HB 1313

CS

CHAMBER ACTION

1	The Economic Development, Trade & Banking Committee recommends
2	the following:
3
4	Council/Committee Substitute
5	Remove the entire bill and insert:
6	A bill to be entitled
7	An act relating to economic development; amending s.
8	212.08, F.S.; conforming provisions to the designated
9	urban job tax credit area revision; amending s. 212.097,
10	F.S.; revising provisions providing for an urban job tax
11	credit program to apply to designated urban job tax credit
12	areas rather than high-crime areas; revising and providing
13	definitions, eligibility criteria, application procedures
14	and requirements, and area characteristics and criteria;
15	amending s. 220.1895, F.S., to conform; amending s.
16	220.191, F.S.; revising the definition of the term
17	"qualifying project"; authorizing the Office of Tourism,
18	Trade, and Economic Development to waive certain sector
19	requirements under certain circumstances; providing a
20	limitation on certain annual tax credits; amending s.
21	288.99, F.S.; conforming provisions to the designated
22	urban job tax credit area revision; providing an effective
23	date.
24
25	Be It Enacted by the Legislature of the State of Florida:
26
27	Section 1.  Paragraph (o) of subsection (5) of section
28	212.08, Florida Statutes, is amended to read:
29	212.08  Sales, rental, use, consumption, distribution, and
30	storage tax; specified exemptions.--The sale at retail, the
31	rental, the use, the consumption, the distribution, and the
32	storage to be used or consumed in this state of the following
33	are hereby specifically exempt from the tax imposed by this
34	chapter.
35	(5)  EXEMPTIONS; ACCOUNT OF USE.--
36	(o)  Building materials in redevelopment projects.--
37	1.  As used in this paragraph, the term:
38	a.  "Building materials" means tangible personal property
39	that becomes a component part of a housing project or a mixed-
40	use project.
41	b.  "Housing project" means the conversion of an existing
42	manufacturing or industrial building to housing units in a
43	designated an urban job tax credit high-crime area, enterprise
44	zone, empowerment zone, Front Porch Community, designated
45	brownfield area, or urban infill area and in which the developer
46	agrees to set aside at least 20 percent of the housing units in
47	the project for low-income and moderate-income persons or the
48	construction in a designated brownfield area of affordable
49	housing for persons described in s. 420.0004(9), (10), or (14),
50	or in s. 159.603(7).
51	c.  "Mixed-use project" means the conversion of an existing
52	manufacturing or industrial building to mixed-use units that
53	include artists' studios, art and entertainment services, or
54	other compatible uses. A mixed-use project must be located in a
55	designated an urban job tax credit high-crime area, enterprise
56	zone, empowerment zone, Front Porch Community, designated
57	brownfield area, or urban infill area, and the developer must
58	agree to set aside at least 20 percent of the square footage of
59	the project for low-income and moderate-income housing.
60	d.  "Substantially completed" has the same meaning as
61	provided in s. 192.042(1).
62	2.  Building materials used in the construction of a
63	housing project or mixed-use project are exempt from the tax
64	imposed by this chapter upon an affirmative showing to the
65	satisfaction of the department that the requirements of this
66	paragraph have been met. This exemption inures to the owner
67	through a refund of previously paid taxes. To receive this
68	refund, the owner must file an application under oath with the
69	department which includes:
70	a.  The name and address of the owner.
71	b.  The address and assessment roll parcel number of the
72	project for which a refund is sought.
73	c.  A copy of the building permit issued for the project.
74	d.  A certification by the local building code inspector
75	that the project is substantially completed.
76	e.  A sworn statement, under penalty of perjury, from the
77	general contractor licensed in this state with whom the owner
78	contracted to construct the project, which statement lists the
79	building materials used in the construction of the project and
80	the actual cost thereof, and the amount of sales tax paid on
81	these materials. If a general contractor was not used, the owner
82	shall provide this information in a sworn statement, under
83	penalty of perjury. Copies of invoices evidencing payment of
84	sales tax must be attached to the sworn statement.
