1 | A bill to be entitled |
2 | An act relating to economic development; amending s. |
3 | 212.097, F.S.; revising provisions providing for an urban |
4 | job tax credit program to apply to designated urban job |
5 | tax credit areas rather than high-crime areas; revising |
6 | and providing definitions, eligibility criteria, |
7 | application procedures and requirements, and area |
8 | characteristics and criteria; amending ss. 212.08, |
9 | 220.1895, and 288.99, F.S., to conform; providing an |
10 | effective date. |
11 |
|
12 | Be It Enacted by the Legislature of the State of Florida: |
13 |
|
14 | Section 1. Paragraph (o) of subsection (5) of section |
15 | 212.08, Florida Statutes, is amended to read: |
16 | 212.08 Sales, rental, use, consumption, distribution, and |
17 | storage tax; specified exemptions.--The sale at retail, the |
18 | rental, the use, the consumption, the distribution, and the |
19 | storage to be used or consumed in this state of the following |
20 | are hereby specifically exempt from the tax imposed by this |
21 | chapter. |
22 | (5) EXEMPTIONS; ACCOUNT OF USE.-- |
23 | (o) Building materials in redevelopment projects.-- |
24 | 1. As used in this paragraph, the term: |
25 | a. "Building materials" means tangible personal property |
26 | that becomes a component part of a housing project or a mixed- |
27 | use project. |
28 | b. "Housing project" means the conversion of an existing |
29 | manufacturing or industrial building to housing units in a |
30 | designated an urban job tax credit high-crime area, enterprise |
31 | zone, empowerment zone, Front Porch Community, designated |
32 | brownfield area, or urban infill area and in which the developer |
33 | agrees to set aside at least 20 percent of the housing units in |
34 | the project for low-income and moderate-income persons or the |
35 | construction in a designated brownfield area of affordable |
36 | housing for persons described in s. 420.0004(9), (10), or (14), |
37 | or in s. 159.603(7). |
38 | c. "Mixed-use project" means the conversion of an existing |
39 | manufacturing or industrial building to mixed-use units that |
40 | include artists' studios, art and entertainment services, or |
41 | other compatible uses. A mixed-use project must be located in a |
42 | designated an urban job tax credit high-crime area, enterprise |
43 | zone, empowerment zone, Front Porch Community, designated |
44 | brownfield area, or urban infill area, and the developer must |
45 | agree to set aside at least 20 percent of the square footage of |
46 | the project for low-income and moderate-income housing. |
47 | d. "Substantially completed" has the same meaning as |
48 | provided in s. 192.042(1). |
49 | 2. Building materials used in the construction of a |
50 | housing project or mixed-use project are exempt from the tax |
51 | imposed by this chapter upon an affirmative showing to the |
52 | satisfaction of the department that the requirements of this |
53 | paragraph have been met. This exemption inures to the owner |
54 | through a refund of previously paid taxes. To receive this |
55 | refund, the owner must file an application under oath with the |
56 | department which includes: |
57 | a. The name and address of the owner. |
58 | b. The address and assessment roll parcel number of the |
59 | project for which a refund is sought. |
60 | c. A copy of the building permit issued for the project. |
61 | d. A certification by the local building code inspector |
62 | that the project is substantially completed. |
63 | e. A sworn statement, under penalty of perjury, from the |
64 | general contractor licensed in this state with whom the owner |
65 | contracted to construct the project, which statement lists the |
66 | building materials used in the construction of the project and |
67 | the actual cost thereof, and the amount of sales tax paid on |
68 | these materials. If a general contractor was not used, the owner |
69 | shall provide this information in a sworn statement, under |
70 | penalty of perjury. Copies of invoices evidencing payment of |
71 | sales tax must be attached to the sworn statement. |
72 | 3. An application for a refund under this paragraph must |
73 | be submitted to the department within 6 months after the date |
74 | the project is deemed to be substantially completed by the local |
75 | building code inspector. Within 30 working days after receipt of |
76 | the application, the department shall determine if it meets the |
77 | requirements of this paragraph. A refund approved pursuant to |
