Senate Bill sb2328c3
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Florida Senate - 2003 CS for CS for CS for SB's 2328 & 2252
By the Committees on Finance and Taxation; Comprehensive
Planning; Commerce, Economic Opportunities, and Consumer
Services; and Senators Saunders, Miller and Siplin
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1 A bill to be entitled
2 An act relating to economic stimulus; amending
3 s. 212.097, F.S.; revising provisions providing
4 for an urban job tax credit program to apply to
5 designated urban job tax credit areas rather
6 than high crime areas; revising and providing
7 definitions, eligibility criteria, application
8 procedures and requirements, and area
9 characteristics and criteria; authorizing
10 transfer of unused credits; specifying use of
11 transferred credits; amending s. 220.1895,
12 F.S.; conforming changes; removing a historical
13 reference; amending s. 288.1045, F.S.; revising
14 the definition of "Department of Defense
15 contract" under the tax refund program for
16 qualified defense contractors; extending the
17 period applicable to a program exemption under
18 certain conditions; amending s. 288.106, F.S.;
19 providing for special consideration to be given
20 to defense and homeland security under the tax
21 refund program for qualified target industry
22 businesses; extending the period applicable to
23 a program exemption under certain conditions;
24 reenacting and amending s. 288.9515, F.S.;
25 revising and clarifying powers of Enterprise
26 Florida, Inc., to develop authorized technology
27 development programs; deleting a preference
28 requirement for contractor selections;
29 clarifying a requirement for capitalization of
30 a technology development financing fund;
31 revising criteria and requirements for
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1 investment of moneys in the Florida Technology
2 Research Investment Fund; providing for payment
3 of certain claims from the fund; specifying
4 nonapplication of state credit or taxing power;
5 specifying absence of state liability for
6 certain claims; directing Enterprise Florida,
7 Inc., to facilitate the formation of investor
8 networks; repealing s. 288.9517, F.S., relating
9 to audits of the technology development board
10 and confidentiality of the identity of certain
11 contributors to the board; repealing s. 14, ch.
12 93-187, Laws of Florida, relating to the future
13 repeal and review by the Legislature of
14 statutes governing certain technology
15 development programs of Enterprise Florida,
16 Inc.; amending s. 445.048, F.S.; continuing and
17 expanding the Passport to Economic Progress
18 demonstration program; providing
19 appropriations; creating s. 624.5108, F.S.,
20 relating to casualty insurance assessment
21 offsets; providing definitions; providing for
22 an application procedure for designation as a
23 state economic stimulus plan provider; creating
24 application criteria; authorizing the Office of
25 Tourism, Trade, and Economic Development to
26 perform background checks on applicants;
27 authorizing the Office of Tourism, Trade, and
28 Economic Development to deny the application if
29 the criteria for a provider applicant is not
30 met; requiring the provider applicant to be
31 incorporated in Florida; requiring the provider
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1 applicant to establish an office in the state
2 within 60 days after being designated a SESP
3 provider; authorizing the Office of Tourism,
4 Trade, and Economic Development to adopt rules
5 to govern the application process; providing
6 for a SESP provider allocation offset process;
7 establishing a State Economic Stimulus Plan
8 Fund; providing for permissible uses for the
9 SESP funds; requiring the Office of Tourism,
10 Trade, and Economic Development to approve
11 economic development projects or permissible
12 investment proposals no later than 20 days
13 after receiving a written proposal; requiring
14 the SESP provider to report certain information
15 to the Office of Tourism, Trade, and Economic
16 Development no later than 30 days after the
17 fund allocation date; requiring the SESP
18 provider to file an annual report; requiring
19 the SESP provider to provide an annual audited
20 financial statement; providing for SESP
21 provider assessment offsets; amending s.
22 1004.225, F.S.; removing historical provisions;
23 conforming changes; providing for the
24 designation of an additional center of
25 excellence; providing application, evaluation,
26 and designation procedures; extending the
27 expiration of the Florida Technology
28 Development Act; providing an appropriation;
29 providing an effective date.
30
31 Be It Enacted by the Legislature of the State of Florida:
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1 Section 1. Section 212.097, Florida Statutes, is
2 amended to read:
3 212.097 Designated Urban High-Crime Area Job Tax
4 Credit Area Program.--
5 (1) As used in this section, the term:
6 (a) "Eligible business" means any sole proprietorship,
7 firm, partnership, or corporation that is located in a
8 designated urban job tax credit area qualified county and is
9 predominantly engaged in, or is headquarters for a business
10 predominantly engaged in, activities usually provided for
11 consideration by firms classified within the following
12 standard industrial classifications: SIC 01-SIC 09
13 (agriculture, forestry, and fishing); SIC 20-SIC 39
14 (manufacturing); SIC 52-SIC 57 and SIC 59 (retail); SIC 422
15 (public warehousing and storage); SIC 70 (hotels and other
16 lodging places); SIC 7391 (research and development); SIC 781
17 (motion picture production and allied services); SIC 7992
18 (public golf courses); and SIC 7996 (amusement parks); and a
19 targeted industry eligible for the qualified target industry
20 business tax refund under s. 288.106. A call center or similar
21 customer service operation that services a multistate market
22 or international market is also an eligible business. In
23 addition, the Office of Tourism, Trade, and Economic
24 Development may, as part of its final budget request submitted
25 pursuant to s. 216.023, recommend additions to or deletions
26 from the list of standard industrial classifications used to
27 determine an eligible business, and the Legislature may
28 implement such recommendations. Excluded from eligible
29 receipts are receipts from retail sales, except such receipts
30 for SIC 52-SIC 57 and SIC 59 (retail) hotels and other lodging
31 places classified in SIC 70, public golf courses in SIC 7992,
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1 and amusement parks in SIC 7996. For purposes of this
2 paragraph, the term "predominantly" means that more than 50
3 percent of the business's gross receipts from all sources is
4 generated by those activities usually provided for
5 consideration by firms in the specified standard industrial
6 classification. The determination of whether the business is
7 located in a designated urban job tax credit qualified
8 high-crime area and the tier ranking of that area must be
9 based on the date of application for the credit under this
10 section. Commonly owned and controlled entities are to be
11 considered a single business entity.
12 (b) "Qualified employee" means any employee of an
13 eligible business who performs duties in connection with the
14 operations of the business on a regular, full-time basis for
15 an average of at least 36 hours per week for at least 3 months
16 within the designated urban job tax credit qualified
17 high-crime area in which the eligible business is located. An
18 owner or partner of the eligible business is not a qualified
19 employee. The term also includes an employee leased from an
20 employee leasing company licensed under chapter 468, if such
21 employee has been continuously leased to the employer for an
22 average of at least 36 hours per week for more than 6 months.
23 (c) "New business" means any eligible business first
24 beginning operation on a site in a designated urban job tax
25 credit qualified high-crime area and clearly separate from any
26 other commercial or business operation of the business entity
27 within a designated urban job tax credit qualified high-crime
28 area. A business entity that operated an eligible business
29 within a designated urban job tax credit qualified high-crime
30 area within the 48 months before the period provided for
31
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1 application by subsection (2) is not considered a new
2 business.
3 (d) "Existing business" means any eligible business
4 that does not meet the criteria for a new business.
5 (e) "Designated urban job tax credit Qualified
6 high-crime area" means an area selected by the Office of
7 Tourism, Trade, and Economic Development in the following
8 manner: every third year, the office shall rank and tier those
9 areas nominated under subsection (7), according to the highest
10 level of distress experienced in the categories enumerated
11 under subsection (7). The Office of Tourism, Trade, and
12 Economic Development shall designate the 30
13 highest-distress-profile urban areas as eligible participants
14 under the urban job tax credit program following prioritized
15 criteria:
16 1. Highest arrest rates within the geographic area for
17 violent crime and for such other crimes as drug sale, drug
18 possession, prostitution, vandalism, and civil disturbances;
19 2. Highest reported crime volume and rate of specific
20 property crimes such as business and residential burglary,
21 motor vehicle theft, and vandalism;
22 3. Highest percentage of reported index crimes that
23 are violent in nature;
24 4. Highest overall index crime volume for the area;
25 and
26 5. Highest overall index crime rate for the geographic
27 area.
28
29 Tier-one areas are ranked 1 through 5 and represent the
30 highest crime areas according to this ranking. Tier-two areas
31 are ranked 6 through 10 according to this ranking. Tier-three
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1 areas are ranked 11 through 15. Notwithstanding this
2 definition, "designated urban job tax credit qualified
3 high-crime area" also means an area that has been designated
4 as a federal Empowerment Zone pursuant to the Taxpayer Relief
5 Act of 1997 or the Community Tax Relief Act of 2000. Such a
6 designated area is ranked in tier three until the areas are
7 reevaluated by the Office of Tourism, Trade, and Economic
8 Development.
9 (f) "Central business district" means an area
10 comprised of at least 80 percent commercial and government
11 buildings and properties; characterized by a high
12 concentration of retail businesses, service businesses,
13 offices, theaters, and hotels; and located in a Department of
14 Transportation Urban Service Area.
15 (g) "Urban" means a densely populated nonrural area
16 located within an urban county which consists of a cluster of
17 one or more census blocks, each of which has a population
18 density of at least 400 people per square mile, or an area
19 defined by the most recent United States Census as urban.
20 (2) A new eligible business may apply for a tax credit
21 under this subsection once at any time during its first year
22 of operation. A new eligible business in a designated urban
23 job tax credit tier-one qualified high-crime area which has at
24 least 10 qualified employees on the date of application shall
25 receive a $1,500 tax credit for each such employee. A new
26 eligible business in a tier-two qualified high-crime area
27 which has at least 20 qualified employees on the date of
28 application shall receive a $1,000 tax credit for each such
29 employee. A new eligible business in a tier-three qualified
30 high-crime area which has at least 30 qualified employees on
31
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1 the date of application shall receive a $500 tax credit for
2 each such employee.
