Sarasota Enterprise Zone
The Florida Enterprise Zone Program offered various tax incentives for commercial and residential properties within an enterprise zone, which is a specific geographic area targeted for economic revitalization. The Sarasota Enterprise Zone consisted of two square miles in North Sarasota and was one of 65 zones in the state. Tax incentives included a corporate or sales tax refund on business machinery and equipment, building materials and a sales tax exemption for electrical energy used. The Enterprise Zone Community Contribution Tax Credit Program (CCTCP) offers businesses in the state that donate to approved projects up to 50% refund of sales or corporate tax.
Florida Enterprise Zone Program expired December 31, 2015
Community Contribution Tax Credit Program
has been extended through June 30, 2018
2015 Legislative Changes
Community Contribution Tax Credit Against Sales and Use Tax, Corporate Income Tax, or Insurance Premium Tax has been extended through June 30, 2018. The credit has been expanded to include donations made to provide housing opportunities for persons with special needs, as defined in Section 420.0004, Florid Statutes (F.S.).
Before making a donation for which you will be claiming a credit, please be sure it will qualify. A list of eligible organizations is available from the Department of Economic Opportunity (DEO). To receive approval, a business donating to an eligible sponsor must submit a tax credit application to DEO. In order to claim the tax credit, attach proof of the approved donation when you file your state tax return. To claim a sales tax refund, you will need to submit a Sales and Use Tax Application for Refund (DR-26S).
Florida Business Donations to projects that would have qualified previously will continue to be eligible for the credit if the projects are in an area that was located in an enterprise zone pursuant to section 290.0065, F.S., as of May 1, 2015. Donations to eligible sponsors receive up to 50% in sales tax credit, corporate tax refunds and insurance credit. The annual maximum tax credit per business is $200,000.
Approved community development projects in the Sarasota are:
- Ringling College of Art & Design
- The Pines of Sarasota
- Robert L. Taylor Community Complex
For more information concerning specific benefits of the CCTCP, please contact the Enterprise Zone Coordinator, Dru Jones, at 941.365.2200, Ext. 3222 or email firstname.lastname@example.org.
Burt C. Von Hoff, Special Programs Manager
Florida Department of Economic Opportunity
Division of Strategic Business Development
107 E. Madison Street Caldwell Building, MSC 80
Tallahassee, FL 32399
O: 850.717.8974, F: 850.410.4770
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