On October 1, 2010, a portion of the City of West Park was designated by the state as part of the Broward County Enterprise Zone. The designation allowed us to join the City of Hollywood, City of Lauderdale Lakes, City of Dania Beach, City of Lauderhill, City of Pompano Beach, City of Fort Lauderdale and Broward County as part of the County’s Enterprise Zone. An Enterprise Zone is a specific geographic area targeted for economic revitalization.
The City offers Enterprise Zone incentives to encourage private investments that lead to employment for area residents, rehabilitation of real property or purchase of business equipment to be used within the zone’s boundaries. These incentives include:
EZ Job Tax Credit: This incentive allows businesses to receive a tax credit for 20% of wages paid to new employees. If the employee resides within an enterprise zone, the business would be allowed to take 30% credit. To be eligible, a business must have created at least one new job within the past 12 months.
EZ Property Tax Credit: This incentive will allow a credit on Florida Corporate Income Tax equal to 96% of ad valorem taxes paid on the new or improved property for new or expanding businesses located within the EZ. The property notice must be filed with the Property Appraiser’s Office on or before April 1st of the year in which a new property acquired to establish a new business or facilitate a business expansion or restoration is subject to assessment.
Building Material Sales Tax Refund: This incentive will reduce the cost of rehabilitating a property. The building materials sales tax refund claim must be submitted within 6 months after the rehabilitation of the property is deemed to be substantially completed by the local building code inspector or by November 1 after the rehabilitated property is first subject to assessment.
Building Equipment Sales Tax Refund: This incentive reduces the cost of purchasing new and used equipment (business property). To be eligible for a sales tax refund, the equipment (business property) must have a sales price of at least $5,000 per unit.
The City of West Park is offering workshops for businesses within the Enterprise Zone. Detailed information concerning the Enterprise Zone, as well as the applicable tax credits are presented to the business community. Also, technical assistance is provided to potential applicants seeking tax credits through participation in the program. The workshops are held at Mary Saunders Park, 4720 SW 21st Street, West Park, Florida. The upcoming workshop dates are: March 24th 2011 (11:00am – 3:00pm) April 7th 2011 (11:00am – 3:00pm)
For additional information about the program, please contact the Program Coordinator, Carol Aubrun at 954.989.2688.