HB 709

1
A bill to be entitled
2An act relating to the Innovation Incentive Program;
3amending s. 288.1089, F.S.; conforming an obsolete
4reference to the former Office of Tourism, Trade, and
5Economic Development; revising requirements for
6legislative notice, review, and objections to the
7award of incentive funds under the program; providing
8an effective date.
9
10Be It Enacted by the Legislature of the State of Florida:
11
12     Section 1.  Paragraphs (d) and (l) of subsection (2) and
13subsection (7) of section 288.1089, Florida Statutes, are
14amended to read:
15     288.1089  Innovation Incentive Program.-
16     (2)  As used in this section, the term:
17     (d)  "Cumulative investment" means cumulative capital
18investment and all eligible capital costs, as defined in s.
19220.191.
20     (l)  "Match" means funding from local sources, public or
21private, which will be paid to the applicant and which is equal
22to 100 percent of an award. Eligible match funding may include
23any tax abatement granted to the applicant under s. 196.1995 or
24the appraised market value of land, buildings, infrastructure,
25or equipment conveyed or provided at a discount to the
26applicant. Complete documentation of a match payment or other
27conveyance must be presented to and verified by the department
28before office prior to transfer of state funds to an applicant.
29An applicant may not provide, directly or indirectly, more than
305 percent of match funding in any fiscal year. The sources of
31such funding may not include, directly or indirectly, state
32funds appropriated from the General Revenue Fund or any state
33trust fund, excluding tax revenues shared with local governments
34pursuant to law.
35     (7)  Upon receipt of the evaluation and recommendation from
36the department, the Governor shall approve or deny an award. In
37recommending approval of an award, the department shall include
38proposed performance conditions that the applicant must meet in
39order to obtain incentive funds and any other conditions that
40must be met before the receipt of any incentive funds. However:
41     (a)  If an award exceeds $5 million, the department may not
42release the funds until the award is reviewed and approved by
43the Legislative Budget Commission. The Governor shall consult
44with the President of the Senate and the Speaker of the House of
45Representatives before giving approval for an award. Upon review
46and approval of the an award by the Legislative Budget
47Commission, the department Executive Office of the Governor
48shall release the funds.
49     (b)  If an award exceeds $2 million but does not exceed $5
50million, at least 10 days before the funds are released, the
51Governor shall submit a written description and evaluation of
52the award to the chair and vice chair of the Legislative Budget
53Commission. If the chair or vice chair of the Legislative Budget
54Commission, the President of the Senate, or the Speaker of the
55House of Representatives timely advises the Executive Office of
56the Governor in writing that such action or proposed action
57exceeds the delegated authority of the Executive Office of the
58Governor or is contrary to legislative policy or intent, the
59Executive Office of the Governor shall void the release of funds
60and instruct the department to immediately change such action or
61proposed action until the Legislative Budget Commission or the
62Legislature addresses the issue.
63     (c)  If an award does not exceed $2 million, the Governor
64may approve the award and the department may release the funds
65without legislative notice or review.
66     Section 2.  This act shall take effect July 1, 2012.


CODING: Words stricken are deletions; words underlined are additions.