3 (3) An existing eligible business may apply for a tax
4 credit under this subsection at any time it is entitled to
5 such credit, except as restricted by this subsection. An
6 existing eligible business in a designated urban job tax
7 credit tier-one qualified high-crime area which on the date of
8 application has at least 10 5 more qualified employees than it
9 had 1 year prior to its date of application shall receive a
10 $1,500 tax credit for each such additional employee. An
11 existing eligible business in a tier-two qualified high-crime
12 area which on the date of application has at least 10 more
13 qualified employees than it had 1 year prior to its date of
14 application shall receive a $1,000 credit for each such
15 additional employee. An existing business in a tier-three
16 qualified high-crime area which on the date of application has
17 at least 15 more qualified employees than it had 1 year prior
18 to its date of application shall receive a $500 tax credit for
19 each such additional employee. An existing eligible business
20 may apply for the credit under this subsection no more than
21 once in any 12-month period. Any existing eligible business
22 that received a credit under subsection (2) may not apply for
23 the credit under this subsection sooner than 12 months after
24 the application date for the credit under subsection (2).
25 (4) For any new eligible business receiving a credit
26 pursuant to subsection (2), an additional $500 credit shall be
27 provided for any qualified employee who is a welfare
28 transition program participant. For any existing eligible
29 business receiving a credit pursuant to subsection (3), an
30 additional $500 credit shall be provided for any qualified
31 employee who is a welfare transition program participant. Such
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1 employee must be employed on the application date and have
2 been employed less than 1 year. This credit shall be in
3 addition to other credits pursuant to this section regardless
4 of the tier-level of the high-crime area. Appropriate
5 documentation concerning the eligibility of an employee for
6 this credit must be submitted as determined by the department.
7 (5) To be eligible for a tax credit under subsection
8 (3), the number of qualified employees employed 1 year prior
9 to the application date must be no lower than the number of
10 qualified employees on the application date on which a credit
11 under this section was based for any previous application,
12 including an application under subsection (2).
13 (6) Any county or municipality, or a county and one or
14 more municipalities together, may apply to the Office of
15 Tourism, Trade, and Economic Development for the designation
16 of an area as a designated urban job tax credit high-crime
17 area after the adoption by the governing body or bodies of a
18 resolution that:
19 (a) Finds that an urban a high-crime area exists in
20 such county or municipality, or in both the county and one or
21 more municipalities, which chronically exhibits extreme and
22 unacceptable levels of poverty, unemployment, physical
23 deterioration, and economic disinvestment;
24 (b) Determines that the rehabilitation, conservation,
25 or redevelopment, or a combination thereof, of such an urban a
26 high-crime area is necessary in the interest of the health,
27 safety, and welfare of the residents of such county or
28 municipality, or such county and one or more municipalities;
29 and
30 (c) Determines that the revitalization of such an
31 urban a high-crime area can occur if the public sector or
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1 private sector can be induced to invest its own resources in
2 productive enterprises that build or rebuild the economic
3 viability of the area.
4 (7) The governing body of the entity nominating the
5 area shall demonstrate provide to the Office of Tourism,
6 Trade, and Economic Development that the area meets the
7 following:
8 (a) Income characteristics:
9 1. Forty percent of area residents are earning wages
10 on an annual basis that are equal to or less than the annual
11 wage of a person who is earning minimum wage; or
12 2. More than 20 percent of residents or families live
13 below the federal standard of poverty for individuals or a
14 family of four. The overall index crime rate for the
15 geographic area;
16 (b) Education characteristics:
17 1. Has a high school dropout rate higher than the
18 county average; or
19 2. Has a high school graduation rate lower than the
20 state average. The overall index crime volume for the area;
21 (c) Workforce and employment characteristics:
22 1. Has an unemployment rate at least 3 percentage
23 points higher than the state's unemployment rate;
24 2. More than 50 percent of families subject to the
25 welfare-to-work transition time limit are either within 6
26 months of the time limit or are receiving cash assistance
27 under a period of hardship extension to the time limit; or
28 3. Is identified as a labor surplus area using the
29 criteria established by the United States Department of
30 Labor's Employment and Training Administration. The percentage
31 of reported index crimes that are violent in nature;
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1 (d) Crime characteristics:
2 1. Has an arrest rate higher than the state's average
3 rate for such crimes as drug sale, drug possession,
4 prostitution, vandalism, and civil disturbances, as recorded
5 by total crime index of the Department of Law Enforcement; or
6 2. Ranks in the top 30 percent of zip codes with
7 reported crimes that are violent in nature. The reported crime
8 volume and rate of specific property crimes such as business
9 and residential burglary, motor vehicle theft, and vandalism;
10 and
11 (e) Residential and commercial property related
12 characteristics:
13 1. Fifty percent or more of area residents rent;
14 2.a. Property values are within the lower 50 percent
15 of the county's assessed property values;
16 b. More than 5 percent of area homes, apartments, or
17 buildings are abandoned, have been condemned within the
18 previous 24 months, or have a greater number of violations of
19 the Florida Building Code than recorded in the remainder of
20 the county or municipality; or
21 c. Tax or special assessment delinquencies exceed the
22 fair value of the land. The arrest rates within the geographic
23 area for violent crime and for such other crimes as drug sale,
24 drug possession, prostitution, disorderly conduct, vandalism,
25 and other public-order offenses.
26 (8) A municipality, or a county and one or more
27 municipalities together, may not nominate more than one urban
28 high-crime area. However, any county as defined by s.
29 125.011(1) may nominate no more than three urban high-crime
30 areas.
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1 (9)(a) An area nominated by a county or municipality,
2 or a county and one or more municipalities together, for
3 designation as an urban job tax credit a high-crime area shall
4 be eligible only if it meets the following criteria:
5 1.(a) The selected area does not exceed 20 square
6 miles and either has a continuous boundary or consists of not
7 more than three noncontiguous parcels.;
8 2.(b) The selected area does not exceed the following
9 mileage limitation:
10 a.1. For areas communities having a total population
11 of 150,000 persons or more, the selected area does not exceed
12 20 square miles and is within 10 miles of the central business
13 district of a city.
14 b.2. For areas communities having a total population
15 of 50,000 persons or more, but fewer than 150,000 persons, the
16 selected area does not exceed 10 square miles and is within
17 7.5 miles of the central business district of a city.
18 c.3. For areas communities having a total population
19 of 20,000 persons or more, but fewer than 50,000 persons, the
20 selected area does not exceed 5 square miles and is within 5
21 miles of the central business district of a city.
22 d.4. For areas communities having a total population
23 of fewer than 20,000 persons, the selected area does not
24 exceed 3 square miles and is within 3 miles of the central
25 business district of a city.
26 (b) A designated urban job tax credit area may not
27 include any portion of a central business district, unless the
28 poverty rate for each census geographic block group in the
29 district is not less than 30 percent.
30 (10)(a) In order to claim this credit, an eligible
31 business must file under oath with the Office of Tourism,
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1 Trade, and Economic Development a statement that includes the
2 name and address of the eligible business and any other
3 information that is required to process the application.
4 (b) Within 30 working days after receipt of an
5 application for credit, the Office of Tourism, Trade, and
6 Economic Development shall review the application to determine
7 whether it contains all the information required by this
8 subsection and meets the criteria set out in this section.
9 Subject to the provisions of paragraph (c), the Office of
10 Tourism, Trade, and Economic Development shall approve all
11 applications that contain the information required by this
12 subsection and meet the criteria set out in this section as
13 eligible to receive a credit.
14 (c) The maximum credit amount that may be approved
15 during any calendar year is $5 million, of which $1 million
16 shall be exclusively reserved for tier-one areas. The
17 Department of Revenue, in conjunction with the Office of
18 Tourism, Trade, and Economic Development, shall notify the
19 governing bodies in areas designated under this section as
20 urban high-crime areas when the $5 million maximum amount has
21 been reached. Applications must be considered for approval in
22 the order in which they are received without regard to whether
23 the credit is for a new or existing business. This limitation
24 applies to the value of the credit as contained in approved
25 applications. Approved credits may be taken in the time and
26 manner allowed pursuant to this section.
27 (11) If the application is insufficient to support the
28 credit authorized in this section, the Office of Tourism,
29 Trade, and Economic Development shall deny the credit and
30 notify the business of that fact. The business may reapply for
31 this credit within 3 months after such notification.
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1 (12) If the credit under this section is greater than
2 can be taken on a single tax return, excess amounts may be
3 taken as credits on any tax return submitted within 12 months
4 after the approval of the application by the department.
5 (13) It is the responsibility of each business to
6 affirmatively demonstrate to the satisfaction of the
7 Department of Revenue that it meets the requirements of this
8 section.
9 (14) Any person who fraudulently claims this credit is
10 liable for repayment of the credit plus a mandatory penalty of
11 100 percent of the credit and is guilty of a misdemeanor of
12 the second degree, punishable as provided in s. 775.082 or s.
13 775.083.
14 (15) A corporation may take the credit under this
15 section against its corporate income tax liability, as
16 provided in s. 220.1895. However, a corporation that applies
17 its job tax credit against the tax imposed by chapter 220 may
18 not receive the credit provided for in this section. A credit
19 may be taken against only one tax.
