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The Florida Senate

HB 1335: Economic Development

GENERAL BILL by Jenne ; (CO-INTRODUCERS) Berman ; Bullard ; Clemens ; Cruz ; Fullwood ; Kriseman ; Pafford ; Perman ; Randolph

Economic Development; Creates "Fair Economy Act"; requires members of unitary business or water's edge group to file combined corporate income tax return & allocate income to Florida using single apportionment computation; disregards intercompany transactions between affiliated entities; adopts throw-out rule for sales & income attributable to Florida by members whose activities are excluded from apportionment; requires water's edge group to file domestic disclosure spreadsheet disclosing income reported to each state, state tax liability, & method used to apportion or allocate income to each state; provides transition rules; requires DEO, with DOR, to submit annual report of economic development incentives & state expenditures for economic development activities; provides for withholding of certain funds from property-taxing authorities that do not submit reports; requires granting authorities to use unified application for award of incentives, submit approved applications to DEO, & submit progress reports to DEO on incentives; requires recipient corporations & their corporate parents to provide access to project sites & certain records; authorizes fines against recipient corporations that do not grant access or submit reports; provides for recapture & repayment of incentives from recipient corporations that do not meet certain job, wage, & employee benefit requirements or whose corporate parents do not maintain certain levels of employment in state.

Effective Date: 7/1/2012
Last Action: 3/9/2012 House - Died in Business and Consumer Affairs Subcommittee
Bill Text: PDF

Bill History

Date Chamber Action
1/6/2012 House • Filed
1/10/2012 House • Introduced -HJ 131
1/12/2012 House • Referred to Business and Consumer Affairs Subcommittee; Finance and Tax Committee; Transportation and Economic Development Appropriations Subcommittee; Economic Affairs Committee -HJ 215
3/9/2012 House • Died in Business and Consumer Affairs Subcommittee