Form F-1158Z Enterprise Zone Property Tax Credit with Instructions R.01/09

$ $ $ (a) Florida health maintenance organization credit (a) $ (a) Throughout the current tax year for which the credit is claimed 1 (a) (a) Throughout the current tax year for which the credit is claimed 2 (a) (b) Capital investment tax credit (b) $ (b) Throughout the tax year preceding the tax year that the credit was (b) Total number of full time permanent employees (b) (b) Unused credit carryover available from prior tax years from Line 9 (b) $ (c) Divide Line (a) by Line (b) and enter here to determine whether the (c) Enterprise zone jobs credit (c) $ (c) Total number of additional full time employees throughout the current (d) Community contribution tax credit (d) $ (d) To qualify for the credit Line (c) must be five or more (Limited to $25 000 or $50 000 ) Ad Valorem Tax on: Date of Payment (see instructions) Ad Valorem Tax Paid Ad valorem taxes paid means 96 percent of property taxes levied for operating purposes and must not include interest penalties or discounts forgone Levies for debt service are not included in the credit calculation because this calculation is limited to levies for operating purposes only In addition for purposes of the credit ad valorem taxes paid means the tax paid on new or added real and tangible personal property acquired to set up a new business and to facilitate a business expansion Ad valorem taxes paid also means the tax paid on new or added real and tangible personal property acquired to rebuild or restore a destroyed or damaged business including pollution and waste control facilities or any other part of it This may include one or more buildings or other structures machinery fixtures and equipment an enterprise zone (attach listing) business meets the 20% criteria (c) Date Signature of Enterprise Zone Coordinator Title Date Signature of Officer Title Enter amount on Form F 1120 Schedule V 15 $ Enterprise zone means an area in Florida designated under s 290 0055 or s 370 28 F S as an area suitable for such purposes Expansion of an existing business means any business located in an area designated as an enterprise zone that expands by or through additions to real and tangible personal property and employs five or more additional full time employees in Florida For Calendar Year For Each Location (attach list) initially granted (b) New business means any business that operates in an area designated as an enterprise zone on a site clearly separate from any other commercial or industrial operations owned by the same business It also employs five or more additional full time employees in Florida order of time (see instructions) Other taxable year beginning and ending Rebuilding of an existing business means any business located in an area designated as an enterprise zone that replaces or restores real or tangible personal property destroyed or damaged in an emergency in the enterprise zone tax year for which the credit is claimed: Line (a) minus Line (b) (c) Total number of full time employees employed: Total other credits against the tax [add Lines (a) through (d)] 11 $ was created unused credit intervening tax years available this year (a) Tax year the unused credit (b) Amount of the (c) Amount applied in (d) Balance of unused credit 1 ( ) New business located in an enterprise zone 10 Enter amount of total tax due from Form F 1120 Page 1 Line 11 10 $ 11 Enter the following credits from Form F 1120 Schedule V: 12 Tax liability limitation (subtract Line 11 from Line 10) 12 $ 13 (a) Credit allowable for ad valorem taxes paid this year from Line 7 (a) $ 14 Total amount of credit available this year [total of Lines 13(a) and 13(b)] 14 $ 15 Enterprise zone property tax credit (lesser of Line 14 or Line 12) 2 ( ) Expansion of an existing business in an enterprise zone 3 ( ) Rebuilding of an existing business located in an enterprise zone 4 ( ) (a) Number of full time permanent employees who are residents of 4 (a) 5 Real Property $ 6 Tangible Personal Property 7 Total (add Lines 5 and 6) $ 8 Enter below the amount of unused credit carryover from each of the five preceding tax years in 9 Total amount of unused credit carryover available this tax year $ Address of Location (attach separate list for each location) An emergency means widespread or severe damage injury or loss of life or property occurring and proclaimed under s 14 022 F S or declared under s 252 36 F S Attach to best of my knowledge and belief it is true correct and complete Business is a small business as defined by section (s ) 288 703(1) Florida Statutes (F S ) Credit Limitations Effective 01/09 Enter below the amount of ad valorem taxes paid this year Attach copies of the validated receipts for the ad valorem taxes paid this year (see instructions) Enterprise Zone Property Tax Credit F 1158Z F 1158ZN Federal Employer Identification Number (FEIN) Enterprise Zone Identifying Numbers Florida Administrative Code For a new business you should calculate the credit annually on the ad valorem taxes paid in Florida during the taxable year on new real property and new tangible personal property acquired For the expansion of an existing business you must calculate the credit annually on the additional ad valorem taxes paid in Florida during the taxable year resulting from assessments on additional real and tangible personal property acquired to facilitate such expansion For the rebuilding of an existing business you must calculate the credit