Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 1214
       
       
       
       
       
       
                                Ì261448:Î261448                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/23/2015           .                                
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       Appropriations Subcommittee on Transportation, Tourism, and
       Economic Development (Latvala) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete line 886
    4  and insert:
    5         Section 13. Present subsection (6) of section 288.061,
    6  Florida Statutes, is redesignated as subsection (7), and a new
    7  subsection (6) is added to that section, to read:
    8         288.061 Economic development incentive application
    9  process.—
   10         (6)(a)The department is authorized to execute contracts
   11  and agreements that obligate the state to make payments from
   12  appropriations in the current or a future fiscal year for
   13  incentive programs specified in this paragraph. The total amount
   14  of actual or projected funds approved for payment by the
   15  department based on actual project performance and the schedule
   16  of payments for each incentive contract or agreement may not
   17  exceed a combined total of $50 million in any fiscal year for
   18  all of the following:
   19         1. The Local Government Distressed Area Matching Grant
   20  Program established under s. 288.0659.
   21         2. The qualified defense contractor and space flight
   22  business tax refund program established under s. 288.1045.
   23         3. The qualified target industry businesses tax refund
   24  program established under s. 288.106.
   25         4. The brownfield redevelopment bonus refund program
   26  established under s. 288.107.
   27         5. The high-impact business performance grant program
   28  established under s. 288.108.
   29         6. The Quick Action Closing Fund projects established under
   30  s. 288.1088, with the exception of those projects with funds
   31  held in escrow as of June 30, 2015, which are being paid out of
   32  the Quick Action Closing Fund Escrow Account under s. 288.095.
   33         7. The Innovation Incentive Program established under s.
   34  288.1089.
   35         (b) The funding limitation under paragraph (a) may only be
   36  waived by the Legislature in the General Appropriations Act or
   37  other legislation.
   38         (c) The department shall provide notice, including an
   39  updated description and evaluation, to the Legislature upon the
   40  final execution of each contract or agreement.
   41         (d) By January 2 of each year, the department shall provide
   42  to the Legislature a list of projected payments for the
   43  following fiscal year and, by March 1 of each year, the
   44  department shall provide to the Legislature a list of claims
   45  actually filed for payment in the following fiscal year. The
   46  department may not make a scheduled payment under a contract or
   47  agreement for a given fiscal year until the department has
   48  validated that the applicant has met the performance
   49  requirements of the contract or agreement. The department may
   50  only make payments to the applicant and not to a third party.
   51  Any funds appropriated for scheduled payments in a fiscal year
   52  which are unexpended by June 30 of that year shall revert in
   53  accordance with s. 216.301 and may not be transferred to an
   54  escrow account.
   55         (e) The Legislature shall annually appropriate in the
   56  General Appropriations Act an amount estimated to be sufficient
   57  to satisfy scheduled payments in the coming fiscal year. If the
   58  amount appropriated by the Legislature proves insufficient to
   59  satisfy the scheduled payments, the department shall pay the
   60  unfunded claims from the appropriation for the next fiscal year.
   61  By March 1 of each year, the department shall notify the
   62  legislative appropriations committees of any such anticipated
   63  shortfall for the current fiscal year and of the amount it
   64  estimates will be needed to pay claims during the next fiscal
   65  year.
   66         Section 14. Section 288.095, Florida Statutes, is amended
   67  to read:
   68         288.095 Economic Development Trust Fund.—
   69         (1) The Economic Development Trust Fund is created within
   70  the Department of Economic Opportunity. Moneys deposited into
   71  the fund must be used only to support the authorized activities
   72  and operations of the department. Moneys credited to the trust
   73  fund consist of local financial support funds; funds transferred
   74  from Enterprise Florida, Inc., which were held in an escrow
   75  account on June 30, 2015, for an approved Quick Action Closing
   76  Fund project; and interest earnings.
   77         (2) There is created, within the Economic Development Trust
   78  Fund, the Economic Development Incentives Account. The Economic
   79  Development Incentives Account consists of moneys transferred
   80  from local governments as local financial support appropriated
   81  to the account for purposes of the tax incentives programs
   82  authorized under ss. 288.1045, and 288.106, and 288.107 local
   83  financial support provided under ss. 288.1045 and 288.106.