78 | this paragraph shall be made within 30 days after formal |
79 | approval of the application by the department. The provisions of |
80 | s. 212.095 do not apply to any refund application made under |
81 | this paragraph. |
82 | 4. The department shall establish by rule an application |
83 | form and criteria for establishing eligibility for exemption |
84 | under this paragraph. |
85 | 5. The exemption shall apply to purchases of materials on |
86 | or after July 1, 2000. |
87 | Section 2. Section 212.097, Florida Statutes, is amended |
88 | to read: |
89 | 212.097 Designated Urban High-Crime Area Job Tax Credit |
90 | Area Program.-- |
91 | (1) As used in this section, the term: |
92 | (a) "Eligible business" means any sole proprietorship, |
93 | firm, partnership, or corporation that is located in a |
94 | designated urban job tax credit area qualified county and is |
95 | predominantly engaged in, or is headquarters for a business |
96 | predominantly engaged in, activities usually provided for |
97 | consideration by firms classified within the following standard |
98 | industrial classifications: SIC 01-SIC 09 (agriculture, |
99 | forestry, and fishing); SIC 20-SIC 39 (manufacturing); SIC 52- |
100 | SIC 57 and SIC 59 (retail); SIC 422 (public warehousing and |
101 | storage); SIC 70 (hotels and other lodging places); SIC 7391 |
102 | (research and development); SIC 781 (motion picture production |
103 | and allied services); SIC 7992 (public golf courses); and SIC |
104 | 7996 (amusement parks); and a targeted industry eligible for the |
105 | qualified target industry business tax refund under s. 288.106. |
106 | A call center or similar customer service operation that |
107 | services a multistate market or international market is also an |
108 | eligible business. In addition, the Office of Tourism, Trade, |
109 | and Economic Development may, as part of its final budget |
110 | request submitted pursuant to s. 216.023, recommend additions to |
111 | or deletions from the list of standard industrial |
112 | classifications used to determine an eligible business, and the |
113 | Legislature may implement such recommendations. Excluded from |
114 | eligible receipts are receipts from retail sales, except such |
115 | receipts for SIC 52-SIC 57 and SIC 59 (retail) hotels and other |
116 | lodging places classified in SIC 70, public golf courses in SIC |
117 | 7992, and amusement parks in SIC 7996. For purposes of this |
118 | paragraph, the term "predominantly" means that more than 50 |
119 | percent of the business's gross receipts from all sources is |
120 | generated by those activities usually provided for consideration |
121 | by firms in the specified standard industrial classification. |
122 | The determination of whether the business is located in a |
123 | designated urban job tax credit qualified high-crime area and |
124 | the tier ranking of that area must be based on the date of |
125 | application for the credit under this section. Commonly owned |
126 | and controlled entities are to be considered a single business |
127 | entity. |
128 | (b) "Qualified employee" means any employee of an eligible |
129 | business who performs duties in connection with the operations |
130 | of the business on a regular, full-time basis for an average of |
131 | at least 36 hours per week for at least 3 months within the |
132 | designated urban job tax credit qualified high-crime area in |
133 | which the eligible business is located. An owner or partner of |
134 | the eligible business is not a qualified employee. The term also |
135 | includes an employee leased from an employee leasing company |
136 | licensed under chapter 468, if such employee has been |
137 | continuously leased to the employer for an average of at least |
138 | 36 hours per week for more than 6 months. |
139 | (c) "New business" means any eligible business first |
140 | beginning operation on a site in a designated urban job tax |
141 | credit qualified high-crime area and clearly separate from any |
142 | other commercial or business operation of the business entity |
143 | within a designated urban job tax credit qualified high-crime |
144 | area. A business entity that operated an eligible business |
145 | within a designated urban job tax credit qualified high-crime |
146 | area within the 48 months before the period provided for |
147 | application by subsection (2) is not considered a new business. |
