Florida Senate - 2011 SB 1392 By Senator Bennett 21-00914-11 20111392__ 1 A bill to be entitled 2 An act relating to economic development; amending s. 3 288.1229, F.S.; authorizing a direct-support 4 organization of the Office of Tourism, Trade, and 5 Economic Development to establish the Florida Golf 6 Trail; requiring the direct-support organization to 7 cooperate with various entities; authorizing the 8 direct-support organization to license the name 9 “Florida Golf Trail” and receive compensation for such 10 licensing; providing that the direct-support 11 organization and its licensees have exclusive use of 12 such name; encouraging the direct-support organization 13 to enter into certain licensing arrangements or 14 contracts; prohibiting the direct-support organization 15 from accepting certain financial responsibility or 16 liability for the Florida Golf Trail; authorizing 17 various economic development and tourism promotion 18 agencies to support the Florida Golf Trail; amending 19 s. 288.9913, F.S.; revising the definition of the term 20 “qualified active low-income community business” for 21 purposes of the New Markets Development Program Act; 22 requiring the direct-support organization to submit a 23 report to the Governor and Legislature on the Florida 24 Golf Trail; providing an effective date. 25 26 Be It Enacted by the Legislature of the State of Florida: 27 28 Section 1. Subsection (10) is added to section 288.1229, 29 Florida Statutes, to read: 30 288.1229 Promotion and development of sports-related 31 industries and amateur athletics; direct-support organization; 32 powers and duties.— 33 (10)(a) The direct-support organization may establish 34 within the state, develop, and provide for the statewide 35 marketing of a Florida Golf Trail to promote the expansion of 36 international and domestic golf tourism in the state, the 37 creation of jobs, and the economic development of the golf 38 industry and its related hospitality, travel, sales, retail, 39 real estate, equipment manufacturing, and distribution services 40 in the state. 41 (b) The direct-support organization, to the maximum extent 42 practicable, shall cooperate with the PGA Golf Professional Hall 43 of Fame, existing professional and amateur golf associations, 44 golf courses, golf industry businesses, and statewide and 45 regional golf marketing efforts to implement the Florida Golf 46 Trail as an effective golf tourism promotion program. 47 (c) The direct-support organization may license the name 48 “Florida Golf Trail” and shall develop criteria for the most 49 effective use of the brand. The direct-support organization and 50 its licensees shall have exclusive use of the name “Florida Golf 51 Trail.” 52 (d) The direct-support organization is encouraged to enter 53 into licensing arrangements or contracts that facilitate the 54 efficient, cost-effective, and successful financing, 55 development, and marketing of the Florida Golf Trail. However, 56 the direct-support organization may not accept any financial 57 responsibility or liability for the creation of the Florida Golf 58 Trail or its related activities but may receive compensation for 59 licensing under paragraph (c). 60 (e) The Florida Tourism Industry Marketing Corporation, 61 Enterprise Florida, Inc., and other economic development and 62 tourism promotion agencies at the state and local levels may 63 support the development, branding, and marketing of the Florida 64 Golf Trail. 65 Section 2. Subsection (7) of section 288.9913, Florida 66 Statutes, is amended to read: 67 288.9913 Definitions.—As used in ss. 288.991-288.9922, the 68 term: 69 (7) “Qualified active low-income community business” means 70 a corporation, including a nonprofit corporation, or partnership 71 that complies with each of the following: 72 (a)1. Derives at least 50 percent of its total gross income 73 from the active conduct of business within any low-income 74 community for any taxable year. 75 2. Uses at least 40 percent of its tangible property, 76 whether owned or leased, within any low-income community for any 77 taxable year, which percentage shall be the average value of the 78 tangible property owned or leased and used within a low-income 79 community by the corporation or partnership divided by the 80 average value of the total tangible property owned or leased and 81 used by the corporation or partnership during the taxable year. 82 The value assigned to leased property by the corporation or 83 partnership must be reasonable. 84 3. Performs at least 40 percent of its services through its 85 employees in a low-income community for any taxable year, which 86 percentage shall be the amount paid by the corporation or 87 partnership for salaries, wages, and benefits to employees in a 88 low-income community divided by the total amount paid by the 89 corporation or partnership for salaries, wages, and benefits 90 during the taxable year. 91 4. Attributes less than 5 percent of the average of the 92 aggregate unadjusted bases of the property of the entity to 93 collectibles, as defined in 26 U.S.C. s. 408(m)(2), other than 94 collectibles that are held primarily for sale to customers in 95 the ordinary course of the business for any taxable year. 96 5. Attributes less than 5 percent of the average of the 97 aggregate unadjusted bases of the property of the entity to 98 nonqualified financial property, as defined in 26 U.S.C. s. 99 1397C(e), for any taxable year. 100 101 A corporation or partnership complies with subparagraph 1. if, 102 as calculated in subparagraph 2., it uses at least 50 percent of 103 its tangible property, whether owned or leased, within any low 104 income community for any taxable year or if, as calculated in 105 subparagraph 3., the corporation or partnership performs at 106 least 50 percent of its services through its employees in a low 107 income community for any taxable year. 108 (b) Is reasonably expected by a qualified community 109 development entity at the time of an investment to continue to 110 satisfy the requirements of paragraphs (a), (c), and (d) for the 111 duration of the investment. 112 (c) Satisfies the requirements of paragraphs (a) and (b), 113 but does not: 114 1. Derive or project to derive 15 percent or more of its 115 annual revenue from the rental or sale of real estate, unless 116 the corporation or partnership derives such revenue from the 117 rental of real estate and the primary lessee and user of such 118 real estate is another qualified active low-income community 119 business that is owned or controlled by, or that is under common 120 ownership or control with, such corporation or partnership; 121 2. Engage predominantly in the development or holding of 122 intangibles for sale or license; 123 3. Operate aprivate or commercial golf course,country 124 club, massage parlor, hot tub facility, suntan facility, 125 racetrack, gambling facility, or a store the principal business 126 of which is the sale of alcoholic beverages for consumption off 127 premises; or 128 4. Engage principally in farming and owns or leases assets 129 the sum of the aggregate unadjusted bases or the fair market 130 value of which exceeds $500,000. 131 (d) Will create or retain jobs that pay an average wage of 132 at least 115 percent of the federal poverty income guidelines 133 for a family of four. 134 Section 3. The direct-support organization authorized by 135 the Office of Tourism, Trade, and Economic Development to 136 establish the Florida Golf Trail under s. 288.1229(10), Florida 137 Statutes, shall, 1 year after the Florida Golf Trail becomes 138 operational, submit a report to the Governor, the President of 139 the Senate, and the Speaker of the House of Representatives on 140 the progress and success of the Florida Golf Trail. 141 Section 4. This act shall take effect July 1, 2011.