85	3.  An application for a refund under this paragraph must
86	be submitted to the department within 6 months after the date
87	the project is deemed to be substantially completed by the local
88	building code inspector. Within 30 working days after receipt of
89	the application, the department shall determine if it meets the
90	requirements of this paragraph. A refund approved pursuant to
91	this paragraph shall be made within 30 days after formal
92	approval of the application by the department. The provisions of
93	s. 212.095 do not apply to any refund application made under
94	this paragraph.
95	4.  The department shall establish by rule an application
96	form and criteria for establishing eligibility for exemption
97	under this paragraph.
98	5.  The exemption shall apply to purchases of materials on
99	or after July 1, 2000.
100	Section 2.  Section 212.097, Florida Statutes, is amended
101	to read:
102	212.097  Designated Urban High-Crime Area Job Tax Credit
103	Area Program.--
104	(1)  As used in this section, the term:
105	(a)  "Eligible business" means any sole proprietorship,
106	firm, partnership, or corporation that is located in a
107	designated urban job tax credit area qualified county and is
108	predominantly engaged in, or is headquarters for a business
109	predominantly engaged in, activities usually provided for
110	consideration by firms classified within the following standard
111	industrial classifications: SIC 01-SIC 09 (agriculture,
112	forestry, and fishing); SIC 20-SIC 39 (manufacturing); SIC 52-
113	SIC 57 and SIC 59 (retail); SIC 422 (public warehousing and
114	storage); SIC 70 (hotels and other lodging places); SIC 7391
115	(research and development); SIC 781 (motion picture production
116	and allied services); SIC 7992 (public golf courses); and SIC
117	7996 (amusement parks); and a targeted industry eligible for the
118	qualified target industry business tax refund under s. 288.106.
119	A call center or similar customer service operation that
120	services a multistate market or international market is also an
121	eligible business. In addition, the Office of Tourism, Trade,
122	and Economic Development may, as part of its final budget
123	request submitted pursuant to s. 216.023, recommend additions to
124	or deletions from the list of standard industrial
125	classifications used to determine an eligible business, and the
126	Legislature may implement such recommendations. Excluded from
127	eligible receipts are receipts from retail sales, except such
128	receipts for SIC 52-SIC 57 and SIC 59 (retail) hotels and other
129	lodging places classified in SIC 70, public golf courses in SIC
130	7992, and amusement parks in SIC 7996. For purposes of this
131	paragraph, the term "predominantly" means that more than 50
132	percent of the business's gross receipts from all sources is
133	generated by those activities usually provided for consideration
134	by firms in the specified standard industrial classification.
135	The determination of whether the business is located in a
136	designated urban job tax credit qualified high-crime area and
137	the tier ranking of that area must be based on the date of
138	application for the credit under this section. Commonly owned
139	and controlled entities are to be considered a single business
140	entity.
141	(b)  "Qualified employee" means any employee of an eligible
142	business who performs duties in connection with the operations
143	of the business on a regular, full-time basis for an average of
144	at least 36 hours per week for at least 3 months within the
145	designated urban job tax credit qualified high-crime area in
146	which the eligible business is located. An owner or partner of
147	the eligible business is not a qualified employee. The term also
148	includes an employee leased from an employee leasing company
149	licensed under chapter 468, if such employee has been
150	continuously leased to the employer for an average of at least
151	36 hours per week for more than 6 months.
152	(c)  "New business" means any eligible business first
153	beginning operation on a site in a designated urban job tax
154	credit qualified high-crime area and clearly separate from any
155	other commercial or business operation of the business entity
156	within a designated urban job tax credit qualified high-crime
157	area. A business entity that operated an eligible business
158	within a designated urban job tax credit qualified high-crime
159	area within the 48 months before the period provided for
160	application by subsection (2) is not considered a new business.
