Florida Senate - 2012                          SENATOR AMENDMENT
       Bill No. HB 7087, 2nd Eng.
       
       
       
       
       
       
                                Barcode 794600                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                  Floor: WD            .                                
             03/09/2012 11:13 AM       .                                
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       Senator Hays moved the following:
       
    1         Senate Amendment to Amendment (401580) (with title
    2  amendment)
    3  
    4         Between lines 732 and 733
    5  insert:
    6         Section 12. Paragraph (c) of subsection (2) of section
    7  288.1045, Florida Statutes, is amended, and present paragraphs
    8  (d) through (h) of that subsection are redesignated as
    9  paragraphs (c) through (g), respectively, to read:
   10         288.1045 Qualified defense contractor and space flight
   11  business tax refund program.—
   12         (2) GRANTING OF A TAX REFUND; ELIGIBLE AMOUNTS.—
   13         (c) A qualified applicant may not receive more than $7
   14  million in tax refunds pursuant to this section in all fiscal
   15  years.
   16         Section 13. Paragraph (c) of subsection (3) and paragraph
   17  (f) of subsection (4) of section 288.106, Florida Statutes, are
   18  amended to read:
   19         288.106 Tax refund program for qualified target industry
   20  businesses.—
   21         (3) TAX REFUND; ELIGIBLE AMOUNTS.—
   22         (c) A qualified target industry business may not receive
   23  refund payments of more than 25 percent of the total tax refunds
   24  specified in the tax refund agreement under subparagraph
   25  (5)(a)1. in any fiscal year. Further, a qualified target
   26  industry business may not receive more than $1.5 million in
   27  refunds under this section in any single fiscal year, or more
   28  than $2.5 million in any single fiscal year if the project is
   29  located in an enterprise zone. A qualified target industry
   30  business may not receive more than $7 million in refund payments
   31  under this section in all fiscal years, or more than $7.5
   32  million if the project is located in an enterprise zone.
   33         (4) APPLICATION AND APPROVAL PROCESS.—
   34         (f) Effective July 1, 2011, Notwithstanding paragraph
   35  (2)(j) (2)(k), the department office may reduce the local
   36  financial support requirements of this section by one-half for a
   37  qualified target industry business located in Bay County,
   38  Escambia County, Franklin County, Gadsden County, Gulf County,
   39  Holmes County, Jackson County, Jefferson County, Leon County,
   40  Okaloosa County, Santa Rosa County, Wakulla County, or Walton
   41  County, or Washington County if the department office determines
   42  that such reduction of the local financial support requirements
   43  is in the best interest of the state and facilitates economic
   44  development, growth, or new employment opportunities in such
   45  county. The amount of any reduction of the local financial
   46  support requirements shall be provided by the department using
   47  funds from the account; however, funds provided from the account
   48  may not exceed 90 percent of the annual tax refund for a
   49  qualified target industry business. This paragraph expires June
   50  30, 2014.
   51  
   52  ================= T I T L E  A M E N D M E N T ================
   53         And the title is amended as follows:
   54         Between lines 1253 and 1254
   55  insert:
   56         288.1045, F.S.; deleting the limitation on the maximum
   57         amount of tax refunds a business may receive under the
   58         qualified defense contractor and space flight business
   59         tax refund program; amending s. 288.106, F.S.;
   60         deleting the limitation on the maximum amount of tax
   61         refunds a business may receive under the tax refund
   62         program for qualified target industry businesses;
   63         authorizing the reduction of local financial support
   64         requirements for qualified target industry businesses
   65         in specified counties; revising the list of specified
   66         counties; requiring that any reduction be provided
   67         from funds in the Economic Development Incentives
   68         Account within the Economic Development Trust Fund;
   69         providing a cap on the amount of funds provided;
   70         deleting an obsolete provision; conforming a cross
   71         reference; amending s.