148 | (d) "Existing business" means any eligible business that |
149 | does not meet the criteria for a new business. |
150 | (e) "Designated urban job tax credit Qualified high-crime |
151 | area" means an area selected by the Office of Tourism, Trade, |
152 | and Economic Development in the following manner: every fifth |
153 | third year, the office shall designate rank and tier those areas |
154 | nominated under subsection (7), according to the highest level |
155 | of distress experienced in the categories enumerated under |
156 | subsection (7). The Office of Tourism, Trade, and Economic |
157 | Development shall designate the 30 highest-distress-profile |
158 | urban areas as eligible participants under the Designated Urban |
159 | Job Tax Credit Area Program. following prioritized criteria: |
160 | 1. Highest arrest rates within the geographic area for |
161 | violent crime and for such other crimes as drug sale, drug |
162 | possession, prostitution, vandalism, and civil disturbances; |
163 | 2. Highest reported crime volume and rate of specific |
164 | property crimes such as business and residential burglary, motor |
165 | vehicle theft, and vandalism; |
166 | 3. Highest percentage of reported index crimes that are |
167 | violent in nature; |
168 | 4. Highest overall index crime volume for the area; and |
169 | 5. Highest overall index crime rate for the geographic |
170 | area. |
171 |
|
172 | Tier-one areas are ranked 1 through 5 and represent the highest |
173 | crime areas according to this ranking. Tier-two areas are ranked |
174 | 6 through 10 according to this ranking. Tier-three areas are |
175 | ranked 11 through 15. Notwithstanding this definition, |
176 | "designated urban job tax credit qualified high-crime area" also |
177 | means an area that has been designated as a federal Empowerment |
178 | Zone pursuant to the Taxpayer Relief Act of 1997 or the |
179 | Community Tax Relief Act of 2000. An area designated under this |
180 | section as of December 31, 2006, shall retain such designation |
181 | through December 31, 2013, and a business that is eligible for |
182 | the tax credit as of June 30, 2006, within a designated area |
183 | shall retain the same tax credit amounts through December 31, |
184 | 2013, that were available to the business on June 30, 2006, if |
185 | the business complies with the job creation requirements. Any |
186 | area designated pursuant to this section shall retain the |
187 | designation for a period not to exceed 7 years after the |
188 | effective date of designation. Thereafter, any such area or any |
189 | other area eligible for designation may seek approval from the |
190 | office for designation Such a designated area is ranked in tier |
191 | three until the areas are reevaluated by the Office of Tourism, |
192 | Trade, and Economic Development. |
193 | (f) "Urban" means a densely populated nonrural area |
194 | located within an urban county that consists of a cluster of one |
195 | or more census blocks, each of which has a population density of |
196 | at least 400 people per square mile, or an area defined as an |
197 | urbanized area by the most recent United States Census. |
198 | (g) "Urban infill and redevelopment area" means an area or |
199 | areas designated by a local government in which: |
200 | 1. Public services such as water and wastewater, |
201 | transportation, schools, and recreation are already available or |
202 | are scheduled to be provided in an adopted 5-year schedule of |
203 | capital improvements. |
204 | 2. The area, or one or more neighborhoods within the area, |
205 | suffers from pervasive poverty, unemployment, and general |
206 | distress as described in s. 290.0058. |
207 | 3. The area exhibits a proportion of properties that are |
208 | substandard, overcrowded, dilapidated, vacant or abandoned, or |
209 | functionally obsolete that is higher than the average for the |
210 | local government. |
211 | 4. More than 50 percent of the area is within 1/4 mile of |
212 | a transit stop, or a sufficient number of such transit stops |
213 | will be made available concurrent with the designation. |
214 | 5. The area includes or is adjacent to community |
215 | redevelopment areas, brownfields, enterprise zones, or Main |
216 | Street programs or has been designated by the state or Federal |
217 | Government as an urban redevelopment, revitalization, or infill |
218 | area under empowerment zone, enterprise community, or brownfield |
219 | showcase community programs or similar programs. |