161	(d)  "Existing business" means any eligible business that
162	does not meet the criteria for a new business.
163	(e)  "Designated urban job tax credit Qualified high-crime
164	area" means an area selected by the Office of Tourism, Trade,
165	and Economic Development in the following manner: every fifth
166	third year, the office shall designate rank and tier those areas
167	nominated under subsection (7), according to the highest level
168	of distress experienced in the categories enumerated under
169	subsection (7). The Office of Tourism, Trade, and Economic
170	Development shall designate the 30 highest-distress-profile
171	urban areas as eligible participants under the Designated Urban
172	Job Tax Credit Area Program. following prioritized criteria:
173	1.  Highest arrest rates within the geographic area for
174	violent crime and for such other crimes as drug sale, drug
175	possession, prostitution, vandalism, and civil disturbances;
176	2.  Highest reported crime volume and rate of specific
177	property crimes such as business and residential burglary, motor
178	vehicle theft, and vandalism;
179	3.  Highest percentage of reported index crimes that are
180	violent in nature;
181	4.  Highest overall index crime volume for the area; and
182	5.  Highest overall index crime rate for the geographic
183	area.
184
185	Tier-one areas are ranked 1 through 5 and represent the highest
186	crime areas according to this ranking. Tier-two areas are ranked
187	6 through 10 according to this ranking. Tier-three areas are
188	ranked 11 through 15. Notwithstanding this definition,
189	"designated urban job tax credit qualified high-crime area" also
190	means an area that has been designated as a federal Empowerment
191	Zone pursuant to the Taxpayer Relief Act of 1997 or the
192	Community Tax Relief Act of 2000. An area designated under this
193	section as of December 31, 2005, shall retain such designation
194	through December 31, 2010, and businesses within these
195	designated areas that are eligible for tax credits as of June
196	30, 2005, shall retain the same tax credit amounts that were
197	available to them on June 30, 2005, through December 31, 2010,
198	provided they comply with the respective job creation
199	requirements. Any area designated pursuant to this section shall
200	retain the designation for a period not to exceed 5 years after
201	the effective date of designation. Thereafter, any such area or
202	any other area eligible for designation may seek approval from
203	the office for designation Such a designated area is ranked in
204	tier three until the areas are reevaluated by the Office of
205	Tourism, Trade, and Economic Development.
206	(f)  "Urban" means a densely populated nonrural area
207	located within an urban county that consists of a cluster of one
208	or more census blocks, each of which has a population density of
209	at least 400 people per square mile, or an area defined as an
210	urbanized area by the most recent United States Census.
211	(g)  "Urban infill and redevelopment area" means an area or
212	areas designated by a local government in which:
213	1.  Public services such as water and wastewater,
214	transportation, schools, and recreation are already available or
215	are scheduled to be provided in an adopted 5-year schedule of
216	capital improvements.
217	2.  The area, or one or more neighborhoods within the area,
218	suffers from pervasive poverty, unemployment, and general
219	distress as described in s. 290.0058.
220	3.  The area exhibits a proportion of properties that are
221	substandard, overcrowded, dilapidated, vacant or abandoned, or
222	functionally obsolete that is higher than the average for the
223	local government.
224	4.  More than 50 percent of the area is within 1/4 mile of
225	a transit stop, or a sufficient number of such transit stops
226	will be made available concurrent with the designation.
227	5.  The area includes or is adjacent to community
228	redevelopment areas, brownfields, enterprise zones, or Main
229	Street programs or has been designated by the state or Federal
230	Government as an urban redevelopment, revitalization, or infill
231	area under empowerment zone, enterprise community, or brownfield
232	showcase community programs or similar programs.
