Effective: 01/01/2002
PROPERTY TAX CREDIT
(Corporate Income Tax)

Form F-1158Z (Enterprise Zone Property Tax Credit)
FORM DR-26S (Florida Department of Revenue Application for Refund)
FORM DR-456 (Notice of New, Rebuilt, or Expanded Property)
(s. 220.182, F. S.)

Business Eligibility:

• Corporation must be located within an Enterprise Zone.
• Firms must earn more than $5,000 to take advantage of the credit.
• New Businesses must establish 5 or more new jobs.
• Expanding Businesses must establish 5 or more new jobs.
• Rebuilding businesses must have suffered damage in an “emergency”.

Tax Credit Calculation:

• New businesses:
  tax credit will be based on the amount of ad valorem taxes paid.
• Expanding businesses:
  tax credit will be based on the additional ad valorem taxes paid from the assessments on additional real or tangible personal property acquired for the expansion project.
• Rebuilding businesses:
  tax credit will be based on the ad valorem taxes paid from the assessments on property replaced or restored.
• If 20% or more of the full-time employees are enterprise zone residents then the maximum of $50,000 annual credit can be claimed for 5 years; otherwise the credit is limited to $25,000 annually for five years.
• Any unused portion of the credit can be carried forward for 5 years.

• Form DR-456 must be filed with the property appraiser no later than April 1 of the year in which the real property is first subject to assessment.

• Forms DR-456 and F-1158Z (when approved by EZDA Coordinator) are given to the business who will attach original to Form F-1120 when submitting their corporate income tax return.
• EZDA faxes a copy to the Department of Revenue.
• One copy for EZDA files.

• EZDA mails a copy of forms DR-456 and F-1158Z to:
      Florida Department of Revenue
      Return Reconciliation
      5050 West Tennessee Street
      Tallahassee, FL 32399-0100

• Tax Information Services: 850-488-6800

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