20 (16) An eligible business may transfer any unused
21 credit in whole or in units of no less than 25 percent of the
22 remaining credit. The entity acquiring such credit may use it
23 in the same manner and with the same limitation as described
24 in this section. Such transferred credits may not be
25 transferred again although they may succeed to a surviving or
26 acquiring entity subject to the same conditions and
27 limitations described in this section.
28 (17)(16) The department shall adopt rules governing
29 the manner and form of applications for credit or transfers of
30 credit and may establish guidelines concerning the requisites
31
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1 for an affirmative showing of qualification for the credit
2 under this section.
3 Section 2. Section 220.1895, Florida Statutes, is
4 amended to read:
5 220.1895 Rural Job Tax Credit and Designated Urban
6 High-Crime Area Job Tax Credit Area.--There shall be allowed a
7 credit against the tax imposed by this chapter amounts
8 approved by the Office of Tourism, Trade, and Economic
9 Development pursuant to the Rural Job Tax Credit Program in s.
10 212.098 and the Designated Urban High-Crime Area Job Tax
11 Credit Area Program in s. 212.097. A corporation that uses its
12 credit against the tax imposed by this chapter may not take
13 the credit against the tax imposed by chapter 212. If any
14 credit granted under this section is not fully used in the
15 first year for which it becomes available, the unused amount
16 may be carried forward for a period not to exceed 5 years. The
17 carryover may be used in a subsequent year when the tax
18 imposed by this chapter for such year exceeds the credit for
19 such year under this section after applying the other credits
20 and unused credit carryovers in the order provided in s.
21 220.02(8). The Office of Tourism, Trade, and Economic
22 Development shall conduct a review of the Urban High-Crime
23 Area Job Tax Credit and the Rural Job Tax Credit Program and
24 submit its report to the Governor, the President of the
25 Senate, and the Speaker of the House of Representatives by
26 February 1, 2000.
27 Section 3. Paragraph (e) of subsection (1) and
28 paragraph (b) of subsection (4) of section 288.1045, Florida
29 Statutes, are amended to read:
30 288.1045 Qualified defense contractor tax refund
31 program.--
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1 (1) DEFINITIONS.--As used in this section:
2 (e) "Department of Defense contract" means a
3 competitively bid Department of Defense contract or
4 subcontract or a competitively bid federal agency contract or
5 subcontract issued on behalf of the Department of Defense for
6 manufacturing, assembling, fabricating, research, development,
7 or design with a duration of 2 or more years, but excluding
8 any contract or subcontract to provide goods, improvements to
9 real or tangible property, or services directly to or for any
10 particular military base or installation in this state. The
11 term includes contracts or subcontracts for products or
12 services for military or homeland security use which contracts
13 or subcontracts are approved by the United States Department
14 of Defense, the United States Department of State, or the
15 United States Department of Homeland Security Coast Guard.
16 (4) QUALIFIED DEFENSE CONTRACTOR TAX REFUND
17 AGREEMENT.--
18 (b) Compliance with the terms and conditions of the
19 agreement is a condition precedent for receipt of tax refunds
20 each year. The failure to comply with the terms and conditions
21 of the agreement shall result in the loss of eligibility for
22 receipt of all tax refunds previously authorized pursuant to
23 this section, and the revocation of the certification as a
24 qualified applicant by the director, unless the qualified
25 applicant is eligible to receive and elects to accept a
26 prorated refund under paragraph (5)(g) or the office grants
27 the qualified applicant an economic-stimulus exemption.
28 1. A qualified applicant may submit, in writing, a
29 request to the office for an economic-stimulus exemption. The
30 request must provide quantitative evidence demonstrating how
31 negative economic conditions in the qualified applicant's
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1 industry, or specific acts of terrorism affecting the
2 qualified applicant, have prevented the qualified applicant
3 from complying with the terms and conditions of its tax refund
4 agreement.
5 2. Upon receipt of a request under subparagraph 1.,
6 the director shall have 45 days to notify the requesting
7 qualified applicant, in writing, if its exemption has been
8 granted or denied. In determining if an exemption should be
9 granted, the director shall consider the extent to which
10 negative economic conditions in the requesting qualified
11 applicant's industry, or specific acts of terrorism affecting
12 the qualified applicant, have prevented the qualified
13 applicant from complying with the terms and conditions of its
14 tax refund agreement.
15 3. As a condition for receiving a prorated refund
16 under paragraph (5)(g) or an economic-stimulus exemption under
17 this paragraph, a qualified applicant must agree to
18 renegotiate its tax refund agreement with the office to, at a
19 minimum, ensure that the terms of the agreement comply with
20 current law and office procedures governing application for
21 and award of tax refunds. Upon approving the award of a
22 prorated refund or granting an economic-stimulus exemption,
23 the office shall renegotiate the tax refund agreement with the
24 qualified applicant as required by this subparagraph. When
25 amending the agreement of a qualified applicant receiving an
26 economic-stimulus exemption, the office may extend the
27 duration of the agreement for a period not to exceed 1 year.
28 4. A qualified applicant may submit a request for an
29 economic-stimulus exemption to the office in lieu of any tax
30 refund claim scheduled to be submitted after January 1, 2001,
31 but before June 30, 2004 July 1, 2003. However, a qualified
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1 applicant that has received at least one economic-stimulus
2 exemption may not apply for an additional exemption.
3 5. A qualified applicant that receives an
4 economic-stimulus exemption may not receive a tax refund for
5 the period covered by the exemption.
6 Section 4. Paragraph (o) of subsection (1) and
7 paragraph (b) of subsection (4) of section 288.106, Florida
8 Statutes, are amended to read:
9 288.106 Tax refund program for qualified target
10 industry businesses.--
11 (1) DEFINITIONS.--As used in this section:
12 (o) "Target industry business" means a corporate
13 headquarters business or any business that is engaged in one
14 of the target industries identified pursuant to the following
15 criteria developed by the office in consultation with
16 Enterprise Florida, Inc.:
17 1. Future growth.--Industry forecasts should indicate
18 strong expectation for future growth in both employment and
19 output, according to the most recent available data. Special
20 consideration should be given to Florida's growing access to
21 international markets or to replacing imports.
22 2. Stability.--The industry should not be subject to
23 periodic layoffs, whether due to seasonality or sensitivity to
24 volatile economic variables such as weather. The industry
25 should also be relatively resistant to recession, so that the
26 demand for products of this industry is not necessarily
27 subject to decline during an economic downturn.
28 3. High wage.--The industry should pay relatively high
29 wages compared to statewide or area averages.
30
31
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1 4. Market and resource independent.--The location of
2 industry businesses should not be dependent on Florida markets
3 or resources as indicated by industry analysis.
4 5. Industrial base diversification and
5 strengthening.--The industry should contribute toward
6 expanding or diversifying the state's or area's economic base,
7 as indicated by analysis of employment and output shares
8 compared to national and regional trends. Special
9 consideration should be given to industries that strengthen
10 regional economies by adding value to basic products or
11 building regional industrial clusters as indicated by industry
12 analysis. Special consideration also should be given to
13 developing strong industrial clusters, including defense and
14 homeland security.
15 6. Economic benefits.--The industry should have strong
16 positive impacts on or benefits to the state and regional
17 economies.
18
19 The office, in consultation with Enterprise Florida, Inc.,
20 shall develop a list of such target industries annually and
21 submit such list as part of the final agency legislative
22 budget request submitted pursuant to s. 216.023(1). A target
23 industry business may not include any industry engaged in
24 retail activities; any electrical utility company; any
25 phosphate or other solid minerals severance, mining, or
26 processing operation; any oil or gas exploration or production
27 operation; or any firm subject to regulation by the Division
28 of Hotels and Restaurants of the Department of Business and
29 Professional Regulation.
30 (4) TAX REFUND AGREEMENT.--
31
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1 (b) Compliance with the terms and conditions of the
2 agreement is a condition precedent for the receipt of a tax
3 refund each year. The failure to comply with the terms and
4 conditions of the tax refund agreement results in the loss of
5 eligibility for receipt of all tax refunds previously
6 authorized under this section and the revocation by the
7 director of the certification of the business entity as a
8 qualified target industry business, unless the business is
9 eligible to receive and elects to accept a prorated refund
10 under paragraph (5)(d) or the office grants the business an
11 economic-stimulus exemption.
12 1. A qualified target industry business may submit, in
13 writing, a request to the office for an economic-stimulus
14 exemption. The request must provide quantitative evidence
15 demonstrating how negative economic conditions in the
16 business's industry, or specific acts of terrorism affecting
17 the qualified target industry business, have prevented the
18 business from complying with the terms and conditions of its
19 tax refund agreement.
20 2. Upon receipt of a request under subparagraph 1.,
21 the director shall have 45 days to notify the requesting
22 business, in writing, if its exemption has been granted or
23 denied. In determining if an exemption should be granted, the
24 director shall consider the extent to which negative economic
25 conditions in the requesting business's industry, or specific
26 acts of terrorism affecting the qualified target industry
27 business, have prevented the business from complying with the
28 terms and conditions of its tax refund agreement.
29 3. As a condition for receiving a prorated refund
30 under paragraph (5)(d) or an economic-stimulus exemption under
31 this paragraph, a qualified target industry business must
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1 agree to renegotiate its tax refund agreement with the office
2 to, at a minimum, ensure that the terms of the agreement
3 comply with current law and office procedures governing
4 application for and award of tax refunds. Upon approving the
5 award of a prorated refund or granting an economic-stimulus
6 exemption, the office shall renegotiate the tax refund
7 agreement with the business as required by this subparagraph.
8 When amending the agreement of a business receiving an
9 economic-stimulus exemption, the office may extend the
10 duration of the agreement for a period not to exceed 1 year.