annually on the ad valorem taxes paid in Florida during the taxable year resulting from assessments on property replaced or restored Form F 1120 General Instructions I declare that I have examined this form including accompanying schedules and statements; and to the best of my knowledge and belief it is true correct and complete If you do not fully use the credit granted in any one year you may carry the unused amount forward for a period not to exceed five years You may use the credit carryover in a later year when the limitation exceeds the credit for such year In the following definitions of a new expanded or rebuilt business the term business means any business entity approved to do business in Florida subject to the Florida franchise tax on banks and savings associations Instructions for Form F 1158Z Line 10 The credit must be applied against the corporate income or franchise tax liability for the taxable year Therefore enter on this line the total tax due amount from Form F 1120 Page 1 Line 11 Line 11 The amount of credit allowable is limited to the total corporate income or franchise tax due after certain credits are applied Therefore enter on Lines 11(a) through 11(d) the amounts claimed for the specified credits from Form F 1120 Schedule V Enter the total other credits against the tax [sum of Lines 11(a) through 11(d)] Line 12 The tax liability limit on the amount of credit allowable is the total tax due on Line 10 minus the total other credits against the tax on Line 11 Line 15 The enterprise zone property tax credit that you can claim this year is the lesser of the total amount of credit available this year (from Line 14) or the limit on the amount of credit that you may claim this year (from Line 12) Enter this amount on Form F 1120 Schedule I Page 3 Line 8 Line 7 Enter the total ad valorem taxes paid (Line 5 plus Line 6) on this line Line 8 Complete the table to determine the balance of unused credit carryover available this year from each of the five immediately preceding tax years in order of time In entering the years the unused credit carryovers were created start with oldest year In applying unused credit carryovers for several years you should apply the unused credit carryover from the oldest year first Line 9 Enter the total amount of unused credit carryover available this tax year which is the sum of the amounts in 8(d) Lines 13 and 14 The total amount of credit available this year is the sum of the credit allowable for ad valorem taxes paid this year on Line 7 and the amount of unused credit carryover available this year on Line 9 Lines 5 and 6 Enter the date of payment and the taxes paid on Line 5 for real property and on Line 6 for tangible personal property Name (As shown on your F 1120 Corporate Income Tax Return) Part I Qualification for credit Part I Qualification for credit (see instructions) Part II Credit allowable for ad valorem taxes Part II Credit allowable for ad valorem taxes paid this year (see instructions) Part III Unused credit carryover from prior tax years Part III Unused credit carryover from prior tax years (see instructions) Part IV Tax liability and tax year limitation Part IV Tax liability and tax year limitation (see instructions) Part V Enterprise zone property tax credit for this year Part V Enterprise zone property tax credit for this year (see instructions) R 01/09 R 01/09 Rule 12C 1 051 The business must have at least 5 more full time employees than it had in the preceding year to qualify for the initial credit This employment requirement must be maintained for each year the credit is claimed The enterprise zone property tax credit is state financial assistance subject to the auditing and reporting requirements of the Florida Single Audit Act under section (s ) 215 97 Florida Statutes (F S ) Tax Information Publication (TIP) 02ADM 02 provides more details We have posted this TIP on the Department s Internet site at www myflorida com/dor Under penalties of perjury I declare that I have examined this form including accompanying schedules and statements; and to the What are the filing requirements? To be eligible for the credit a new expanded or rebuilt business must file Form DR 456 with the property appraiser of the county where the business is located or will be located no later than April 1 of the year in which new or other real or tangible personal property is subject to ad valorem assessment When filing for credit as a new expanded or rebuilt business the maximum amount of credit allowable each year under this program must not exceed $25 000 However if 20 percent or more of the permanent full time employees of the business are residents of an enterprise zone the maximum credit must not exceed $50 000 When may a business take the credit? The credit is available to a new business the year in which ad valorem taxes are first levied against the business The credit is available to an expanded or rebuilt business the year in which ad valorem taxes are first levied on real or tangible personal property acquired for expansion or rebuilding Who must file? Every taxpayer claiming an enterprise zone property tax credit must file by performing the following steps First complete Form F 1158Z and attach it to the tax return for each year you claim the credit Second attach to your tax return a copy of Form DR 456 Notice of New Rebuilt or Expanded Property filed with the property appraiser Lastly attach copies of the certified receipts for the ad valorem taxes paid