Brooksville/Hernando County Enterprise Zone

The Office of Business Development is pleased to announce that the Brooksville/Hernando County Enterprise Zone boundary amendment has been approved by the State of Florida effective January 1, 2005. 
 
The expansion will increase the size of the Enterprise Zone from 1.3 square miles to 3.7 square miles, adding an additional 1,198 parcels of which 252 are business parcels. Portions of the Enterprise Zone are located within the City of Brooksville and unincorporated Hernando County.

The Enterprise Zone Program was established by the state in 1981 and is designed to target a specific area for economic revitalization. Financial incentives are offered to businesses and property owners encouraging private investment and creation of jobs for the residents in the zone.

The State Tax Incentives include:

• Jobs Tax Credits
  • Credit against either the Florida Corporate Income Tax or the Florida Sales & Use Tax on wages paid to new employees who have been employed by the business for at least 3 months and are residents of a Florida enterprise zone.
  • 5% of the first $1,500 of monthly wages ($900 per year) per employee earning in excess of $1,500 per month.
  • If the enterprise zone resident is also in the welfare reform program (WAGES) 15% of the first $1,500 of monthly wages ($2,700 per year) per employee can be applied as a credit.
  • 10% of wages paid to a new employee earning less than $1,500 per month.
  • If 20% or more of the permanent employees of the business are residents of the enterprise zone, the tax credit is 15% of wages paid to an employee earning less than $1,500 per month.
• Business Equipment Sales Tax Refund
  • Refund on sales taxes paid on the purchase of certain business property.
• Building Materials Sales Tax Refund
  • A refund for sales taxes paid on the purchase of building materials used to rehabilitate real property located in an enterprise zone.
• Property Tax Credit
  • New or expanded businesses located in an enterprise zone are allowed a credit on Florida corporate income tax equal to 96% of ad valorem taxes paid on the new or improved property (the assessment rate varies by county).
• Electrical Energy Sales Tax Exemption
  • A 50% sales tax exemption available to qualified businesses located in an enterprise zone on the purchase of electrical energy.
• Community Contribution Tax Credit Program

There are also indirect benefits available within other economic development programs. They include :

• Qualified Target Industry Tax Refund Program
• Economic Development Transportation Find (Road Fund)
• Quick Response Training Program

City of Brooksville/ Hernando Co. Enterprise Zone Map(w/Land Use) (pdf)