Community Contribution Tax Credit Program:  Rural and Urban Enterprise Zones
s.220.183, F.S.

Forms:

• Community Contribution Tax Credit Form   8E-17TCA_NEW
• Proposed Sponsor Project Outline 

Purpose:

• Allows businesses anywhere in Florida a 50% credit on Florida corporate income tax, insurance premium tax, or sales tax refund for donation to local community development projects. 

Advantages:

• For each dollar donated, business may receive a $.555 ($.50 from the credit, $.055 from the deductibility of the donation).
• The donation may also be deducted from Federal taxable income.
• A 5 year carry forward provision is available for any unused portion of the corporate income tax credit (sales tax refunds are available for up to 3 years after the first application).

Limitations:

• IRS rules for the valuation of donated goods may require depreciation recapture; therefore, the deduction may be decreased.
• By reducing the state tax liability, state taxes deducted from federal income are decreased; therefore, the Federal tax burden may increase.

Eligibility Requirements:

• Donations must be made to an eligible sponsor conducting an approved community development project.
• The annual amount of credit granted is limited to $200,000 per firm and $14,000,000 for the state.