220 | (2) A new eligible business may apply for a tax credit |
221 | under this subsection once at any time during its first year of |
222 | operation. A new eligible business in a designated urban job tax |
223 | credit tier-one qualified high-crime area which has at least 10 |
224 | qualified employees on the date of application shall receive a |
225 | $1,500 tax credit for each such employee. A new eligible |
226 | business in a tier-two qualified high-crime area which has at |
227 | least 20 qualified employees on the date of application shall |
228 | receive a $1,000 tax credit for each such employee. A new |
229 | eligible business in a tier-three qualified high-crime area |
230 | which has at least 30 qualified employees on the date of |
231 | application shall receive a $500 tax credit for each such |
232 | employee. |
233 | (3) An existing eligible business may apply for a tax |
234 | credit under this subsection at any time it is entitled to such |
235 | credit, except as restricted by this subsection. An existing |
236 | eligible business in a designated urban job tax credit tier-one |
237 | qualified high-crime area which on the date of application has |
238 | at least 5 more qualified employees than it had 1 year prior to |
239 | its date of application shall receive a $1,500 tax credit for |
240 | each such additional employee. An existing eligible business in |
241 | a tier-two qualified high-crime area which on the date of |
242 | application has at least 10 more qualified employees than it had |
243 | 1 year prior to its date of application shall receive a $1,000 |
244 | credit for each such additional employee. An existing business |
245 | in a tier-three qualified high-crime area which on the date of |
246 | application has at least 15 more qualified employees than it had |
247 | 1 year prior to its date of application shall receive a $500 tax |
248 | credit for each such additional employee. An existing eligible |
249 | business may apply for the credit under this subsection no more |
250 | than once in any 12-month period. Any existing eligible business |
251 | that received a credit under subsection (2) may not apply for |
252 | the credit under this subsection sooner than 12 months after the |
253 | application date for the credit under subsection (2). |
254 | (4) For any new eligible business receiving a credit |
255 | pursuant to subsection (2), an additional $500 credit shall be |
256 | provided for any qualified employee who is a welfare transition |
257 | program participant. For any existing eligible business |
258 | receiving a credit pursuant to subsection (3), an additional |
259 | $500 credit shall be provided for any qualified employee who is |
260 | a welfare transition program participant. Such employee must be |
261 | employed on the application date and have been employed less |
262 | than 1 year. This credit shall be in addition to other credits |
263 | pursuant to this section regardless of the tier-level of the |
264 | high-crime area. Appropriate documentation concerning the |
265 | eligibility of an employee for this credit must be submitted as |
266 | determined by the department. |
267 | (5) To be eligible for a tax credit under subsection (3), |
268 | the number of qualified employees employed 1 year prior to the |
269 | application date must be no lower than the number of qualified |
270 | employees on the application date on which a credit under this |
271 | section was based for any previous application, including an |
272 | application under subsection (2). |
273 | (6) Any county or municipality, or a county and one or |
274 | more municipalities together, may apply to the Office of |
275 | Tourism, Trade, and Economic Development for the designation of |
276 | an area as a designated urban job tax credit high-crime area |
277 | after the adoption by the governing body or bodies of a |
278 | resolution that: |
279 | (a) Finds that an urban a high-crime area exists in such |
280 | county or municipality, or in both the county and one or more |
281 | municipalities, which chronically exhibits extreme and |
282 | unacceptable levels of poverty, unemployment, physical |
283 | deterioration, and economic disinvestment.; |
284 | (b) Determines that the rehabilitation, conservation, or |
285 | redevelopment, or a combination thereof, of such an urban a |
286 | high-crime area is necessary in the interest of the health, |
287 | safety, and welfare of the residents of such county or |