11 4. A qualified target industry business may submit a
12 request for an economic-stimulus exemption to the office in
13 lieu of any tax refund claim scheduled to be submitted after
14 January 1, 2001, but before June 30, 2004 July 1, 2003.
15 However, a qualified target industry business that has
16 received at least one economic-stimulus exemption may not
17 apply for an additional exemption.
18 5. A qualified target industry business that receives
19 an economic-stimulus exemption may not receive a tax refund
20 for the period covered by the exemption.
21 Section 5. Notwithstanding section 14 of chapter
22 93-187, Laws of Florida, section 288.9515, Florida Statutes,
23 shall not stand repealed on December 31, 2003, as scheduled by
24 such law, but that section is reenacted and amended to read:
25 288.9515 Authorized technology development programs.--
26 (1) Enterprise Florida, Inc., may create technology
27 development and applications services, and may serve as an
28 umbrella organization for the coordination of information that
29 provides technology applications service providers throughout
30 the state which provide critical, managerial, technological,
31 scientific, and related financial and business expertise
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1 essential for international and domestic competitiveness to
2 small-sized and medium-sized manufacturing and knowledge-based
3 service firms. Enterprise Florida, Inc., is authorized the
4 following powers in order to carry out these functions:
5 (a) Providing communication and coordination services
6 among technology development and applications service
7 providers throughout the state.
8 (b) Providing coordinated marketing services to
9 small-sized and medium-sized manufacturers in the state on
10 behalf of, and in partnership with, technology applications
11 service providers.
12 (b)(c) Securing additional sources of funds on behalf
13 of, and in partnership with, technology-based businesses
14 applications service providers.
15 (c)(d) Developing plans and policies to assist
16 small-sized and medium-sized manufacturing companies or other
17 knowledge-based firms in Florida.
18 (e) Entering into contracts with technology
19 applications service providers for expanded availability of
20 high-quality assistance to small-sized and medium-sized
21 manufacturing companies or knowledge-based service firms,
22 including, but not limited to, technological, human resources
23 development, market planning, finance, and interfirm
24 collaboration. Enterprise Florida, Inc., shall ensure that all
25 contracts in excess of $20,000 for the delivery of such
26 assistance to Florida firms shall be based on competitive
27 requests for proposals and shall establish clear standards for
28 the delivery of services under such contracts. Such standards
29 include, but are not limited to:
30 1. The ability and capacity to deliver services in
31 sufficient quality and quantity.
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1 2. The ability and capacity to deliver services in a
2 timely manner.
3 3. The ability and capacity to meet the needs of firms
4 in the proposed market area.
5 (d)(f) Assisting other educational institutions,
6 enterprises, or the entities providing business assistance to
7 small-sized and medium-sized manufacturing and knowledge-based
8 services enterprises.
9 (g) Establishing a system to evaluate the
10 effectiveness and efficiency of technology applications
11 services provided to small-sized and medium-sized enterprises.
12 (e)(h) Establishing special education and
13 informational programs for Florida enterprises and for
14 educational institutions and enterprises providing business
15 assistance to Florida enterprises.
16 (f)(i) Assisting in evaluating and documenting the
17 needs of firms in this state for technology development and
18 application services, and developing means to ensure that
19 these needs are met, consistent with the powers provided for
20 in this subsection.
21 (g)(j) Maintaining an office in such place or places
22 as the board of directors of Enterprise Florida, Inc.,
23 approves.
24 (h)(k) Making and executing contracts with any person,
25 enterprise, educational institution, association, or any other
26 entity necessary or convenient for the performance of its
27 duties and the exercise of the powers and functions of
28 Enterprise Florida, Inc., under this subsection.
29 (i)(l) Receiving funds from any source to carry out
30 the purposes of providing technology development and
31 applications services, including, but not limited to, gifts or
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1 grants from any department, agency, or instrumentality of the
2 United States or of the state, or any enterprise or person,
3 for any purpose consistent with the provisions of this
4 subsection.
5 (2) When choosing contractors under this section,
6 preference shall be given to existing institutions,
7 organizations, and enterprises so long as these existing
8 institutions, organizations, and enterprises demonstrate the
9 ability to perform at standards established by Enterprise
10 Florida, Inc., under paragraph (1)(e). Neither the provisions
11 of ss. 288.9511-288.9517 nor the actions taken by Enterprise
12 Florida, Inc., under this section shall impair or hinder the
13 operations, performance, or resources of any existing
14 institution, organization, or enterprise.
15 (3) Enterprise Florida, Inc., may create a technology
16 development financing fund, to be called the Florida
17 Technology Research Investment Fund. The fund shall increase
18 technology development in this state by investing in
19 technology development projects that have the potential to
20 generate investment-grade technologies of importance to the
21 state's economy as evidenced by the willingness of private
22 businesses to coinvest in such projects. Enterprise Florida,
23 Inc., may also demonstrate and develop effective approaches
24 to, and benefits of, commercially oriented research
25 collaborations between businesses, universities, and state and
26 federal agencies and organizations. Enterprise Florida, Inc.,
27 shall endeavor to maintain the fund as a self-supporting fund
28 once the fund is sufficiently capitalized under Enterprise
29 Florida, Inc., program guidelines as reflected in the minimum
30 funding report required in s. 288.9516. The technology
31
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1 research investment projects may include, but are not limited
2 to:
3 (a) Technology development projects expected to lead
4 to a specific investment-grade technology that is of
5 importance to industry in this state.
6 (b) Technology development centers and facilities
7 expected to generate a stream of products and processes with
8 commercial application of importance to industry in this
9 state.
10 (c) Technology development projects that have, or are
11 currently using, other federal or state funds such as federal
12 Small Business Innovation Research awards.
13 (4) Enterprise Florida, Inc., shall invest moneys
14 contained in the Florida Technology Research Investment Fund
15 in technology application research or for technology
16 development projects that have the potential for commercial
17 market application. The partnership shall coordinate any
18 investment in any space-related technology projects with the
19 Florida Space Authority and the Technological Research and
20 Development Authority.
21 (a) The investment of moneys contained in the Florida
22 Technology Research Investment Fund is limited to qualified
23 investments in qualified securities in which a private
24 enterprise in this state coinvests at least 40 percent of the
25 total project costs, in conjunction with other cash or noncash
26 investments from state educational institutions, state and
27 federal agencies, or other institutions.
28 (b) All moneys in the Florida Technology Research
29 Investment Fund shall be continuously appropriated to the fund
30 and may be used for loan guarantees, letter of credit
31 guarantees, cash reserves for loan and letter of credit
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1 guarantees, payments of claims pursuant to contracts for
2 guarantees, subordinated loans, loans with warrants, royalty
3 investments, equity investments, and For the purposes of this
4 fund, qualified securities include loans, loans convertible to
5 equity, equity, loans with warrants attached that are
6 beneficially owned by the board, royalty agreements, or any
7 other contractual arrangements through which the Florida
8 Technology Research Investment Fund receives an interest,
9 rights, return of funds, or other consideration, and may be
10 used for operations of the fund. All such uses of moneys in
11 the fund are qualified investments arrangement in which the
12 board is providing scientific and technological services to
13 any federal, state, county, or municipal agency, or to any
14 individual, corporation, enterprise, association, or any other
15 entity involving technology development. Any claim against the
16 fund or Enterprise Florida, Inc., relating to investment of
17 moneys in the fund shall be paid solely from the fund. Neither
18 the credit nor the taxing power of the state shall be pledged
19 to secure the fund or moneys in the fund, other than from
20 moneys appropriated or assigned to the fund, and the state
21 shall not be liable or obligated in any way for any claims
22 against the fund or against Enterprise Florida, Inc.
23 (c) Not more than $175,000 or 5 percent of the
24 revenues generated by investment of moneys contained in the
25 Florida Technology Research Investment Fund plus 5 percent of
26 the revenues generated by investments under the Florida Small
27 Business Technology Growth Program under s. 288.95155,
28 whichever is greater, may be used on an annual basis to pay
29 the combined operating expenses associated with operation of
30 the Florida Technology Research Investment Fund and the
31 Florida Small Business Technology Growth Program.
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1 (d) In the event of liquidation or dissolution of
2 Enterprise Florida, Inc., or the Florida Technology Research
3 Investment Fund, any rights or interests in a qualified
4 security or portion of a qualified security purchased with
5 moneys invested by the State of Florida shall vest in the
6 state, under the control of the State Board of Administration.
7 The state is entitled to, in proportion to the amount of
8 investment in the fund by the state, any balance of funds
9 remaining in the Florida Technology Research Investment Fund
10 after payment of all debts and obligations upon liquidation or
11 dissolution of Enterprise Florida, Inc., or the fund.
12 (e) The investment of funds contained in the Florida
13 Technology Research Investment Fund does not constitute a
14 debt, liability, or obligation of the State of Florida or of
15 any political subdivision thereof, or a pledge of the faith
16 and credit of the state or of any such political subdivision.
17 (5) Enterprise Florida, Inc., may create technology
18 commercialization programs in partnership with private
19 enterprises, educational institutions, and other institutions
20 to increase the rate at which technologies with potential
21 commercial application are moved from university, public, and
22 industry laboratories into the marketplace. Such programs
23 shall be created based upon research to be conducted by
24 Enterprise Florida, Inc.
25 (6) Enterprise Florida, Inc., shall coordinate with
26 local and regional economic development organizations to
27 facilitate a statewide entrepreneurship strategy to stimulate
28 the growth of start-up businesses and technology innovations
29 in this state. This strategy should include, but need not be
30 limited to, technology transfer coordination, university
31 linkages, entrepreneurial networks and training, and start-up
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1 capital access, including the formation and growth of
2 individual and business networks that may be willing to invest
3 in start-up businesses in this state.
