Economic Incentives
A host of state and local economic incentives are available to businesses located in or moving to Downtown Jacksonville. Incentives for new job creation, job development, and infrastructure enhancements are based on job type, number of jobs, wages, and economic impact.
Empowerment Zone
A significant portion of Downtown Jacksonville is within Jacksonville's federally established Empowerment Zone (EZ). The Empowerment Zone designation allows businesses access to programs designed to spur economic development and revitalization. Below are a few examples of Empowerment Zone incentives available to many Downtown businesses.
Empowerment Zone Employment Credit
This incentive offers credit against federal taxes up to $3,000 for eligible businesses for each year of EZ designation for every existing employee and new hire who lives and works in the Empowerment Zone. This program cannot be combined with the Work Opportunity Tax Credit or the Welfare to Work Wage Credit.
Work Opportunity Tax Credit
This incentive offers eligible businesses credit up to $2,400 against federal taxes for each new hire from groups that have high unemployment rates or other special employment needs, including youth ages 18 to 24 who live in an EZ and summer hires ages 16 to 17 who live in an EZ. This program cannot be combined with the Welfare to Work Credit.
Welfare to Work Wage Credit
This incentive offers a two-year credit against federal taxes for eligible businesses that hire long-term family assistance recipients.
Increased Section 170 Deduction
This incentive allows eligible businesses to claim an increased Section 179 deduction if they qualify as an Enterprise Zone Business. Deductions may be claimed on certain depreciable property, such as equipment.
Enterprise Zone
Part of Downtown Jacksonville is located within Jacksonville's Enterprise Zone (EZone), which allows qualified businesses to take advantage of the financial incentives offered by state and local government. Below are a few examples of Enterprise Zone incentives available to many Downtown businesses.
Enterprise Zone Jobs Tax Credit
This incentive allows eligible EZone businesses to take a tax credit against state sales tax or corporate income tax for employees residing within the Enterprise Zone.
Business Equipment Sales Tax Refund
This incentive allows eligible businesses a refund of sales tax of up to $5,000 paid on certain business equipment used in the Enterprise Zone.
Building Materials Sales Tax Refund
This incentive allows eligible businesses a refund of sales of up to $10,000 tax paid on building materials used for property renovation in the Enterprise Zone.
Enterprise Zone Property Tax Credit
This incentive allows eligible businesses to take a credit of up to $50,000 of local property tax liability against state corporate income tax.
For more detailed information on these or other economic incentives available in Downtown Jacksonville, contact the Jacksonville Economic Development Commission at (904)-630-1858.