288 | municipality, or such county and one or more municipalities.; |
289 | and |
290 | (c) Determines that the revitalization of such an urban a |
291 | high-crime area can occur if the public sector or private sector |
292 | can be induced to invest its own resources in productive |
293 | enterprises that build or rebuild the economic viability of the |
294 | area. |
295 | (7) The governing body of the entity nominating the area |
296 | shall demonstrate provide to the Office of Tourism, Trade, and |
297 | Economic Development that the area meets the following: |
298 | (a)1. Forty percent of area residents are earning wages on |
299 | an annual basis that are equal to or less than the annual wage |
300 | of a person who is earning minimum wage; or |
301 | 2. More than 20 percent of residents or families live |
302 | below the federal standard of poverty for individuals or a |
303 | family of four. The overall index crime rate for the geographic |
304 | area; |
305 | (b) The area has an unemployment rate at least 3 |
306 | percentage points higher than the state's unemployment rate. The |
307 | overall index crime volume for the area; |
308 | (c) The area has an arrest rate higher than the state's |
309 | average rate for such crimes as drug sale, drug possession, |
310 | prostitution, vandalism, and civil disturbances, as recorded by |
311 | the total crime index of the Department of Law Enforcement. The |
312 | percentage of reported index crimes that are violent in nature; |
313 | (d)1. Fifty percent or more of area residents rent; |
314 | 2. Property values are within the lower 50 percent of the |
315 | county's assessed property values; |
316 | 3. More than 5 percent of area commercial buildings are |
317 | currently vacant or have been condemned within the previous 24 |
318 | months; or |
319 | 4. Tax or special assessment delinquencies exceed the fair |
320 | value of the land for 25 percent of such delinquencies. The |
321 | reported crime volume and rate of specific property crimes such |
322 | as business and residential burglary, motor vehicle theft, and |
323 | vandalism; and |
324 | (e) The arrest rates within the geographic area for |
325 | violent crime and for such other crimes as drug sale, drug |
326 | possession, prostitution, disorderly conduct, vandalism, and |
327 | other public-order offenses. |
328 | (8) A municipality, or a county and one or more |
329 | municipalities together, may not nominate more than one urban |
330 | high-crime area. However, any county as defined by s. 125.011(1) |
331 | may nominate no more than three urban high-crime areas. |
332 | (9) An area nominated by a county or municipality, or a |
333 | county and one or more municipalities together, for designation |
334 | as a designated urban job tax credit high-crime area shall be |
335 | eligible only if it meets the following criteria: |
336 | (a) The selected area does not exceed 20 square miles and |
337 | either has a continuous boundary or consists of not more than |
338 | three noncontiguous parcels.; |
339 | (b) The selected area does not exceed the following |
340 | mileage limitation: |
341 | 1. For areas communities having a total population of |
342 | 150,000 persons or more, the selected area does not exceed 20 |
343 | square miles and is within 10 miles of an urban infill and |
344 | redevelopment area. |
345 | 2. For areas communities having a total population of |
346 | 50,000 persons or more, but fewer than 150,000 persons, the |
347 | selected area does not exceed 10 square miles and is within 7.5 |
348 | miles of an urban infill and redevelopment area. |
349 | 3. For areas communities having a total population of |
350 | 20,000 persons or more, but fewer than 50,000 persons, the |
351 | selected area does not exceed 5 square miles and is within 5 |
352 | miles of an urban infill and redevelopment area. |
353 | 4. For areas communities having a total population of |
354 | fewer than 20,000 persons, the selected area does not exceed 3 |
355 | square miles and is within 3 miles of an urban infill and |
356 | redevelopment area. |
357 | (10)(a) In order to claim this credit, an eligible |
358 | business must file under oath with the Office of Tourism, Trade, |
359 | and Economic Development a statement that includes the name and |
360 | address of the eligible business and any other information that |
361 | is required to process the application. |
362 | (b) Within 30 working days after receipt of an application |
363 | for credit, the Office of Tourism, Trade, and Economic |
