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Expanded Enterprise Zone Offers Distinct Business Advantages
Jan 19, 2006 FOR IMMEDIATE RELEASE Fort Myers, FL (January 19, 2006) The Fort Myers/Lee County Enterprise Zone was reauthorized effective January 1, 2006, and will be in effect for the next 10 years. The previous zone has nearly doubled in size, offering opportunities for more local businesses. "We are always looking for ways to foster growth in our local community. The expanded Enterprise Zone will offer more space for new businesses to move in and capitalize on the financial advantages of being located in the zone," said Mayor Jim Humphrey. "An enterprise zone pumps economic muscle into an area by offering tax incentives to businesses that locate in the zone and employ people from the zone. We hope that businesses will take advantage of the incentives available," said Commissioner Tammy Hall. Since 1996, businesses in the enterprise zone received approximately $960,000 in sales tax refunds, representing a capital investment of approximately $16.5 million. There are six kinds of tax credits against either state corporate income taxes or sales taxes. They include: -A jobs tax credit on corporate income taxes and sales taxes for hiring enterprise zone residents. -A community contribution tax credit applied against corporate income taxes for donating cash and specified goods to eligible sponsors. -A property tax credit of up to $50,000 for five years that can be applied against corporate income taxes. -Sales tax refunds for building materials and for new or rehabilitated existing buildings. -Sales tax exemptions for electrical energy. -Sales tax refunds for business machinery and equipment. You must apply within six months of invoice to qualify for the refund. The Lee County Economic Development Office can help businesses decide what benefits they may be eligible for if they are located in the zone or are considering opening a business there. The Economic Development Office of Lee County works to attract new and diversified businesses resulting in high-wage, high-skilled jobs; retains and encourages the expansion of existing businesses; and improves the overall business environment in Lee County. Additional information is available at www.leecountybusiness.com. |