Florida Senate - 2011                                    SB 1866
       
       
       
       By Senator Altman
       
       
       
       
       24-01449-11                                           20111866__
    1                        A bill to be entitled                      
    2         An act relating to tax refunds for businesses;
    3         repealing s. 288.1045(2)(c), F.S., relating to a
    4         provision limiting the maximum amount that a qualified
    5         defense contractor in the space flight business may
    6         receive in all fiscal years from the Economic
    7         Development Trust Fund; amending s. 288.106, F.S.;
    8         deleting provisions limiting the maximum amount of
    9         refund payments which a qualified target industry
   10         business, including those located in an enterprise
   11         zone, may receive; providing an effective date.
   12  
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Paragraph (c) of subsection (2) of section
   16  288.1045, Florida Statutes, is repealed.
   17         Section 2. Subsection (3) of section 288.106, Florida
   18  Statutes, is amended to read:
   19         288.106 Tax refund program for qualified target industry
   20  businesses.—
   21         (3) TAX REFUND; ELIGIBLE AMOUNTS.—
   22         (c) A qualified target industry business may not receive
   23  refund payments of more than 25 percent of the total tax refunds
   24  specified in the tax refund agreement under subparagraph
   25  (5)(a)1. in any fiscal year. Further, a qualified target
   26  industry business may not receive more than $1.5 million in
   27  refunds under this section in any single fiscal year, or more
   28  than $2.5 million in any single fiscal year if the project is
   29  located in an enterprise zone. A qualified target industry
   30  business may not receive more than $5 million in refund payments
   31  under this section in all fiscal years, or more than $7.5
   32  million if the project is located in an enterprise zone.
   33         Section 3. This act shall take effect July 1, 2011.