petersburg for review prior
to making a business donation.
With an expiration date looming in the not too
distant future, the time to act is now! Take advantage of the benefits you
are entitled to as a business or homeowner residing in the city’s
Enterprise Zone.
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To
learn more about the Enterprise Zone incentive programs – click here
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To
map out your business or homestead to determine if located within the
city’s designated Enterprise Zone – click here
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For
additional services and information surrounding the Enterprise Zone
incentive programs, please contact the city’s Enterprise Zone Coordinator
via email Jon.Fleming@stpete.org or call 727-892-5288.
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