Bill Text: FL S1110 | 2012 | Regular Session | Comm Sub
Bill Title: Tax Refund Programs
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-03-09 - Died on Calendar [S1110 Detail]
Download: Florida-2012-S1110-Comm_Sub.html
Florida Senate - 2012 CS for SB 1110 By the Committee on Community Affairs; and Senator Altman 578-03699-12 20121110c1 1 A bill to be entitled 2 An act relating to tax refund programs; amending s. 3 288.1045, F.S.; deleting the limitation on the maximum 4 amount of tax refunds a business may receive under the 5 qualified defense contractor and space flight business 6 tax refund program; amending s. 288.106, F.S.; 7 deleting the limitation on the maximum amount of tax 8 refunds a business may receive under the tax refund 9 program for qualified target industry businesses; 10 authorizing the reduction of local financial support 11 requirements for qualified target industry businesses 12 in specified counties; revising the list of specified 13 counties; requiring that any reduction be provided 14 from funds in the Economic Development Incentives 15 Account within the Economic Development Trust Fund; 16 providing a cap on the amount of funds provided; 17 deleting an obsolete provision; conforming a cross 18 reference; providing an effective date. 19 20 Be It Enacted by the Legislature of the State of Florida: 21 22 Section 1. Paragraph (c) of subsection (2) of section 23 288.1045, Florida Statutes, is amended, and present paragraphs 24 (d) through (h) of that subsection are redesignated as 25 paragraphs (c) through (g), respectively, to read: 26 288.1045 Qualified defense contractor and space flight 27 business tax refund program.— 28 (2) GRANTING OF A TAX REFUND; ELIGIBLE AMOUNTS.— 29(c) A qualified applicant may not receive more than $730million in tax refunds pursuant to this section in all fiscal31years.32 Section 2. Paragraph (c) of subsection (3) and paragraph 33 (f) of subsection (4) of section 288.106, Florida Statutes, are 34 amended to read: 35 288.106 Tax refund program for qualified target industry 36 businesses.— 37 (3) TAX REFUND; ELIGIBLE AMOUNTS.— 38 (c) A qualified target industry business may not receive 39 refund payments of more than 25 percent of the total tax refunds 40 specified in the tax refund agreement under subparagraph 41 (5)(a)1. in any fiscal year. Further, a qualified target 42 industry business may not receive more than $1.5 million in 43 refunds under this section in any single fiscal year, or more 44 than $2.5 million in any single fiscal year if the project is 45 located in an enterprise zone.A qualified target industry46business may not receive more than $7 million in refund payments47under this section in all fiscal years, or more than $7.548million if the project is located in an enterprise zone.49 (4) APPLICATION AND APPROVAL PROCESS.— 50 (f)Effective July 1, 2011,Notwithstanding paragraph 51 (2)(j)(2)(k), the departmentofficemay reduce the local 52 financial support requirements of this section by one-half for a 53 qualified target industry business located in Bay County, 54 Escambia County, Franklin County, Gadsden County, Gulf County, 55 Holmes County, Jackson County, Jefferson County, Leon County, 56 Okaloosa County, Santa Rosa County, Wakulla County,orWalton 57 County, or Washington County if the departmentofficedetermines 58 that such reductionof the local financial support requirements59 is in the best interest of the state and facilitates economic 60 development, growth, or new employment opportunities in such 61 county. The amount of any reduction of the local financial 62 support requirements shall be provided by the department using 63 funds from the account; however, funds provided from the account 64 may not exceed 90 percent of the annual tax refund for a 65 qualified target industry business. This paragraph expires June 66 30, 2014. 67 Section 3. This act shall take effect July 1, 2012.