Florida Senate - 2012                                    SB 1048
       
       
       
       By Senator Oelrich
       
       
       
       
       14-01015-12                                           20121048__
    1                        A bill to be entitled                      
    2         An act relating to the Innovation Incentive Program;
    3         amending s. 288.1089, F.S.; conforming an obsolete
    4         reference to the former Office of Tourism, Trade, and
    5         Economic Development; revising requirements for
    6         legislative notice, review, and objections to the
    7         award of incentive funds under the program; providing
    8         an effective date.
    9  
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Paragraphs (d) and (l) of subsection (2) and
   13  subsection (7) of section 288.1089, Florida Statutes, are
   14  amended to read:
   15         288.1089 Innovation Incentive Program.—
   16         (2) As used in this section, the term:
   17         (d) “Cumulative investment” means cumulative capital
   18  investment and all eligible capital costs, as defined in s.
   19  220.191.
   20         (l) “Match” means funding from local sources, public or
   21  private, which will be paid to the applicant and which is equal
   22  to 100 percent of an award. Eligible match funding may include
   23  any tax abatement granted to the applicant under s. 196.1995 or
   24  the appraised market value of land, buildings, infrastructure,
   25  or equipment conveyed or provided at a discount to the
   26  applicant. Complete documentation of a match payment or other
   27  conveyance must be presented to and verified by the department
   28  before office prior to transfer of state funds to an applicant.
   29  An applicant may not provide, directly or indirectly, more than
   30  5 percent of match funding in any fiscal year. The sources of
   31  such funding may not include, directly or indirectly, state
   32  funds appropriated from the General Revenue Fund or any state
   33  trust fund, excluding tax revenues shared with local governments
   34  pursuant to law.
   35         (7) Upon receipt of the evaluation and recommendation from
   36  the department, the Governor shall approve or deny an award. In
   37  recommending approval of an award, the department shall include
   38  proposed performance conditions that the applicant must meet in
   39  order to obtain incentive funds and any other conditions that
   40  must be met before the receipt of any incentive funds. However:
   41         (a) If an award exceeds $5 million, the department may not
   42  release the funds until the award is reviewed and approved by
   43  the Legislative Budget Commission. The Governor shall consult
   44  with the President of the Senate and the Speaker of the House of
   45  Representatives before giving approval for an award. Upon review
   46  and approval of the an award by the Legislative Budget
   47  Commission, the department Executive Office of the Governor
   48  shall release the funds.
   49         (b) If an award exceeds $2 million but does not exceed $5
   50  million, at least 10 days before the funds are released, the
   51  Governor shall submit a written description and evaluation of
   52  the award to the chair and vice chair of the Legislative Budget
   53  Commission. If the chair or vice chair of the Legislative Budget
   54  Commission, the President of the Senate, or the Speaker of the
   55  House of Representatives timely advises the Executive Office of
   56  the Governor in writing that such action or proposed action
   57  exceeds the delegated authority of the Executive Office of the
   58  Governor or is contrary to legislative policy or intent, the
   59  Executive Office of the Governor shall void the release of funds
   60  and instruct the department to immediately change such action or
   61  proposed action until the Legislative Budget Commission or the
   62  Legislature addresses the issue.
   63         (c) If an award does not exceed $2 million, the Governor
   64  may approve the award and the department may release the funds
   65  without legislative notice or review.
   66         Section 2. This act shall take effect July 1, 2012.