Bill > S1556

This bill makes several changes to Florida's economic development programs, primarily by removing or increasing limits on tax refunds and credits, and by extending or modifying provisions related to enterprise zones and rural development. Specifically, it removes individual limits on sales tax refunds for building materials used in enterprise zone rehabilitation and for business property purchased for use in enterprise zones, replacing them with an annual cap of $15 million for each program. The bill also revises the Rural Job Tax Credit Program by increasing the tax credit amount per qualified employee to $2,000, adding a new $3,000 credit for businesses in rural areas of opportunity, and allowing businesses to seek reimbursement for corporate income tax credits that exceed their liability. Additionally, it increases the maximum percentage of infrastructure project costs that the Department of Economic Opportunity can award as grants, from 30% to 40% (or 50% for catalyst sites), and introduces a speculative building program for rural counties. Finally, the bill modifies provisions related to tax refund programs for target industry businesses, including exemptions for businesses in rural areas of opportunity, and repeals the expiration date for the Florida Enterprise Zone Act, effectively making many of its provisions permanent.