4 Section 6. Section 288.9517, Florida Statutes, is
5 repealed.
6 Section 7. Section 14 of chapter 93-187, Laws of
7 Florida, is repealed.
8 Section 8. Section 445.048, Florida Statutes, is
9 amended to read:
10 445.048 Passport to Economic Progress demonstration
11 program.--
12 (1) AUTHORIZATION.--Notwithstanding any law to the
13 contrary, Workforce Florida, Inc., in conjunction with the
14 Department of Children and Family Services and the Agency for
15 Workforce Innovation, shall implement a Passport to Economic
16 Progress demonstration program by November 1, 2001, consistent
17 with the provisions of this section in Hillsborough, and
18 Manatee, and Sarasota counties. Workforce Florida, Inc., must
19 consult with the applicable regional workforce boards and the
20 applicable local offices of the department which serve the
21 demonstration areas and must encourage community input into
22 the implementation process.
23 (2) WAIVERS.--If Workforce Florida, Inc., in
24 consultation with the Department of Children and Family
25 Services, finds that federal waivers would facilitate
26 implementation of the demonstration program, the department
27 shall immediately request such waivers, and Workforce Florida,
28 Inc., shall report to the Governor, the President of the
29 Senate, and the Speaker of the House of Representatives if any
30 refusal of the Federal Government to grant such waivers
31 prevents the implementation of the demonstration program. If
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1 Workforce Florida, Inc., finds that federal waivers to
2 provisions of the Food Stamp Program would facilitate
3 implementation of the demonstration program, the Department of
4 Children and Family Services shall immediately request such
5 waivers in accordance with s. 414.175.
6 (3) INCOME DISREGARD.--In order to provide an
7 additional incentive for employment, and notwithstanding the
8 amount specified in s. 414.095(12), for individuals residing
9 in the areas designated for this demonstration program, the
10 first $300 plus one-half of the remainder of earned income
11 shall be disregarded in determining eligibility for temporary
12 cash assistance. All other conditions and requirements of s.
13 414.095(12) shall continue to apply to such individuals.
14 (3)(4) TRANSITIONAL BENEFITS AND SERVICES.--In order
15 to assist them in making the transition to economic
16 self-sufficiency, former recipients of temporary cash
17 assistance residing within the areas designated for this
18 demonstration program shall be eligible for the following
19 benefits and services:
20 (a) Notwithstanding the time period specified in s.
21 445.030, transitional education and training support services
22 as specified in s. 445.030 for up to 4 years after the family
23 is no longer receiving temporary cash assistance;
24 (b) Notwithstanding the time period specified in s.
25 445.031, transitional transportation support services as
26 specified in s. 445.031 for up to 4 years after the family is
27 no longer receiving temporary cash assistance; and
28 (c) Notwithstanding the time period specified in s.
29 445.032, transitional child care as specified in s. 445.032
30 for up to 4 years after the family is no longer receiving
31 temporary cash assistance.
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1
2 All other provisions of ss. 445.030, 445.031, and 445.032
3 shall apply to such individuals, as appropriate. This
4 subsection does not constitute an entitlement to transitional
5 benefits and services. If funds are insufficient to provide
6 benefits and services under this subsection, the board of
7 directors of Workforce Florida, Inc., may limit such benefits
8 and services or otherwise establish priorities for the
9 provisions of such benefits and services.
10 (4) INCENTIVES TO ECONOMIC SELF-SUFFICIENCY.--
11 (a) The Legislature finds that:
12 1. There are former recipients of temporary cash
13 assistance who are working full time but whose incomes are
14 below the poverty level.
15 2. Having incomes below the federal poverty level
16 makes such individuals particularly vulnerable to reliance on
17 public assistance despite their best efforts to achieve or
18 maintain economic independence through employment.
19 3. It is necessary to implement a performance-based
20 program that defines economic incentives for achieving
21 specific benchmarks toward self-sufficiency while the
22 individual is working full time.
23 (b) Workforce Florida, Inc., in cooperation with the
24 Department of Children and Family Services and the Agency for
25 Workforce Innovation, shall offer performance-based incentive
26 bonuses as a component of the Passport to Economic Progress
27 demonstration program in the areas of the state which are
28 designated for demonstration programs. The bonuses do not
29 represent a program entitlement and shall be contingent on
30 achieving specific benchmarks prescribed in the
31 self-sufficiency plan. If the funds appropriated for this
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1 purpose are insufficient to provide this financial incentive,
2 the board of directors of Workforce Florida, Inc., shall
3 reduce or suspend the bonuses in order not to exceed the
4 appropriation.
5 (5) WAGE SUPPLEMENTATION.--
6 (a) The Legislature finds that:
7 1. There are former recipients of temporary cash
8 assistance who are working full time but whose incomes are
9 below the federal poverty level.
10 2. Having incomes below the federal poverty level
11 makes such individuals particularly vulnerable to reliance on
12 public assistance despite their best efforts to achieve or
13 maintain economic independence through employment.
14 3. It is necessary to supplement the wages of such
15 individuals for a limited period of time in order to assist
16 them in fulfilling the transition to economic
17 self-sufficiency.
18 (b) Workforce Florida, Inc., in cooperation with the
19 Department of Children and Family Services and the Agency for
20 Workforce Innovation, shall create a transitional wage
21 supplementation program by November 1, 2001, as a component of
22 the Passport to Economic Progress demonstration program in the
23 areas designated for the demonstration program. This wage
24 supplementation program does not constitute an entitlement to
25 wage supplementation. If funds appropriated are insufficient
26 to provide wage supplementation, the board of directors of
27 Workforce Florida, Inc., may limit wage supplementation or
28 otherwise establish priorities for wage supplementation.
29 (c) To be eligible for wage supplementation under this
30 subsection, an individual must:
31
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1 1. Be a former recipient of temporary cash assistance
2 who last received such assistance on or after January 1, 2000;
3 2. Be employed full time, which for the purposes of
4 this subsection means employment averaging at least 32 hours
5 per week, or, following Congressional passage of legislation
6 reauthorizing Temporary Assistance to Needy Families, comply
7 with the employment requirements of the reauthorized law; and
8 3. Have an average family income for the 6 months
9 preceding the date of application for wage supplementation
10 which is less than 100 percent of the federal poverty level.
11 (d) Workforce Florida, Inc., shall determine the
12 schedule for the payment of wage supplementation under this
13 subsection. An individual eligible for wage supplementation
14 under this subsection may receive a payment that equals the
15 amount necessary to bring the individual's total family income
16 for the period covered by the payment to 100 percent of the
17 federal poverty level. An individual may not receive wage
18 supplementation payments for more than a total of 12 months.
19 (e) The wage supplementation program authorized by
20 this subsection shall be administered through the regional
21 workforce boards and the one-stop delivery system, under
22 policy guidelines, criteria, and applications developed by
23 Workforce Florida, Inc., in cooperation with the Department of
24 Children and Family Services and the Agency for Workforce
25 Innovation. To the maximum extent possible, the regional
26 workforce boards shall use electronic debit card technologies
27 to provide wage supplementation payments under this program.
28 (5)(6) EVALUATIONS AND RECOMMENDATIONS.--Workforce
29 Florida, Inc., in conjunction with the Department of Children
30 and Family Services, the Agency for Workforce Innovation, and
31 the regional workforce boards in the areas designated for this
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1 demonstration program, shall conduct a comprehensive
2 evaluation of the effectiveness of the demonstration program
3 operated under this section. By January 1, 2005 2003,
4 Workforce Florida, Inc., shall submit a report on such
5 evaluation to the Governor, the President of the Senate, and
6 the Speaker of the House of Representatives. The report must
7 include recommendations as to whether the demonstration
8 program should be expanded to other service areas or statewide
9 and whether the program should be revised to enhance its
10 administration or effectiveness.
11 (6)(7) CONFLICTS.--If there is a conflict between the
12 implementation procedures described in this section and
13 federal requirements and regulations, federal requirements and
14 regulations shall control.
15 Section 9. The sum of $1,785,000 is appropriated for
16 the 2003-2004 fiscal year from the Federal Grants Trust Fund
17 to the Department of Children and Family Services to provide
18 bonus payments pursuant to section 445.048(4), Florida
19 Statutes, and the sum of $1,074,200 is appropriated for the
20 2003-2004 fiscal year from the Welfare Transition Trust Fund
21 to the Agency for Workforce Innovation to extend transitional
22 benefits and services.
23 Section 10. Section 624.5108, Florida Statutes, is
24 created to read:
25 624.5108 Casualty insurance assessment offsets;
26 definitions; provider designations; permissible investments;
27 required reports; assessment offsets.--
28 (1) SHORT TITLE.--This section may be cited as the
29 "State Economic Stimulus Plan Act."
30 (2) DEFINITIONS.--As used in this section, the term:
31 (a) "Affiliate" means, with respect to any person:
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1 1. A person who directly or indirectly:
2 a. Beneficially owns 10 percent or more of the
3 outstanding voting securities or other ownership interests of
4 the other person, whether through rights, options, convertible
5 interests, or otherwise; or
6 b. Controls or holds power to vote 10 percent or more
7 of the outstanding voting securities or other ownership
8 interests of the other person;
9 2. A person with 10 percent or more of the outstanding
10 voting securities or other ownership interests, of which are
11 directly or indirectly:
12 a. Beneficially owned by the other person, whether
13 through rights, options, convertible interest, or otherwise;
14 or
15 b. Controlled or held with power to vote by the other
16 person;
17 3. A partnership in which the other person is a
18 general partner; or
19 4. An officer, employee, or agent of the other person
20 or an immediate family member of the officer, employee, or
21 agent.
