Commissioner Murman mentioned in this Tampa Tribune article on expanded Enterprise Zone:
Gibsonton, Riverview to receive economic boost from expanded Enterprise Zone
By D’Ann Lawrence White
Tribune Special Correspondent
SOUTH SHORE – Starting this month, Gibsonton and Riverview business owners can take advantage of a state program that will allow them to receive reimbursements on additions to their businesses and major equipment purchases and tax credits for hiring new employees.
Last month the Hillsborough County Economic Development Department expanded its Enterprise Zone to include Gibsonton, Riverview and Palm River. The expansion means business owners in these areas are now eligible to receive economic incentives that will put more money in their pockets.
Under state statutes, the Florida Department of Economic Opportunity allows Florida counties to create Enterprise Zones in economically distressed areas.
The Hillsborough County Commission approved the creation of the county’s first Enterprise Zone in the University Area in 2003.
Last year, County Commissioner Sandy Murman, who represents much of the South Shore area, suggested expanding the zone to encourage economic recovery in other distressed parts of the county.
In December the commission voted to expand the zone from 3.1 square miles to 15.96 square miles, incorporating Palm River, Gibsonton, Riverview and the 56th Street area between Hillsborough Avenue and the Hillsborough River.
“These are all areas where unemployment is higher than the state average and the poverty rate is 20 to 30 percent,” said Lynn Schultz, Hillsborough County coordinator for the Enterprise Zone. “The idea is to provide incentives that will create more jobs for residents in those areas.”
Since the expanded zone became effective, Schultz said she has received a number of inquiries from businesses in Gibsonton and Riverview wanting to take advantage of the program.
“The businesses are very excited and eager to learn more,” she said.
That’s because the program could translate into a substantial savings for the owners.
Under the program, a business that undergoes a renovation or new construction project can receive a sales tax reimbursement of up to $10,000 from the state.
Likewise, a business that purchases a major piece of equipment can receive a sales tax reimbursement of up to $10,000 per piece. For example, a restaurant that purchases a new expresso machine for $5,000 will receive a $300 reimbursement from the state.
The Enterprise Zone also encourages businesses to hire new employees residing within the zone.
Business owners in the Enterprise Zone who add a resident to their workforce will be eligible for a tax credit of 20 to 30 percent on the wages paid to the employee.
“That means if a business owner hires an employee at $3,000 a month, he will receive a tax credit of $900 a month on either the Florida’s sales and use tax or his corporate income tax for two years,” said Schultz.
“This is definitely an opportunity for business owners to take their businesses to the next level and for these economically distressed areas to attract new businesses,” she added. “It’s a great tool, especially for existing small to mid-size companies to create and retain jobs.”
For more information, contact Schultz at (813) 914-4008 or schultzl@hillsboroughcounty.org.