364 | Development shall review the application to determine whether it |
365 | contains all the information required by this subsection and |
366 | meets the criteria set out in this section. Subject to the |
367 | provisions of paragraph (c), the Office of Tourism, Trade, and |
368 | Economic Development shall approve all applications that contain |
369 | the information required by this subsection and meet the |
370 | criteria set out in this section as eligible to receive a |
371 | credit. |
372 | (c) The maximum credit amount that may be approved during |
373 | any calendar year is $5 million, of which $1 million shall be |
374 | exclusively reserved for tier-one areas. The Department of |
375 | Revenue, in conjunction with the Office of Tourism, Trade, and |
376 | Economic Development, shall notify the governing bodies in areas |
377 | designated under this section as urban high-crime areas when the |
378 | $5 million maximum amount has been reached. Applications must be |
379 | considered for approval in the order in which they are received |
380 | without regard to whether the credit is for a new or existing |
381 | business. This limitation applies to the value of the credit as |
382 | contained in approved applications. Approved credits may be |
383 | taken in the time and manner allowed pursuant to this section. |
384 | (11) If the application is insufficient to support the |
385 | credit authorized in this section, the Office of Tourism, Trade, |
386 | and Economic Development shall deny the credit and notify the |
387 | business of that fact. The business may reapply for this credit |
388 | within 3 months after such notification. |
389 | (12) If the credit under this section is greater than can |
390 | be taken on a single tax return, excess amounts may be taken as |
391 | credits on any tax return submitted within 12 months after the |
392 | approval of the application by the department. |
393 | (13) It is the responsibility of each business to |
394 | affirmatively demonstrate to the satisfaction of the Department |
395 | of Revenue that it meets the requirements of this section. |
396 | (14) Any person who fraudulently claims this credit is |
397 | liable for repayment of the credit plus a mandatory penalty of |
398 | 100 percent of the credit and is guilty of a misdemeanor of the |
399 | second degree, punishable as provided in s. 775.082 or s. |
400 | 775.083. |
401 | (15) A corporation may take the credit under this section |
402 | against its corporate income tax liability, as provided in s. |
403 | 220.1895. However, a corporation that applies its job tax credit |
404 | against the tax imposed by chapter 220 may not receive the |
405 | credit provided for in this section. A credit may be taken |
406 | against only one tax. |
407 | (16) The department shall adopt rules governing the manner |
408 | and form of applications for credit and may establish guidelines |
409 | concerning the requisites for an affirmative showing of |
410 | qualification for the credit under this section. |
411 | Section 3. Section 220.1895, Florida Statutes, is amended |
412 | to read: |
413 | 220.1895 Rural Job Tax Credit and Designated Urban High- |
414 | Crime Area Job Tax Credit.--There shall be allowed a credit |
415 | against the tax imposed by this chapter amounts approved by the |
416 | Office of Tourism, Trade, and Economic Development pursuant to |
417 | the Rural Job Tax Credit Program in s. 212.098 and the |
418 | Designated Urban High-Crime Area Job Tax Credit Area Program in |
419 | s. 212.097. A corporation that uses its credit against the tax |
420 | imposed by this chapter may not take the credit against the tax |
421 | imposed by chapter 212. If any credit granted under this section |
422 | is not fully used in the first year for which it becomes |
423 | available, the unused amount may be carried forward for a period |
424 | not to exceed 5 years. The carryover may be used in a subsequent |
425 | year when the tax imposed by this chapter for such year exceeds |
426 | the credit for such year under this section after applying the |
427 | other credits and unused credit carryovers in the order provided |
428 | in s. 220.02(8). |
429 | Section 4. Subsection (2) and paragraph (j) of subsection |
430 | (3) of section 288.99, Florida Statutes, are amended to read: |
431 | 288.99 Certified Capital Company Act.-- |
432 | (2) PURPOSE.--The primary purpose of this act is to |
433 | stimulate a substantial increase in venture capital investments |