22 (b) "Assessments" means the assessments required
23 pursuant to ss. 440.49 and 440.51.
24 (c) "Conversion cost" means, for each SESP provider,
25 all costs and expenses of closing its SESP fund, including,
26 without limitation, legal, accounting, rating agency, trustee
27 and placement agent fees and expenses, and any costs of
28 defeasing and insuring the obligations of the SESP provider to
29 the investing investors incurred in connection with the SESP
30 fund or any original issue discount in connection with the
31 obligations.
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1 (d) "Department" means the Office of Tourism, Trade,
2 and Economic Development, which has regulatory authority over
3 this section.
4 (e) "Economic development project" means a project or
5 business that meets the following criteria at the time of the
6 investment:
7 1. The project or business is headquartered and its
8 principal operations are located in this state, or at least 50
9 percent of the employees are employed in this state or the
10 project or business has committed in writing to move into this
11 state as a condition of the investment;
12 2. The project or business fosters economic
13 development in this state;
14 3. There are sufficient resources or the forecast or
15 business plan for the project or business projects that the
16 project or business will have sufficient resources to meet any
17 obligations due to the SESP provider as a result of the
18 investment;
19 4. The project or business has been approved by the
20 department pursuant to this section; and
21 5. The project or business is not a business
22 predominately engaged in professional services provided by
23 accountants or lawyers.
24 (f) "Fund allocation date" means, with respect to each
25 SESP provider, the date on which such SESP provider receives
26 the investments from its investors which entitle its investors
27 to receive an allocation of the full offset amount authorized
28 by this section for such SESP provider.
29 (g) "Full offset amount" means, with respect to each
30 SESP provider, the full face amount of any permitted debt
31 instruments offered by the SESP provider, which are issued to
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1 its investors and evidence such investors' investment in the
2 SESP provider.
3 (h) "Investor" means any insurer holding a certificate
4 of authority to transact insurance in this state with a
5 liability for assessments under ss. 440.49 and 440.51.
6 (i) "Permissible investment" means investments that at
7 the time of initial purchase or initial investment are:
8 1. Deposits, including certificates of deposit, with a
9 financial institution that is a member of the Federal Deposit
10 Insurance Corporation;
11 2. Investment securities that are obligations of the
12 United States or its departments, agencies, or
13 instrumentalities or obligations that are guaranteed fully as
14 to principal and interest by the United States or its
15 departments, agencies, or instrumentalities;
16 3. Commercial paper rated at least A1, P1, or its
17 equivalent by at least one nationally recognized rating
18 organization with a maturity of no more than 365 days.
19 4. Debt instruments rated at the time of the
20 investment at least AA or its equivalent by a nationally
21 recognized rating organization, or issued by, or guaranteed
22 with respect to payment by, an entity whose unsecured
23 indebtedness is rated at the time of the investment at least
24 AA or its equivalent by a nationally recognized credit rating
25 organization and is not subordinated to other unsecured
26 indebtedness of the issuer or the guarantor;
27 5. Obligations of this state or any political
28 subdivision thereof;
29 6. Interests in money market funds or other mutual
30 funds, the portfolios of which are limited to cash and
31 permissible investments; or
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1 7. Any other investments approved in advance and in
2 writing by the department.
3 (j) "Permitted debt instrument" means a debt
4 instrument issued by the SESP provider to one or more
5 investors that do not own any voting equity interest in the
6 SESP provider which:
7 1. Is issued in exchange for the investment by the
8 investors of cash in the SESP provider and for no other
9 consideration;
10 2. Is issued at a discount by the SESP provider;
11 3. Is repayable by the SESP provider, with interest,
12 only by the availability of offsets to the investor earned as
13 a result of the investor's investment in the SESP provider;
14 4. Does not entitle the investor to any consideration
15 or compensation based upon the profits, income, or other
16 operation of the SESP provider; and
17 5. May not be prepaid by the SESP provider without the
18 investor's consent.
19 (k) "Person" means any natural person, corporation,
20 limited liability company, partnership, joint venture, trust,
21 incorporated or unincorporated association, joint stock
22 company, government, or agency or political subdivision
23 thereof, or other entity of any kind.
24 (l) "Principal" means:
25 1. A senior officer or director of a corporation;
26 2. An individual manager of a limited liability
27 company or a principal of any entity manager;
28 3. An individual general partner of a partnership or
29 limited partnership or a principal of any entity that serves
30 as a general partner; or
31
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1 4. An individual in a position of similar authority in
2 an entity not specifically named in this subsection.
3 (m) "SESP" means the state economic stimulus plan.
4 (n) "SESP costs" means:
5 1. The bona fide costs and expenses of managing and
6 operating the SESP provider, including, without limitation, an
7 annual management fee that is not to exceed 2.5 percent of the
8 full offset amount plus professional fees; and
9 2. Distributions to direct or indirect parent entities
10 of the SESP provider, if the SESP is taxed as partnership,
11 equal to any projected increase in federal or state income
12 taxes of such entities, including any related penalties or
13 interest, resulting from the earnings of the SESP provider,
14 without regard to any revenues or expenses from other
15 operations of affiliates of the SESP provider, to the extent
16 that the increase is related to the ownership, management, or
17 operations of the SESP provider.
18 (o) "SESP fund" means, for each SESP provider, its
19 full offset amount less its conversion costs.
20 (p) "SESP provider" means an entity designated under
21 this section to receive investments from investors and invest
22 its SESP fund in economic development projects.
23 (3) SESP PROVIDER APPLICATION.--
24 (a) To seek a designation as a SESP provider to the
25 state, a SESP provider applicant shall submit to the
26 department an application by November 1, 2003.
27 (b) Each SESP provider applicant shall demonstrate in
28 its application that it meets the following criteria:
29 1. No principal of the SESP provider applicant shall
30 have been found guilty of a crime involving fraud, theft,
31 embezzlement, or moral turpitude;
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1 2. The SESP provider applicant shall include with its
2 application copies of executed written commitments from
3 potential investors committing to invest cash sufficient to
4 acquire permitted debt instruments with a face value equal to
5 at least 10 percent of the maximum full offset amount being
6 allocated pursuant to subparagraph (5)(a)1.;
7 3. The SESP provider applicant, together with the
8 members of its control group, as defined in Treasury
9 Regulation 1.414(c)-2, shall have raised at least $50 million,
10 in the aggregate, for investment in small and emerging
11 businesses within the past 5 calendar years;
12 4. The SESP provider applicant, together with its
13 affiliates, shall have raised at least $200 million for
14 investment purposes within the past 5 calendar years;
15 5. The SESP provider shall be a bankruptcy-remote,
16 special purpose entity that has no purpose other than
17 participation under this act and all related activities; and
18 6. No investor or affiliate of an investor shall own
19 any equity securities in the SESP provider or any affiliate of
20 the SESP provider.
21 (c) The department shall perform background checks of
22 the principals of the SESP provider applicant to ensure
23 compliance with subparagraph (b)1.
24 (d) The department may adopt additional rules to
25 govern the application process, including the preparation of
26 forms to be completed as a part of the application process, if
27 any such rules or forms have been adopted by the department at
28 least 30 days prior to the deadline for receipt of
29 applications.
30 (e) The department may deny the application or rescind
31 the application of a SESP provider if the grounds for
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1 rescission are not removed or corrected within 90 days after
2 the notice of such grounds is received by the SESP provider
3 applicant. The department may deny the application or rescind
4 the application of a SESP provider applicant if the SESP
5 provider applicant, or any principal or director of the SESP
6 provider appliant, has:
7 1. Violated any provision of this section; or
8 2. Made a material misrepresentation or concealed any
9 essential or material fact from any person during the
10 application process or in connection with the information and
11 reports required of SESP providers under section 3 of this
12 act.
13 (f) A SESP provider applicant must file an application
14 in the form prescribed by the department accompanied by a
15 nonrefundable application fee of $7,500. The application must
16 include an audited balance sheet of the SESP provider
17 applicant, with an unqualified opinion from an independent
18 certified public accountant, as of a date not more than 35
19 days before the date of the application.
20 (g) The SESP provider applicant must have incorporated
21 or organized within the state no later than 15 days before
22 applying for certification.
23 (h) The SESP provider appliant must have established
24 an office within the state before or within 60 days of SESP
25 provider status.
26 (4) ALLOCATION PROCESS.--
27 (a) The maximum full offset amount to be allocated to
28 SESP providers pursuant to this section shall be an amount
29 equal to the aggregate of all allocation claims received by
30 the department by the department's stated deadline, if such
31 allocation is limited to $200 million.
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1 (b) No single investor, together with its affiliates,
2 shall invest or commit to invest more than 20 percent of the
3 maximum full offset amount in all SESP providers.
4 (c) The SESP provider allocation process shall occur
5 on or before 60 days following the SESP provider application
6 deadline and shall include all SESP providers, so designated
7 by the department as of the SESP application deadline.
8 (d) Each SESP provider must apply to the department
9 for an allocation of offsets for potential investors on a form
10 developed by the department. The form must be accompanied by
11 an affidavit from each potential investor confirming that the
12 potential investor has agreed to make an investment in a
13 permitted debt instrument issued by a SESP provider up to a
14 specified amount, subject only to the offset allocation
15 pursuant to this subsection. A SESP provider may not submit
16 offset allocation claims on behalf of investors that, in the
17 aggregate, total more than the maximum full offset amount
18 authorized under paragraph (5)(a). An allocation may not be
19 made to the potential investors of a SESP provider unless such
20 SESP provider has met all requirements of subsection (3), and
21 has filed allocation claims of not less than $20 million in
22 the aggregate.