   84  Moneys in the Economic Development Incentives Account may be
   85  used only to pay tax refunds and make other payments authorized
   86  under s. 288.1045, s. 288.106, or s. 288.107, and may only be
   87  expended pursuant to Legislative appropriation or an approved
   88  amendment to the department’s operating budget pursuant to
   89  chapter 216. Notwithstanding s. 216.301, and pursuant to s.
   90  216.351, any balance in the account at the end of a fiscal year
   91  remains in the account and is available for carrying out the
   92  purposes of the account shall be subject to the provisions of s.
   93  216.301(1)(a).
   94         (3)(a)There is created, within the Economic Development
   95  Trust Fund, the Quick Action Closing Fund Escrow Account. The
   96  Quick Action Closing Fund Escrow Account consists of moneys
   97  transferred from Enterprise Florida, Inc., which were held in an
   98  escrow account on June 30, 2015, for approved Quick Action
   99  Closing Fund contracts or agreements. Moneys in the Quick Action
  100  Closing Fund Escrow Account may be used only for the purpose of
  101  making payments authorized under s. 288.1088 for projects
  102  authorized by these contracts or agreements. A continuing
  103  appropriation category shall be established to make payments
  104  from the account. If an approved Quick Action Closing Fund
  105  project is terminated, the department shall submit a budget
  106  amendment to place the budget authority associated with the
  107  terminated award into reserve. The funds associated with the
  108  terminated award shall immediately revert to the State Economic
  109  Enhancement and Development Trust Fund. The continuing
  110  appropriation category expires on June 30, 2029.
  111         (b) Notwithstanding s. 216.301, and pursuant to s. 216.351,
  112  any balance in the account at the end of a fiscal year remains
  113  in the account and is available for carrying out the purposes of
  114  the account. Any interest earnings in the account revert to the
  115  State Economic Enhancement and Development Trust Fund on June 30
  116  of each fiscal year. The Quick Action Closing Fund Escrow
  117  Account expires on June 30, 2029, and any funds remaining in the
  118  account shall revert to the State Economic Enhancement and
  119  Development Trust Fund. The department may approve applications
  120  for certification pursuant to ss. 288.1045(3) and 288.106.
  121  However, the total state share of tax refund payments may not
  122  exceed $35 million.
  123         (b) The total amount of tax refund claims approved for
  124  payment by the department based on actual project performance
  125  may not exceed the amount appropriated to the Economic
  126  Development Incentives Account for such purposes for the fiscal
  127  year. Claims for tax refunds under ss. 288.1045 and 288.106
  128  shall be paid in the order the claims are approved by the
  129  department. In the event the Legislature does not appropriate an
  130  amount sufficient to satisfy the tax refunds under ss. 288.1045
  131  and 288.106 in a fiscal year, the department shall pay the tax
  132  refunds from the appropriation for the following fiscal year. By
  133  March 1 of each year, the department shall notify the
  134  legislative appropriations committees of the Senate and House of
  135  Representatives of any anticipated shortfall in the amount of
  136  funds needed to satisfy claims for tax refunds from the
  137  appropriation for the current fiscal year.
  138         (c) Moneys in the Economic Development Incentives Account
  139  may be used only to pay tax refunds and make other payments
  140  authorized under s. 288.1045, s. 288.106, or s. 288.107.
  141         (4)(d) The department may adopt rules necessary to carry
  142  out the provisions of this subsection, including rules providing
  143  for the use of moneys in the Economic Development Incentives
  144  Account and for the administration of the Economic Development
  145  Incentives Account and the Quick Action Closing Fund Escrow
  146  Account.
  147         Section 15. By July 10, 2015, Enterprise Florida, Inc.,
  148  shall transfer any funds held in an escrow account on June 30,
  149  2015, for approved Quick Action Closing Fund contracts or
  150  agreements to the Quick Action Closing Fund Escrow Account
  151  within the Economic Development Trust Fund.
