Florida Senate - 2009                                    SB 1956
       
       
       
       By Senator Smith
       
       
       
       
       29-01687-09                                           20091956__
    1                        A bill to be entitled                      
    2         An act relating to small business assistance; amending
    3         s. 288.703, F.S.; revising criteria for the definition
    4         of the term “small business” for purposes of the
    5         Florida Small and Minority Business Assistance Act;
    6         providing an effective date.
    7         
    8  Be It Enacted by the Legislature of the State of Florida:
    9         
   10         Section 1. Subsection (1) of section 288.703, Florida
   11  Statutes, is amended to read:
   12         288.703 Definitions.—As used in this act, the following
   13  words and terms shall have the following meanings unless the
   14  content shall indicate another meaning or intent:
   15         (1) “Small business” means an independently owned and
   16  operated business concern that has fewer than 100 employees, has
   17  annual revenues of $300,000 to $20 million, and has been
   18  operating for at least 2 years, employs 200 or fewer permanent
   19  full-time employees and that, together with its affiliates, has
   20  a net worth of not more than $5 million or any firm based in
   21  this state which has a Small Business Administration 8(a)
   22  certification. As applicable to sole proprietorships, the $5
   23  million net worth requirement shall include both personal and
   24  business investments.
   25         Section 2. This act shall take effect July 1, 2009.