Bill > S0980

This bill establishes the "Defense Works in Florida Incentive" program, allowing Florida prime contractors, which are businesses awarded a prime contract directly from the Federal Government for qualified defense work (activities supporting the U.S. Armed Forces or national security), to reduce their state taxable income. Specifically, a Florida prime contractor can apply to the Department of Economic Opportunity (DEO) to certify that it may reduce its "adjusted federal income" (a term referring to a company's taxable income after certain adjustments) by 4% of the value of a "qualified subcontract award" it makes to a Florida small business subcontractor. A qualified subcontract award involves a portion of the defense work being subcontracted to a Florida-based small business (with 250 or fewer employees) for more than $250,000, with the work performed in Florida. The bill also amends the definition of "adjusted federal income" to include this new subtraction for qualified subcontract awards, and sets limits on the total value of subcontract awards that can be certified by the DEO annually.