233	(2)  A new eligible business may apply for a tax credit
234	under this subsection once at any time during its first year of
235	operation. A new eligible business in a designated urban job tax
236	credit tier-one qualified high-crime area which has at least 10
237	qualified employees on the date of application shall receive a
238	$1,500 tax credit for each such employee. A new eligible
239	business in a tier-two qualified high-crime area which has at
240	least 20 qualified employees on the date of application shall
241	receive a $1,000 tax credit for each such employee. A new
242	eligible business in a tier-three qualified high-crime area
243	which has at least 30 qualified employees on the date of
244	application shall receive a $500 tax credit for each such
245	employee.
246	(3)  An existing eligible business may apply for a tax
247	credit under this subsection at any time it is entitled to such
248	credit, except as restricted by this subsection. An existing
249	eligible business in a designated urban job tax credit tier-one
250	qualified high-crime area which on the date of application has
251	at least 5 more qualified employees than it had 1 year prior to
252	its date of application shall receive a $1,500 tax credit for
253	each such additional employee. An existing eligible business in
254	a tier-two qualified high-crime area which on the date of
255	application has at least 10 more qualified employees than it had
256	1 year prior to its date of application shall receive a $1,000
257	credit for each such additional employee. An existing business
258	in a tier-three qualified high-crime area which on the date of
259	application has at least 15 more qualified employees than it had
260	1 year prior to its date of application shall receive a $500 tax
261	credit for each such additional employee. An existing eligible
262	business may apply for the credit under this subsection no more
263	than once in any 12-month period. Any existing eligible business
264	that received a credit under subsection (2) may not apply for
265	the credit under this subsection sooner than 12 months after the
266	application date for the credit under subsection (2).
267	(4)  For any new eligible business receiving a credit
268	pursuant to subsection (2), an additional $500 credit shall be
269	provided for any qualified employee who is a welfare transition
270	program participant. For any existing eligible business
271	receiving a credit pursuant to subsection (3), an additional
272	$500 credit shall be provided for any qualified employee who is
273	a welfare transition program participant. Such employee must be
274	employed on the application date and have been employed less
275	than 1 year. This credit shall be in addition to other credits
276	pursuant to this section regardless of the tier-level of the
277	high-crime area. Appropriate documentation concerning the
278	eligibility of an employee for this credit must be submitted as
279	determined by the department.
280	(5)  To be eligible for a tax credit under subsection (3),
281	the number of qualified employees employed 1 year prior to the
282	application date must be no lower than the number of qualified
283	employees on the application date on which a credit under this
284	section was based for any previous application, including an
285	application under subsection (2).
286	(6)  Any county or municipality, or a county and one or
287	more municipalities together, may apply to the Office of
288	Tourism, Trade, and Economic Development for the designation of
289	an area as a designated urban job tax credit high-crime area
290	after the adoption by the governing body or bodies of a
291	resolution that:
292	(a)  Finds that an urban a high-crime area exists in such
293	county or municipality, or in both the county and one or more
294	municipalities, which chronically exhibits extreme and
295	unacceptable levels of poverty, unemployment, physical
296	deterioration, and economic disinvestment.;
297	(b)  Determines that the rehabilitation, conservation, or
298	redevelopment, or a combination thereof, of such an urban a
299	high-crime area is necessary in the interest of the health,
300	safety, and welfare of the residents of such county or
301	municipality, or such county and one or more municipalities.;
302	and
303	(c)  Determines that the revitalization of such an urban a
304	high-crime area can occur if the public sector or private sector
305	can be induced to invest its own resources in productive
306	enterprises that build or rebuild the economic viability of the
307	area.
