Form F-1158z - Enterprise Zone Property Tax Credit (Page 3 of 4) in pdf

F-1158ZN

Instructions for Form F-1158Z

R. 01/09

Enterprise Zone Property Tax Credit

Rule 12C-1.051

Florida Administrative Code

Effective 01/09

General Instructions

“Rebuilding of an existing business” means any business

located in an area designated as an enterprise zone

Who must file? Every taxpayer claiming an enterprise

that replaces or restores real or tangible personal

zone property tax credit must file by performing the

property destroyed or damaged in an “emergency” in the

enterprise zone.

following steps. First, complete Form F-1158Z and

attach it to the tax return for each year you claim the

credit. Second, attach to your tax return a copy of Form

An “emergency” means widespread or severe damage,

injury, or loss of life or property occurring and proclaimed

DR-456, Notice of New, Rebuilt or Expanded Property,

under s. 14.022, F.S., or declared under s. 252.36, F.S.

filed with the property appraiser. Lastly, attach copies of

the certified receipts for the ad valorem taxes paid.

“Enterprise zone” means an area in Florida designated

When may a business take the credit? The credit is

under s. 290.0055 or s. 370.28, F.S., as an area suitable

available to a new business the year in which ad valorem

for such purposes.

taxes are first levied against the business. The credit is

Credit Limitations

available to an expanded or rebuilt business the year in

which ad valorem taxes are first levied on real or tangible

personal property acquired for expansion or rebuilding.

When filing for credit as a new, expanded, or rebuilt

business, the maximum amount of credit allowable

What are the filing requirements? To be eligible for the

each year under this program must not exceed $25,000.

credit a new, expanded, or rebuilt business must file Form

However, if 20 percent or more of the permanent full-time

DR-456 with the property appraiser of the county where

employees of the business are residents of an enterprise

zone, the maximum credit must not exceed $50,000.

the business is located or will be located no later than

April 1 of the year in which new or other real or tangible

personal property is subject to ad valorem assessment.

The business must have at least 5 more full time

employees than it had in the preceding year to qualify for

The enterprise zone property tax credit is state financial

the initial credit. This employment requirement must be

assistance subject to the auditing and reporting

maintained for each year the credit is claimed.

requirements of the Florida Single Audit Act, under

section (s.) 215.97, Florida Statutes (F.S.). Tax Information

Part II. Credit allowable for ad valorem taxes.

Publication (TIP) 02ADM-02 provides more details. We

For a new business, you should calculate the credit

have posted this TIP on the Department’s Internet site at

annually on the ad valorem taxes paid in Florida during

the taxable year on new real property and new tangible

Part I. Qualification for credit.

personal property acquired.

In the following definitions of a new, expanded, or rebuilt

For the expansion of an existing business, you must

calculate the credit annually on the additional ad

business, the term “business” means any business entity

valorem taxes paid in Florida during the taxable year

approved to do business in Florida subject to the Florida

franchise tax on banks and savings associations.

resulting from assessments on additional real and

tangible personal property acquired to facilitate such

expansion. For the rebuilding of an existing business,

“New business” means any business that operates

you must calculate the credit annually on the ad valorem

in an area designated as an enterprise zone on a site

clearly separate from any other commercial or industrial

taxes paid in Florida during the taxable year resulting

operations owned by the same business. It also employs

from assessments on property replaced or restored.

five or more additional full-time employees in Florida.

“Expansion of an existing business” means any business

located in an area designated as an enterprise zone that

expands by or through additions to real and tangible

personal property and employs five or more additional

full-time employees in Florida.

Form F-1158z - Enterprise Zone Property Tax Credit Page 3

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