Vote Smart's Synopsis:

Vote to pass a bill that establishes tax credits for businesses, effective July 1, 2016.

Highlights:

• Establishes the Florida Enterprise Fund for any eligible “project” that meets the following requirements (Sec. 17):
• The project is in an industry that is stable and independent of Florida markets, exhibits future growth, pays relatively high wages, and has a positive economic impact;
• The project has a positive economic benefit ratio of at least 3 to 1;
• The project pays an average annual wage of at least 125 percent of the average private sector wage in the area;
• The project supports the local community;
• The project is an inducement to the project’s location or expansion; and 
• The project creates at least 10 new jobs.

• Defines “project” as the creation of a new business or expansion of an existing business (Sec. 12). 

• Requires a project receiving financial support by the local community to provide quantifiable contributions from local sources that equal 20 percent of the total investment contributed by state and local sources (Sec. 17).

• Authorizes the governor to approve a Florida Enterprise Fund project award or innovative incentive award that requires less than $2 million in funding without consulting the Legislature (Secs. 17 & 18).

• Requires the governor to send the Legislative Budget Commission a written description and evaluation of a recommended innovation incentive award greater than $7.5 million or that provides a waiver of program requirements that is $5 million (Sec. 18). 

• Establishes the Florida Sports Foundation, which assists the Department of Economic Opportunity in the development of sports industry for improving the economic presence of sports industries in Florida (Sec. 21).

• Requires the department to develop a statewide strategic plan for “high-technology start-up” and “second-stage business” growth (Sec. 25).

• Defines “high-technology startup” as a business unit that has been in operation for less than 5 years, employs fewer than 10 employees, and produces a high proportion of advanced technology products (Sec. 25).

• Defines “second-stage business” as a business unit that employs between 10 to 50 employees, generates between $1 million and $25 million in annual revenue, and produces a high proportion of advanced technology products (Sec. 25).

• This is a substitute bill sponsored by the Transportation and Economic Development Appropriations Subcommittee. 

Full Bill Text