The Florida Enterprise Zone program was established in 1982, and was one of the first enterprise zone programs created in the U.S.

There are currently 65 designated enterprise zones in Florida. The program is administered by the Florida Department of Economic Opportunity and each enterprise zone is governed on a local level by an Enterprise Zone Development Agency (EZDA).The Florida Enterprise Zone program offers a variety of state employment incentives to businesses that create new jobs within an enterprise zone that has been targeted for economic revitalization. On top of the tax incentives provided as part of the program, local governments may provide additional incentives for zones located in their boundaries.

Eligibility And Reporting Requirements

Each of the above tax incentives offered through the Florida Enterprise Zone program comes with its own eligibility and reporting requirements. However, there are also a few high-level eligibility requirements. A business that is located in an enterprise zone may take the credit against Florida corporate income tax when it hires employees who live in an enterprise zone or participate in a welfare transition program.

To qualify for the enterprise zone employment incentive, your business must:

• Show an increase in the number of full-time jobs in the 12 months prior to the date of your application

• Have employed the eligible employees for at least three months

• Have leased the eligible leased employees for more than six months

To claim the tax credits, you must fill out forms with the EZDA within six months of an employee hire date. Failure to file on time results in a disallowed credit. The EZDA has 10 business days to process and certify the form. Form DR-15CS must be submitted by the 20th of the next month or it will be considered late.

Navigating The Complexities Of The Florida Enterprise Zone Program

The Florida Enterprise Zone program is set to expire on December 31, 2015. With the Florida Enterprise Zone program ending at the close of this year, you must ensure you’re not passing up an opportunity to capture tax savings your business is entitled to.

While this blog post has only touched upon the high-level features of the Florida Enterprise Zone program, there are numerous details concerning eligibility, applications, annual reporting requirements and IRS restrictions.

That’s why it is recommended you contact an outsourced tax consultant who is well-versed in Florida state employment incentives. A tax expert guides you through the program details and develops a solid plan for capturing the tax incentives, from meeting eligibility requirements to accurately filing an application with the EZDA.

Ready to learn if your Florida-based business is eligible for the Florida Enterprise Zone and other state employment incentives? Schedule your 30-minute, no-cost consultation with a tax expert at CTI today.