308	(7)  The governing body of the entity nominating the area
309	shall demonstrate provide to the Office of Tourism, Trade, and
310	Economic Development that the area meets the following:
311	(a)1.  Forty percent of area residents are earning wages on
312	an annual basis that are equal to or less than the annual wage
313	of a person who is earning minimum wage; or
314	2.  More than 20 percent of residents or families live
315	below the federal standard of poverty for individuals or a
316	family of four. The overall index crime rate for the geographic
317	area;
318	(b)  The overall index crime volume for the area;
319	(b)(c)  The area has an unemployment rate at least 3
320	percentage points higher than the state's unemployment rate. The
321	percentage of reported index crimes that are violent in nature;
322	(c)(d)  The area has an arrest rate higher than the state's
323	average rate for such crimes as drug sale, drug possession,
324	prostitution, vandalism, and civil disturbances, as recorded by
325	the total crime index of the Department of Law Enforcement. The
326	reported crime volume and rate of specific property crimes such
327	as business and residential burglary, motor vehicle theft, and
328	vandalism; and
329	(d)1.(e)  Fifty percent or more of area residents rent;
330	2.  Property values are within the lower 50 percent of the
331	county's assessed property values;
332	3.  More than 5 percent of area commercial buildings are
333	currently vacant or have been condemned within the previous 24
334	months; or
335	4.  Tax or special assessment delinquencies exceed the fair
336	value of the land for 25 percent of such delinquencies The
337	arrest rates within the geographic area for violent crime and
338	for such other crimes as drug sale, drug possession,
339	prostitution, disorderly conduct, vandalism, and other public-
340	order offenses.
341	(8)  A municipality, or a county and one or more
342	municipalities together, may not nominate more than one urban
343	high-crime area. However, any county as defined by s. 125.011(1)
344	may nominate no more than three urban high-crime areas.
345	(9)  An area nominated by a county or municipality, or a
346	county and one or more municipalities together, for designation
347	as a designated urban job tax credit high-crime area shall be
348	eligible only if it meets the following criteria:
349	(a)  The selected area does not exceed 20 square miles and
350	either has a continuous boundary or consists of not more than
351	three noncontiguous parcels;
352	(b)  The selected area does not exceed the following
353	mileage limitation:
354	1.  For areas communities having a total population of
355	150,000 persons or more, the selected area does not exceed 20
356	square miles and is within 10 miles of an urban infill and
357	redevelopment area.
358	2.  For areas communities having a total population of
359	50,000 persons or more, but fewer than 150,000 persons, the
360	selected area does not exceed 10 square miles and is within 7.5
361	miles of an urban infill and redevelopment area.
362	3.  For areas communities having a total population of
363	20,000 persons or more, but fewer than 50,000 persons, the
364	selected area does not exceed 5 square miles and is within 5
365	miles of an urban infill and redevelopment area.
366	4.  For areas communities having a total population of
367	fewer than 20,000 persons, the selected area does not exceed 3
368	square miles and is within 3 miles of an urban infill and
369	redevelopment area.
370	(10)(a)  In order to claim this credit, an eligible
371	business must file under oath with the Office of Tourism, Trade,
372	and Economic Development a statement that includes the name and
373	address of the eligible business and any other information that
374	is required to process the application.
375	(b)  Within 30 working days after receipt of an application
376	for credit, the Office of Tourism, Trade, and Economic
377	Development shall review the application to determine whether it
378	contains all the information required by this subsection and
379	meets the criteria set out in this section. Subject to the
380	provisions of paragraph (c), the Office of Tourism, Trade, and
381	Economic Development shall approve all applications that contain
382	the information required by this subsection and meet the
383	criteria set out in this section as eligible to receive a
384	credit.
385	(c)  The maximum credit amount that may be approved during
386	any calendar year is $5 million, of which $1 million shall be
387	exclusively reserved for tier-one areas. The Department of
388	Revenue, in conjunction with the Office of Tourism, Trade, and
389	Economic Development, shall notify the governing bodies in areas
390	designated under this section as urban high-crime areas when the
391	$5 million maximum amount has been reached. Applications must be
392	considered for approval in the order in which they are received
393	without regard to whether the credit is for a new or existing
394	business. This limitation applies to the value of the credit as
395	contained in approved applications. Approved credits may be
396	taken in the time and manner allowed pursuant to this section.