434 | in this state by providing an incentive for insurance companies |
435 | to invest in certified capital companies in this state which, in |
436 | turn, will make investments in new businesses or in expanding |
437 | businesses, including minority-owned or minority-operated |
438 | businesses and businesses located in a designated Front Porch |
439 | community, enterprise zone, designated urban job tax credit |
440 | high-crime area, rural job tax credit county, or nationally |
441 | recognized historic district. The increase in investment capital |
442 | flowing into new or expanding businesses is intended to |
443 | contribute to employment growth, create jobs which exceed the |
444 | average wage for the county in which the jobs are created, and |
445 | expand or diversify the economic base of this state. |
446 | (3) DEFINITIONS.--As used in this section, the term: |
447 | (j) "Qualified business" means the Digital Divide Trust |
448 | Fund established under the State of Florida Technology Office or |
449 | a business that meets the following conditions as evidenced by |
450 | documentation required by commission rule: |
451 | 1. The business is headquartered in this state and its |
452 | principal business operations are located in this state or at |
453 | least 75 percent of the employees are employed in the state. |
454 | 2. At the time a certified capital company makes an |
455 | initial investment in a business, the business would qualify for |
456 | investment under 13 C.F.R. s. 121.301(c), which is involved in |
457 | manufacturing, processing or assembling products, conducting |
458 | research and development, or providing services. |
459 | 3. At the time a certified capital company makes an |
460 | initial investment in a business, the business certifies in an |
461 | affidavit that: |
462 | a. The business is unable to obtain conventional |
463 | financing, which means that the business has failed in an |
464 | attempt to obtain funding for a loan from a bank or other |
465 | commercial lender or that the business cannot reasonably be |
466 | expected to qualify for such financing under the standards of |
467 | commercial lending.; |
468 | b. The business plan for the business projects that the |
469 | business is reasonably expected to achieve in excess of $25 |
470 | million in sales revenue within 5 years after the initial |
471 | investment, or the business is located in a designated Front |
472 | Porch community, enterprise zone, designated urban job tax |
473 | credit high crime area, rural job tax credit county, or |
474 | nationally recognized historic district.; |
475 | c. The business will maintain its headquarters in this |
476 | state for the next 10 years and any new manufacturing facility |
477 | financed by a qualified investment will remain in this state for |
478 | the next 10 years, or the business is located in a designated |
479 | Front Porch community, enterprise zone, designated urban job tax |
480 | credit high crime area, rural job tax credit county, or |
481 | nationally recognized historic district.; and |
482 | d. The business has fewer than 200 employees and at least |
483 | 75 percent of the employees are employed in this state. For |
484 | purposes of this subsection, the term also includes the Florida |
485 | Black Business Investment Board, any entity majority owned by |
486 | the Florida Black Business Investment Board, or any entity in |
487 | which the Florida Black Business Investment Board holds a |
488 | majority voting interest on the board of directors. |
489 | 4. The term does not include: |
490 | a. Any business predominantly engaged in retail sales, |
491 | real estate development, insurance, banking, lending, or oil and |
492 | gas exploration. |
493 | b. Any business predominantly engaged in professional |
494 | services provided by accountants, lawyers, or physicians. |
495 | c. Any company that has no historical revenues and either |
496 | has no specific business plan or purpose or has indicated that |
497 | its business plan is solely to engage in a merger or acquisition |
498 | with any unidentified company or other entity. |
499 | d. Any company that has a strategic plan to grow through |
500 | the acquisition of firms with substantially similar business |
501 | which would result in the planned net loss of Florida-based jobs |
502 | over a 12-month period after the acquisition as determined by |
503 | the office. |
504 | Section 5. This act shall take effect July 1, 2006. |