Form F-1158z - Enterprise Zone Property Tax Credit Page 4
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4F-1158ZN
R. 08/13
service are not included in the credit calculation
Part IV. Tax liability and tax year limitation.
because this calculation is limited to levies for
operating purposes only. In addition, for purposes of
Line 10. The credit must be applied against the
the credit, “ad valorem taxes paid” means the tax paid
corporate income or franchise tax liability for the taxable
on new or added real and tangible personal property
year. Therefore, enter on this line the total tax due amount
acquired to set up a new business and to facilitate a
from Florida Form F-1120, Page 1, Line 11.
business expansion. “Ad valorem taxes paid” also means
Line 11. The amount of credit allowable is limited to
the tax paid on new or added real and tangible personal
property acquired to rebuild or restore a destroyed or
the total corporate income or franchise tax due after
damaged business, including pollution and waste control
certain credits are applied. Therefore, enter on Lines 11(a)
facilities or any other part of it. This may include one or
through 11(d) the amounts claimed for the specified
more buildings or other structures, machinery, fixtures,
credits from Florida Form F-1120, Schedule V. Enter the
and equipment.
total other credits against the tax [sum of Lines 11(a)
through 11(d)].
Lines 5 and 6. Enter the date of payment and the taxes
Line 12. The tax liability limit on the amount of credit
paid on Line 5 for real property and on Line 6 for tangible
personal property.
allowable is the total tax due on Line 10 minus the total
other credits against the tax on Line 11.
Line 7. Enter the total ad valorem taxes paid (Line 5 plus
Part V. Enterprise zone property tax credit for this
Line 6) on this line.
year.
Part III. Unused credit carryover from prior tax years.
Lines 13 and 14. The total amount of credit available
If you do not fully use the credit granted in any one
this year is the sum of the credit allowable for ad valorem
year, you may carry the unused amount forward for a
taxes paid this year on Line 7 and the amount of unused
period not to exceed five years. You may use the credit
credit carryover available this year on Line 9.
carryover in a later year when the limitation exceeds the
Line 15. The enterprise zone property tax credit that
credit for such year.
you can claim this year is the lesser of the total amount
Line 8. Complete the table to determine the balance of
of credit available this year (from Line 14) or the limit on
unused credit carryover available this year from each of
the amount of credit that you may claim this year (from
the five immediately preceding tax years in order of time.
Line 12). Enter this amount on Florida Form F-1120,
In entering the years the unused credit carryovers were
Schedule I, Page 3, Line 8.
created, start with oldest year. In applying unused credit
carryovers, apply the unused credit carryover from the
oldest year first.
Line 9. Enter the total amount of unused credit carryover
available this tax year which is the sum of the amounts in
8(d).
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