Jackson County is nestled in the heart of the Florida Panhandle. Two neighboring states, Alabama and Georgia, are less than 20 miles away. Major regional cities, such as Atlanta, Jacksonville, and Birmingham, are within a 200 mile radius, while New Orleans, Memphis, Charlotte and Orlando are within a 400 mile radius.
In addition to airline service within a hour's drive, quick ground access is provided via U.S. 231 north-south and Interstate 10 and U.S. 90 east-west. Railroads run both north-south and east-west. A deep water port is available in Panama City.
Jackson County is the only Federal Rural Enterprise Community in the state and the largest Florida Enterprise Zone. Quite simply, what this means for businesses is financial assistance, in the form of incentives, tax refunds and tax credits.
Jackson County Development Council, Inc., or JCDC, is a community-based, nonprofit organization, established to implement and administer the Enterprise Community 10-year Strategic Plan.
JCDC's mission is to work with the community to increase economic opportunity for Jackson County residents.
Allows businesses a monthly credit against their sales tax due, on wages paid to new employees who live in the Zone.
Maximum Amount: $1,800 annually or 10% of wages paid to any new employees. If 20% of the employees are residents of the Zone, the credit increases to $2,700 annually, (or 15% of wages paid to each new employee.)
Length Time: 12 months
Requirements: Business must be located in the Zone. A new employee must have worked three months, but not more than four.
Allows businesses paying at least $100 in sales tax on the purchase of certain business property, such as office equipment, warehouse equipment and industrial machinery, to receive a refund of 97% of that 6% state sales tax.
Maximum Amount: $5,000, or if 20% of the employees are Zone residents, $10,000.
Length of Time: Each time eligibility is met.
Requirements: No percentage requirement. Sales tax paid must exceed $100 within a 60-day time period.
Businesses paying at least $500 in sales tax on the purchase of building materials used to rehabilitate real property located in the Zone can receive a refund of 97% of that 6% state sales tax.
Maximum Amount: $5,000 per parcel of real property, or if 20% of the employees are Zone residents, $10,000 per parcel.
Length of Time: One time refund for any one parcel.
Requirements: No requirement for increase in assessed value. Sales tax paid must exceed $500.
Businesses in the Zone can receive a 50% sales tax exemption on the purchase of electrical energy.
Maximum Amount:50% of tax imposed, or if 20% or more employees are residents of the Zone, 100% of tax imposed.
Length of Time: 5 year exemption.
Requirements: Business must be in a Zone which has adopted an ordinance providing exemption from municipal utility taxes.
Additionally, the business must occupy a new structure to which electricity has not previously been supplied, or occupy a renovated structure to which electricity has not been supplied for three preceding billing periods.
Or, the business may have received a sales tax refund for building materials for the structure.
Allows corporations in the Zone a 10% tax credit for wages paid to new employees who reside in the Zone.
Maximum Amount: $1,800 annually or 10% of wages paid to any new employees. If 20% of the employees are residents of the Zone, the amount paid to new employees increases to $2,700 annually (or15%).
Length of Time: 12 months. Unused credits may carry over for 5 years.
Requirements: Business must be located in the Zone. A new employee must have worked three months, but not more than four.
WOTC is a new Federal tax credit for hiring youths who reside in the Zone and are considered high-risk (ages 18-24); or summer youth employees (ages 16 and 17, who are hired to work between May and September).
Maximum Amount: For high-risk youth, $2,100 or 35% of up to $6,000 paid in wages during the first year of employment. Only first-year wages qualify.
For summer youth, $1,050 or 35% of up to $3,000 in wages paid for any 90-day period between May 1 and September 1.
Length of Time: Employer may carry forward or carry back unused amounts under the general business credit tax rules.
Requirements: Credit is available whether youth works inside or outside Zone, so long as the principal residence of the youth is in the Zone.
The credit is for qualifying employees hired after October 1, 1996.
Corporations in the Zone can receive a credit on Florida corporate income tax equal to 96% of ad valorem taxes paid on the property.
Maximum Amount: $25,000 annually for any eligible business, or if 20% of the employees are residents of the Zone, $50,000 annually.
Length of Time: 12 months. May carry over for 5 years. Employment requirements must be met each year.
Requirements: Business must be located in the Zone and must be new, expanded or rebuilt.
If claimed as an expansion or new business, the business must create five new jobs.
Allows a 50% credit on Florida corporate income tax for donations to approved community development projects.
Maximum Amount: $200,000 annually per business.
Length of Time: May claim annually. May carry over for 5 years.
Requirements: Community contribution project must be done by an eligible sponsor in the Zone.
Any project designed to construct or rehabilitate low-income housing is exempt from the Zone requirement.
Page designed by Stephanie K. Barnes of CRT Computers, Inc. crtinc@phonl.com
Copyright © 1998 CRT Computers Inc., all rights reserved.