23 (e) The department shall inform each SESP provider of
24 its share of full offsets available for allocation to each of
25 its potential investors.
26 (f) If within 10 business days after the investor
27 received a notice of offset allocation a SESP provider does
28 not receive investments sufficient to purchase permitted debt
29 instruments issued by the SESP provider to a potential
30 investor, the SESP provider shall notify the department by
31 overnight common carrier delivery service of the company's
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1 failure to receive the investment. That portion of the offset
2 allocated to the SESP provider shall be forfeited. If the
3 office must make a pro rata allocation under subsection (5),
4 the department shall reallocate such available offsets among
5 the other SESP providers on the same pro rata basis as the
6 initial allocation.
7 (g) If the full face amount of the permitted debt
8 instruments offered by the SESP providers committed by all
9 investors to SESP providers in offset allocation claims
10 received by a deadline set by the department exceeds the
11 aggregate cap on the amount of offsets, the offsets that may
12 be allowed to any one investor shall be allocated using the
13 following ratio:
14 A/B = X/$200,000,000
15 where the letter "A" represents the full face amount that
16 investors have agreed to invest in any one SESP provider, the
17 letter "B" represents the aggregate face amount of investments
18 that all investors have agreed to invest in all SESP
19 providers, the letter "X" is the numerator and represents the
20 full amount of offsets or full offset amount that may be
21 allocated to a SESP provider on a date determined by rule
22 adopted by the department, and $200 million is the denominator
23 and represents the full offset amount that may be allocated to
24 all SESP providers.
25 (h) To the extent that the full face amount of
26 investments raised in connection with the procedure set forth
27 in this subsection is less than $200 million, the department
28 may adopt rules to allow a subsequent allocation of the
29 remaining offsets authorized under this subsection.
30 (i) The department shall issue a certification letter
31 for each investor, showing the approved offset amount and the
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1 face amount and price of the permitted debt instrument under
2 which the investor invested in the SESP provider. The
3 applicable SESP provider shall attest to the validity of the
4 certification letter.
5 (5) SESP FUND INVESTMENT.--
6 (a) Until the SESP provider has invested 100 percent
7 of the full offset amount in economic development projects,
8 money in the SESP fund shall be used only for:
9 1. Investments in economic development projects;
10 2. Permissible investments; and
11 3. SESP costs.
12 (b) The SESP provider may not make any payments, other
13 than SESP costs, to any affiliate or any other person owning
14 equity securities in the SESP provider has invested 100
15 percent of the full offset amount in economic development
16 projects.
17 (c) All amounts invested in economic development
18 projects made by the SESP provider shall count toward the 100
19 percent-investment-requirement of paragraphs (b) and (c),
20 including money returned to the SESP provider by or as a
21 result of a prior investment in an economic development
22 project.
23 (d) Any investment that is an economic development
24 project at the time of the SESP provider's initial investment
25 shall be classified as an economic development project for any
26 follow-on investment by the SESP provider so long as the
27 economic development project still meets the criteria in
28 subparagraphs (2)(e)1. and 2.
29 (e) The SESP provider shall, within 24 months after
30 the fund allocation date, invest no less than 20 percent of
31 the full offset amount in economic development projects and,
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1 within each 12 months thereafter, shall invest no less than an
2 additional 10 percent until 100 percent of the full offset
3 amount is invested. If, within the initial 24-month period or
4 any 12-month period thereafter, the SESP provider fails to
5 meet the investment target of this subsection, the management
6 fee for that period shall be reduced by the percentage equal
7 to the cumulative investments made divided by the cumulative
8 investment target for that period subtracted from 100 percent.
9 A determination of a reduction pursuant to this subsection
10 shall be made during the annual audit required by subsection
11 (6).
12 (f) Any SESP funds not held in economic development
13 projects shall be held in cash or permissible investments.
14 (g) The department shall approve a proposed investment
15 as an economic development project or a permissible
16 investment, as the case may be, within 20 days after its
17 receipt of a written request from the SESP provider. If the
18 department fails to respond within the 20-day period, the
19 proposed investment shall be deemed to be approved as an
20 economic development project or permissible investment, as
21 requested by the SESP provider. Absent fraud or material
22 misrepresentations by the SESP provider or its proposed
23 investee, the approval of the department pursuant to this
24 subsection shall be conclusive.
25 (6) SESP PROVIDER; REPORTS.--
26 (a) Within 30 days after the fund allocation date, the
27 SESP provider shall report to the department and the Chief
28 Financial Officer the following:
29 1. The name of each investor from whom an investment
30 was received, including the investor's identification number;
31 2. The amount of each investor's investment; and
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1 3. The date on which the money was received.
2 (b) Within 90 days after an economic development
3 project investment made by the SESP provider, the SESP
4 provider shall report to the department the following:
5 1. The name and address of each project receiving the
6 investment and a description of its business;
7 2. The amount of the investment and a brief
8 description of the terms;
9 3. The date on which the money was received; and
10 4. Any other information required by the department.
11 (c) Not later than each anniversary of the fund
12 allocation date, the SESP provider shall report to the
13 department the amount the SESP provider has invested in
14 economic development projects during the previous year, the
15 percentage of the SESP funds invested to determine the
16 threshold required in paragraph (5)(f), along with a copy of
17 the material documentation pertaining to the investment, and
18 any other information required by the department.
19 (d) Not later than April 30 of each year, the SESP
20 provider shall provide to the department an annual audited
21 financial statement for the SESP provider which includes the
22 opinion of an independent accountant.
23 (e) Upon investment in economic development projects
24 equaling 100 percent of the full offset amount, the SESP
25 provider shall no longer be subject to the State Economic
26 Stimulus Plan Act.
27 (7) SESP PROVIDER ASSESSMENT OFFSETS.--
28 (a) Each investor that makes an investment in the SESP
29 provider shall earn offsets against future assessments under
30 ss. 448.49 and 440.51 equal to the face amount of the
31 permitted debt instrument offered by the SESP provider, issued
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1 to the investors and evidencing their investment of cash in
2 the SESP provider. Such offsets shall be earned on the fund
3 allocation date.
4 (b) Each investor investing in the SESP provider may:
5 1. Take up to 10 percent of the vested assessment
6 offsets against investor assessments each year for 10
7 consecutive years, beginning with the annual return filed with
8 respect to the fund allocation date;
9 2. Reduce its estimated payments of assessment
10 liability for each year for which offsets are available to
11 offset assessment liability by the same percentage as the
12 percentage payment due on each estimated payment date; and
13 3. Credits shall first be applied to assessments under
14 s. 440.49 and any credit remaining after that application
15 shall be applied to the assessments under s. 440.51.
16 (c) The offsets against assessments which are used by
17 an investor with respect to any year may not exceed the full
18 assessment liability of the investor for that year.
19 (d) Any offsets against assessments which an investor
20 is permitted to use under paragraphs (a) and (b) but is unable
21 to use because of paragraph (c), may be carried forward
22 indefinitely and used to offset the investor's assessment
23 liability in any subsequent year in which the investor has
24 sufficient assessment liability, including in a year in which
25 the investor also uses assessment offsets that are allocated
26 to that year under paragraph (b).
27 (e) An investor that has invested in the SESP provider
28 is not required to reduce the amount of assessment including
29 by the investor in connection with the ratemaking for any
30 insurance contract written in this department because of a
31
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1 reduction in the investor's assessment derived from the
2 offsets granted under this subsection.
3 (f) If the assessments that an investor does not pay
4 by virtue of the offsets earned under this subsection would
5 constitute a credit against another tax or assessment if paid,
6 the investor shall continue to earn the credit as though the
7 offset assessments were paid by cash.
8 (g) An investor may transfer the offsets it earns
9 under this subsection to another investor if the transferor
10 delivers to the director of the Office of Insurance Regulation
11 within 30 days after the transfer a written notice indicating
12 the name of the transferee, the amount of offsets being
13 transferred and the year or years to which such offsets are
14 allocable as provided in paragraph (b).
15 Section 11. Section 1004.225, Florida Statutes, is
16 amended to read:
17 1004.225 Florida Technology Development Act.--
18 (1) This section may be cited as the "Florida
19 Technology Development Act."
20 (2) "Center of excellence," as used in this section,
21 means an organization of personnel, facilities, and equipment
22 established at or in collaboration with one or more
23 universities in Florida to accomplish the purposes and
24 objectives of this section. The purposes and objectives of a
25 center of excellence include:
26 (a) Identifying and pursuing opportunities for
27 university scholars, research center scientists and engineers,
28 and private businesses to form collaborative partnerships to
29 foster and promote the research required to develop
30 commercially promising, advanced, and innovative technologies
31 and to transfer those technologies to commercial sectors.
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1 (b) Acquiring and leveraging public and private sector
2 funding to provide the totality of funds, personnel,
3 facilities, equipment, and other resources needed to support
4 the research required to develop commercially promising,
5 advanced, and innovative technologies and to transfer those
6 technologies to commercial sectors.
7 (c) Recruiting and retaining world class scholars,
8 high-performing students, and leading scientists and engineers
9 in technology disciplines to engage in research in this state
10 to develop commercially promising, advanced, and innovative
11 technologies.
12 (d) Enhancing and expanding technology curricula and
13 laboratory resources at universities and research centers in
14 this state.
15 (e) Increasing the number of high-performing students
16 in technology disciplines who graduate from universities in
17 this state and pursue careers in this state.
