Community Contribution Tax Credit Program
The Community Contribution Tax Credit Program provides a financial incentive (up to 50% tax credit or sales tax refund) to encourage Florida businesses to make donations toward community development and housing projects for low-income persons. Businesses located anywhere in Florida that make donations to approved community development projects may receive a tax credit of up to 50 percent of the value of the donation.
The City of Cocoa has a pair of CCTC-incentivized projects:
CC-0502-B - "Magnolia Pointe Homeownership Project", encompassing the 22-lot Michael C. Blake Subdivision.
CC-2023-05923 - "Dr. Joe Lee Smith Recreation Center Redevelopment", encompassing the site of the former Dr. Joe Lee Smith Recreation Center at 419 Washington Ave.
The tax credit is easy for a business to receive. Businesses located anywhere in Florida that make donations to approved community development projects may receive a tax credit of up to 50 percent of the value of the donation. Businesses may take the credit on Florida corporate income tax, insurance premium tax or as a refund against sales tax (for businesses registered to collect and remit sales taxes with the Department of Revenue). To receive approval, a business donating to an eligible sponsor need only submit a tax credit application with the Department of Economic Opportunity. In order to claim the tax credit, simply attach proof of the approved donation when you file your state tax return. In order to claim a sales tax refund, submit an Application for a Sales Tax Refund (Form DR-26S). More details on the approval process are contained on page 4. Please refer to the Program Overview.
This summary is based on Florida Statutes (sections 212.08(5)(p), 220.183 and 624.5105, Florida Statutes). Readers are advised to consult these references for additional details.
On July 3, 2023, the Fiscal year 2023/24 tax credit allocation of $29.5 million will become available. A total of $25 million worth of tax credits will be available for projects that provide homeownership opportunities for low-income persons or housing for persons with special needs. A total of $4.5 million worth of tax credits will be available for all other projects. Tax credit applications will be received within the first 10-business days of the fiscal year, before they are processed and will be approved on a pro rata basis if requested applications exceed tax credit allocations. After the first 10 business days, tax credit applications will be processed on a first-come, first-served basis if tax credits are available.
For further information, please contact:
Department of Economic Opportunity
Division of Strategic Business Development
107 East Madison Street; MSC 80
Tallahassee, Florida 32399
Office of Economic Development
City of Cocoa
65 Stone Street
Cocoa, Florida 32931