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End In Sight For Florida Enterprise Zones; Leaders Push For Program Extension
February 6, 2015
Florida’s leading economic development, business and taxpayer groups gathered at the Capitol in Tallahassee Wednesday to highlight the importance of Enterprise Zones to communities across Florida. Enterprise Zones exist in economically depressed and blighted areas throughout the state to encourage business investment and job growth. Without action from the legislature, Florida’s Enterprise Zone program is set to sunset at the end of 2015.
“Bringing jobs to our communities requires the collaboration between many partners and the use of many tools. Ensuring the ongoing use of Enterprise Zones allows counties to focus on revitalization and ensure that businesses have access to incentives to help them grow,” said Grover Robinson, Escambia County commissioner. Enterprise Zone exist in certain areas of Pensacola, Escambia County and in the entire Town of Century.
“The Enterprise Zone program is one of the few economic development tools that allow cities to partner with the state to accomplish the task of rebounding Florida’s economy. The Florida League of Cities supports legislation which reauthorizes, modernizes and improves the Enterprise Zone program in order to maximize the taxpayers return on investment. The loss of this program would place local communities and the state at a disadvantage in attracting new businesses to Florida, as we compete with states that have an Enterprise Zone program,” said David Cruz, assistant general counsel, Florida League of Cities.
The Florida Enterprise Zone Program offers an assortment of tax incentives to businesses that choose to create employment within an enterprise zone, which is a specific geographic area targeted for economic revitalization. Tax incentives include a sales and use tax credit, tax refund for business machinery and equipment used in an enterprise zone, sales tax refund for building materials used in an Enterprise Zone, and a sales tax exemption for electrical energy used in an enterprise zone. Local governments can provide additional incentives for a zone located within their boundaries.
“Enterprise Zones across the state have helped curb a shortage of investment, in both local community support and in private capital, experienced by the state’s deteriorating areas. Our comprehensive analysis of Florida’s Enterprise Zones calls for substantial legislative reforms that will increase the program’s efficacy and value to taxpayers and each of the communities they were established to serve,” said Dominic M. Calabro, president and CEO of Florida TaxWatch.
Pictured top and inset: The former Alger-Sullivan Lumber Company site in Century is located in an Enterprise Zone. NorthEscambia.com file photo, click to enlarge.
Comments
One Response to “End In Sight For Florida Enterprise Zones; Leaders Push For Program Extension”
Having a FOR SALE sign on the Fla Enterprise Zone area does not speak well of the program’s success.
Very sad….so many being impacted and having losses.