397	(11)  If the application is insufficient to support the
398	credit authorized in this section, the Office of Tourism, Trade,
399	and Economic Development shall deny the credit and notify the
400	business of that fact. The business may reapply for this credit
401	within 3 months after such notification.
402	(12)  If the credit under this section is greater than can
403	be taken on a single tax return, excess amounts may be taken as
404	credits on any tax return submitted within 12 months after the
405	approval of the application by the department.
406	(13)  It is the responsibility of each business to
407	affirmatively demonstrate to the satisfaction of the Department
408	of Revenue that it meets the requirements of this section.
409	(14)  Any person who fraudulently claims this credit is
410	liable for repayment of the credit plus a mandatory penalty of
411	100 percent of the credit and is guilty of a misdemeanor of the
412	second degree, punishable as provided in s. 775.082 or s.
413	775.083.
414	(15)  A corporation may take the credit under this section
415	against its corporate income tax liability, as provided in s.
416	220.1895. However, a corporation that applies its job tax credit
417	against the tax imposed by chapter 220 may not receive the
418	credit provided for in this section. A credit may be taken
419	against only one tax.
420	(16)  The department shall adopt rules governing the manner
421	and form of applications for credit and may establish guidelines
422	concerning the requisites for an affirmative showing of
423	qualification for the credit under this section.
424	Section 3.  Section 220.1895, Florida Statutes, is amended
425	to read:
426	220.1895  Rural Job Tax Credit and Designated Urban High-
427	Crime Area Job Tax Credit.--There shall be allowed a credit
428	against the tax imposed by this chapter amounts approved by the
429	Office of Tourism, Trade, and Economic Development pursuant to
430	the Rural Job Tax Credit Program in s. 212.098 and the
431	Designated Urban High-Crime Area Job Tax Credit Area Program in
432	s. 212.097. A corporation that uses its credit against the tax
433	imposed by this chapter may not take the credit against the tax
434	imposed by chapter 212. If any credit granted under this section
435	is not fully used in the first year for which it becomes
436	available, the unused amount may be carried forward for a period
437	not to exceed 5 years. The carryover may be used in a subsequent
438	year when the tax imposed by this chapter for such year exceeds
439	the credit for such year under this section after applying the
440	other credits and unused credit carryovers in the order provided
441	in s. 220.02(8). The Office of Tourism, Trade, and Economic
442	Development shall conduct a review of the Urban High-Crime Area
443	Job Tax Credit and the Rural Job Tax Credit Program and submit
444	its report to the Governor, the President of the Senate, and the
445	Speaker of the House of Representatives by February 1, 2000.
446	Section 4.  Paragraph (h) of subsection (1) of section
447	220.191, Florida Statutes, is amended to read:
448	220.191  Capital investment tax credit.--
449	(1)  DEFINITIONS.--For purposes of this section:
450	(h)  "Qualifying project" means:
451	1.  a new or expanding facility in this state which creates
452	at least 100 new jobs in this state and is in one of the high-
453	impact sectors identified by Enterprise Florida, Inc., and
454	certified by the office pursuant to s. 288.108(6), including,
455	but not limited to, aviation, aerospace, automotive, and silicon
456	technology industries. The office may waive such sector
457	requirements to induce the location or expansion of a facility
458	in this state that creates or retains at least 1,000 jobs in
459	this state, provided at least 100 of these jobs are new, pays an
460	annual average wage of at least 130 percent of the average
461	private sector wage in the area as defined in s. 288.106(1), and
462	makes a cumulative capital investment of at least $100 million.
463	Notwithstanding the provisions of subsection (2), annual credits
464	against the tax imposed by this chapter shall not exceed 50
465	percent of the increased annual corporate income tax liability
466	or the premium tax liability generated by or arising out of a
467	project qualifying under this paragraph; or
468	2.  A new financial services facility in this state, which
469	creates at least 2,000 new jobs in this state, pays an average
470	annual wage of at least $50,000, and makes a cumulative capital
471	investment of at least $30 million. This subparagraph is
472	repealed June 30, 2004.
