2011 Florida Statutes
Annual incentives report.
Annual incentives report.
288.907 Annual incentives report.—
(1) In addition to the annual report required under s. 288.906, Enterprise Florida, Inc., by December 30 of each year, shall provide the Governor, the President of the Senate, and the Speaker of the House of Representatives a detailed incentives report quantifying the economic benefits for all of the economic development incentive programs marketed by Enterprise Florida, Inc.
(a) The annual incentives report must include for each incentive program:
1. A brief description of the incentive program.
2. The amount of awards granted, by year, since inception.
3. The economic benefits, as defined in s. 288.005, based on the actual amount of private capital invested, actual number of jobs created, and actual wages paid for incentive agreements completed during the previous 3 years.
4. The report shall also include the actual amount of private capital invested, actual number of jobs created, and actual wages paid for incentive agreements completed during the previous 3 years for each target industry sector.
(b) For projects completed during the previous state fiscal year, the report must include:
1. The number of economic development incentive applications received.
2. The number of recommendations made to the department by Enterprise Florida, Inc., including the number recommended for approval and the number recommended for denial.
3. The number of final decisions issued by the department for approval and for denial.
4. The projects for which a tax refund, tax credit, or cash grant agreement was executed, identifying:
a. The number of jobs committed to be created.
b. The amount of capital investments committed to be made.
c. The annual average wage committed to be paid.
d. The amount of state economic development incentives committed to the project from each incentive program under the project’s terms of agreement with the Department of Economic Opportunity.
e. The amount and type of local matching funds committed to the project.
(c) For economic development projects that received tax refunds, tax credits, or cash grants under the terms of an agreement for incentives, the report must identify:
1. The number of jobs actually created.
2. The amount of capital investments actually made.
3. The annual average wage paid.
(d) For a project receiving economic development incentives approved by the department and receiving federal or local incentives, the report must include a description of the federal or local incentives, if available.
(e) The report must state the number of withdrawn or terminated projects that did not fulfill the terms of their agreements with the department and consequently are not receiving incentives.
(f) The report must include an analysis of the economic benefits, as defined in s. 288.005, of tax refunds, tax credits, or other payments made to projects locating or expanding in state enterprise zones, rural communities, brownfield areas, or distressed urban communities.
(g) The report must identify the target industry businesses and high-impact businesses.
(h) The report must describe the trends relating to business interest in, and usage of, the various incentives, and the number of minority-owned or woman-owned businesses receiving incentives.
(i) The report must identify incentive programs not utilized.
(2) The Division of Strategic Business Development within the department shall assist Enterprise Florida, Inc., in the preparation of the annual incentives report.
History.—s. 28, ch. 2011-142.