18 (f) Stimulating and supporting the inception, growth,
19 and diversification of technology-based businesses and
20 ventures in Florida and increasing employment opportunities
21 for the workforce needed to support such businesses.
22 (3) Subject to legislative appropriation, The Emerging
23 Technology Commission, or "commission," is created within the
24 Executive Office of the Governor to guide the establishment of
25 centers of excellence.
26 (a) The commission shall consist of five regular
27 members appointed by the Governor, one of whom the Governor
28 shall appoint as chair of the commission; two regular members
29 appointed by the President of the Senate; two regular members
30 appointed by the Speaker of the House of Representatives;
31 before January 7, 2003, the Secretary of Education as an ex
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1 officio nonvoting member; effective January 7, 2003, the
2 Commissioner of Education as an ex officio nonvoting member;
3 and, as ex officio nonvoting members, the member of the Senate
4 and the member of the House of Representatives who serve as
5 members of the Florida Research Consortium, Inc. The regular
6 members shall be business leaders, industrial researchers,
7 academic researchers, scientists, or engineers who have been
8 recognized as leaders in the state's emerging and advanced
9 technology sectors. Regular members must be appointed on or
10 before July 1, 2002.
11 (b) Members of the commission shall serve without
12 compensation but shall be entitled to receive per diem and
13 travel expenses in accordance with s. 112.061 while in
14 performance of their duties.
15 (c) The Executive Office of the Governor shall provide
16 staff support for the activities of the commission and per
17 diem and travel expenses for commission members.
18 (4) By August 1, 2002, Florida Research Consortium,
19 Inc., shall provide a report to the commission which describes
20 in detail and prioritizes factors that contribute to the
21 success of the creation of centers of excellence. At a
22 minimum, the report should describe and prioritize the
23 following factors:
24 (a) Maturity of existing university programs relating
25 to a proposed center of excellence.
26 (b) Existing amount of university resources dedicated
27 to activities relating to a proposed center of excellence.
28 (c) Comprehensiveness and effectiveness of site plans
29 relating to a proposed center of excellence.
30 (d) Regional economic structure and climate.
31
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1 (e) The degree to which a university proposed to house
2 a center of excellence identifies and seizes opportunities to
3 collaborate with other public or private entities for research
4 purposes.
5 (f) The presence of a comprehensive performance and
6 accountability measurement system.
7 (g) The use of an integrated research and development
8 strategy utilizing multiple levels of the educational system.
9 (h) The ability of a university proposed to house a
10 center of excellence to raise research funds and leverage
11 public and private investment dollars to support advanced and
12 emerging technological research and development projects.
13 (i) The degree to which a university proposed to house
14 a center of excellence transfers advanced and emerging
15 technologies from its laboratories to the commercial sector.
16 (j) The degree to which a university proposed to house
17 a center of excellence stimulates and supports new venture
18 creation.
19 (k) The existence of a plan to enhance academic
20 curricula by improving communication between academia and
21 industry.
22 (l) The existence of a plan to increase the number,
23 quality, and retention rate of faculty, graduate students, and
24 eminent scholars in advanced and emerging technology-based
25 disciplines.
26 (m) The existence of a plan to increase the likelihood
27 of faculty, graduate students, and eminent scholars pursuing
28 private sector careers in the state.
29 (n) Ability to provide capital facilities necessary to
30 support research and development.
31
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1 (5) By September 15, 2002, the commission shall
2 develop and approve criteria for evaluating proposals
3 submitted under this section subsection (6). When developing
4 such criteria, the commission shall consider the report
5 provided by Florida Research Consortium, Inc., under
6 subsection (4) and hold at least two public hearings, at times
7 and locations designated by the chair of the commission, for
8 the purpose of soliciting expert testimony. By October 1,
9 2002, the commission shall provide a list of such criteria to
10 each university in the State University System and to the
11 State Technology Office for publishing on the Internet within
12 24 hours after the office's receipt of the list.
13 (6) Concurrent with the provision of the list of
14 criteria to the universities, the commission shall notify each
15 university, in writing, of the opportunity to submit to the
16 commission written proposals for establishing one or more
17 centers of excellence. Proposals must specifically address the
18 evaluation criteria developed by the commission and delineate
19 how funding would be used to develop one or more centers of
20 excellence. Proposals must be submitted to the commission by
21 December 1, 2002. Notwithstanding this deadline, the
22 commission, upon an affirmative vote of a majority of its
23 members, may accept a proposal submitted after the deadline.
24 (7) By February 1, 2003, the commission shall submit
25 to the State Board of Education a minimum of two, but no more
26 than five, recommended plans for the establishment of one or
27 more centers of excellence in the state. Recommended plans
28 must specifically address the evaluation criteria developed by
29 the commission and delineate how funding would be used to
30 develop one or more centers of excellence. When developing
31 such recommended plans, the commission shall consider the
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1 university proposals submitted under subsection (6) and hold
2 at least three public hearings, at times and locations
3 designated by the chair of the commission, for the purpose of
4 soliciting expert testimony including, but not limited to,
5 viewing presentations of university proposals.
6 (8) By March 15, 2003, the State Board of Education
7 shall develop and approve a final plan for the establishment
8 of one or more centers of excellence in the state and
9 authorize expenditures for implementation of the plan. The
10 final plan must allocate at least $10 million to each center
11 of excellence established by the plan. When developing this
12 final plan, the board shall consider the commission's
13 recommended plans submitted under subsection (7) and hold at
14 least one public hearing for the purpose of soliciting expert
15 testimony. The final plan must include performance and
16 accountability measures that can be used to assess the
17 progress of plan implementation and the success of the centers
18 of excellence established under the final plan. By March 22,
19 2003, the board shall provide a copy of the final plan to the
20 Governor, the President of the Senate, and the Speaker of the
21 House of Representatives.
22 (9) Beginning June 30, 2003, the commission shall
23 report quarterly, in writing, to the Commissioner of Education
24 on the progress of the implementation of the final plan
25 approved under subsection (8) and the success of the centers
26 of excellence established under that plan.
27 (10)(a) Notwithstanding any provision in this section
28 to the contrary, and subject to appropriation by the
29 Legislature in the General Appropriations Act for fiscal year
30 2003-2004, the commission shall, by August 1, 2003, reissue
31 the list of criteria developed and approved under subsection
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1 (5) to each university in the state and to the State
2 Technology Office for publishing on the Internet within 24
3 hours after the office's receipt of the list.
4 (b) Concurrent with the provision of the list of
5 criteria under paragraph (a), the commission shall notify each
6 university, in writing, of the opportunity to submit to the
7 commission written proposals for establishing one center of
8 excellence under this subsection, which center shall be in
9 addition to any centers of excellence established under other
10 provisions of this section. Proposals must specifically
11 address the evaluation criteria developed by the commission
12 and delineate how funding would be used to develop the center
13 of excellence. Proposals must be submitted to the commission
14 before October 1, 2003.
15 (c) By December 1, 2003, the commission shall submit
16 to the State Board of Education a recommended plan for the
17 establishment of one center of excellence under this
18 subsection. The recommended plan must specifically address the
19 evaluation criteria developed by the commission and delineate
20 how funding would be used to develop the center of excellence.
21 When developing the recommended plan, the commission shall
22 consider the proposals submitted under this subsection and
23 hold at least two public hearings, at times and locations
24 designated by the chair of the commission, for the purpose of
25 soliciting expert testimony, including, but not limited to,
26 viewing presentations of university proposals.
27 (d) By February 1, 2004, the State Board of Education
28 shall develop and approve a final plan for the establishment
29 of one center of excellence in the state under this subsection
30 and authorize expenditures for implementation of the plan. The
31 board shall consider the commission's recommended plan under
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1 paragraph (c) and hold at least one public hearing for the
2 purpose of soliciting expert testimony. The final plan must
3 include performance and accountability measures that can be
4 used to assess the progress of plan implementation and the
5 success of the center of excellence established under the
6 final plan. By February 15, 2004, the board shall provide a
7 copy of the final plan to the Governor, the President of the
8 Senate, and the Speaker of the House of Representatives.
9 (e) Beginning June 30, 2004, the commission shall
10 report quarterly, in writing, to the Commissioner of Education
11 on the progress of the implementation of the final plan
12 approved under paragraph (d) and the success of the center of
13 excellence established under that plan.
14 (11)(10) This section expires July 1, 2005 2004.
15 Section 12. The sum of $50,000 is appropriated from
16 the General Revenue Fund to the Executive Office of the
17 Governor for the purpose of providing staff and administrative
18 support to the Emerging Technology Commission and per diem and
19 travel expenses for commission members during the 2003-2004
20 fiscal year.
21 Section 13. This act shall take effect July 1, 2003.
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1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 CS/CS/SB 2328 & SB 2252
3
4 This committee substitute removes a decrease in the threshold
for business equipment that is tax exempt when purchased for
5 use in an enterprise zone from $5000 to $500. It also removes
a provision that broadened the eligibility for capital
6 investment tax credits. It adds an amendment to the Passport
to Economic Progress demonstration program, incorporating
7 recommendations made by Workforce Florida, Inc. It provides
an appropriation from TANF funds. It adds a new section of
8 law that provides offsets against casualty insurance
assessments for investments made in State Economic Stimulus
9 Plan (SESP) providers. It amends the Florida Technology
Development Act and provides for the creation of one center of
10 excellence, subject to an appropriation. It provides an
appropriation to the Executive Office of the Governor to
11 provide support staff and travel and per diem expenses for the
Emerging Technology Commission.
12
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18
19
20
21
22
23
24
25
26
27
28
29
30
31
55
CODING: Words stricken are deletions; words underlined are additions.