473	Section 5.  Subsection (2) and paragraph (j) of subsection
474	(3) of section 288.99, Florida Statutes, are amended to read:
475	288.99  Certified Capital Company Act.--
476	(2)  PURPOSE.--The primary purpose of this act is to
477	stimulate a substantial increase in venture capital investments
478	in this state by providing an incentive for insurance companies
479	to invest in certified capital companies in this state which, in
480	turn, will make investments in new businesses or in expanding
481	businesses, including minority-owned or minority-operated
482	businesses and businesses located in a designated Front Porch
483	community, enterprise zone, designated urban job tax credit
484	high-crime area, rural job tax credit county, or nationally
485	recognized historic district. The increase in investment capital
486	flowing into new or expanding businesses is intended to
487	contribute to employment growth, create jobs which exceed the
488	average wage for the county in which the jobs are created, and
489	expand or diversify the economic base of this state.
490	(3)  DEFINITIONS.--As used in this section, the term:
491	(j)  "Qualified business" means the Digital Divide Trust
492	Fund established under the State of Florida Technology Office or
493	a business that meets the following conditions as evidenced by
494	documentation required by commission rule:
495	1.  The business is headquartered in this state and its
496	principal business operations are located in this state or at
497	least 75 percent of the employees are employed in the state.
498	2.  At the time a certified capital company makes an
499	initial investment in a business, the business would qualify for
500	investment under 13 C.F.R. s. 121.301(c), which is involved in
501	manufacturing, processing or assembling products, conducting
502	research and development, or providing services.
503	3.  At the time a certified capital company makes an
504	initial investment in a business, the business certifies in an
505	affidavit that:
506	a.  The business is unable to obtain conventional
507	financing, which means that the business has failed in an
508	attempt to obtain funding for a loan from a bank or other
509	commercial lender or that the business cannot reasonably be
510	expected to qualify for such financing under the standards of
511	commercial lending;
512	b.  The business plan for the business projects that the
513	business is reasonably expected to achieve in excess of $25
514	million in sales revenue within 5 years after the initial
515	investment, or the business is located in a designated Front
516	Porch community, enterprise zone, designated urban job tax
517	credit high crime area, rural job tax credit county, or
518	nationally recognized historic district;
519	c.  The business will maintain its headquarters in this
520	state for the next 10 years and any new manufacturing facility
521	financed by a qualified investment will remain in this state for
522	the next 10 years, or the business is located in a designated
523	Front Porch community, enterprise zone, designated urban job tax
524	credit high crime area, rural job tax credit county, or
525	nationally recognized historic district; and
526	d.  The business has fewer than 200 employees and at least
527	75 percent of the employees are employed in this state. For
528	purposes of this subsection, the term also includes the Florida
529	Black Business Investment Board, any entity majority owned by
530	the Florida Black Business Investment Board, or any entity in
531	which the Florida Black Business Investment Board holds a
532	majority voting interest on the board of directors.
533	4.  The term does not include:
534	a.  Any business predominantly engaged in retail sales,
535	real estate development, insurance, banking, lending, or oil and
536	gas exploration.
537	b.  Any business predominantly engaged in professional
538	services provided by accountants, lawyers, or physicians.
539	c.  Any company that has no historical revenues and either
540	has no specific business plan or purpose or has indicated that
541	its business plan is solely to engage in a merger or acquisition
542	with any unidentified company or other entity.
543	d.  Any company that has a strategic plan to grow through
544	the acquisition of firms with substantially similar business
545	which would result in the planned net loss of Florida-based jobs
546	over a 12-month period after the acquisition as determined by
547	the office.
548	Section 6.  This act shall take effect July 1, 2005.

CODING: Words stricken are deletions; words underlined are additions.