Bill > H5401

This bill revises the requirements for applying for, reviewing, and approving various economic development incentives in Florida, aiming to ensure greater accountability and clarity in how state funds are used to benefit businesses. Key changes include clarifying that "cumulative capital investment" for tax credits does not include funds from government entities, and redefining "economic benefits" to encompass all state funds spent or forgone to benefit a business. The bill also mandates that the review of economic development incentive applications must occur before approval and each time an incentive agreement is amended, with the Legislature being notified of any contract amendments or extensions. Furthermore, it clarifies that capital investments made with state funds cannot be attributed to a business when calculating economic benefits, and introduces a 10-year limit on incentive contracts. The bill also updates definitions and requirements for specific programs like the Qualified Defense Contractor and Space Flight Business Tax Refund Program, the Tax Refund Program for Qualified Target Industry Businesses, the High-Impact Business program, the Quick Action Closing Fund, and the Innovation Incentive Program, often by refining definitions of terms like "average private sector wage" and introducing new provisions for local financial support, including waivers for governments facing financial constraints or located in rural areas of opportunity. Finally, it appropriates specific funds for fiscal year 2015-2016 to support these programs and sets an effective date of July 1, 2015.