  152         Section 16. Paragraphs (a), (c), (e), and (f) of subsection
  153  (2), paragraph (h) of subsection (3), and paragraph (e) of
  154  subsection (5) of section 288.1045, Florida Statutes, are
  155  amended to read:
  156         288.1045 Qualified defense contractor and space flight
  157  business tax refund program.—
  158         (2) GRANTING OF A TAX REFUND; ELIGIBLE AMOUNTS.—
  159         (a) There shall be allowed, from the Economic Development
  160  Trust Fund, a refund to a qualified applicant for the amount of
  161  eligible taxes certified by the department which were paid by
  162  such qualified applicant. The total amount of refunds for all
  163  fiscal years for each qualified applicant shall be determined
  164  pursuant to subsection (3). The annual amount of a refund to a
  165  qualified applicant shall be determined pursuant to subsection
  166  (5).
  167         (c) Contingent upon an annual appropriation by the
  168  Legislature, The department may not approve not more in tax
  169  refunds than the amount appropriated to the Economic Development
  170  Trust Fund for tax refunds, for a fiscal year than the amount
  171  specified in s. 288.061 pursuant to subsection (5) and s.
  172  288.095.
  173         (e) After entering into a tax refund agreement pursuant to
  174  subsection (4), a qualified applicant may:
  175         1. Receive refunds from the account for corporate income
  176  taxes due and paid pursuant to chapter 220 by that business
  177  beginning with the first taxable year of the business which
  178  begins after entering into the agreement.
  179         2. Receive refunds from the account for the following taxes
  180  due and paid by that business after entering into the agreement:
  181         a. Taxes on sales, use, and other transactions paid
  182  pursuant to chapter 212.
  183         b. Intangible personal property taxes paid pursuant to
  184  chapter 199.
  185         c. Excise taxes paid on documents pursuant to chapter 201.
  186         d. Ad valorem taxes paid, as defined in s. 220.03(1)(a) on
  187  June 1, 1996.
  188         e. State communications services taxes administered under
  189  chapter 202. This provision does not apply to the gross receipts
  190  tax imposed under chapter 203 and administered under chapter 202
  191  or the local communications services tax authorized under s.
  192  202.19.
  193  
  194  However, a qualified applicant may not receive a tax refund
  195  pursuant to this section for any amount of credit, refund, or
  196  exemption granted such contractor for any of such taxes. If a
  197  refund for such taxes is provided by the department, which taxes
  198  are subsequently adjusted by the application of any credit,
  199  refund, or exemption granted to the qualified applicant other
  200  than that provided in this section, the qualified applicant
  201  shall reimburse the department Economic Development Trust Fund
  202  for the amount of such credit, refund, or exemption. A qualified
  203  applicant must notify and tender payment to the department
  204  within 20 days after receiving a credit, refund, or exemption,
  205  other than that provided in this section.
  206         (f) Any qualified applicant who fraudulently claims this
  207  refund is liable for repayment of the refund to the department
  208  Economic Development Trust Fund plus a mandatory penalty of 200
  209  percent of the tax refund which shall be deposited into the
  210  General Revenue Fund. Any qualified applicant who fraudulently
  211  claims this refund commits a felony of the third degree,
  212  punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
  213         (3) APPLICATION PROCESS; REQUIREMENTS; AGENCY
  214  DETERMINATION.—
  215         (h) The department may not certify any applicant as a
  216  qualified applicant when the value of tax refunds to be included
  217  in that letter of certification exceeds the available amount of
  218  authority to certify a new business in any fiscal year
  219  businesses as determined pursuant to s. 288.061(6) in s.
  220  288.095(3). A letter of certification that approves an
  221  application must specify the maximum amount of a tax refund that
  222  is to be available to the contractor for each fiscal year and
  223  the total amount of tax refunds for all fiscal years.
  224         (5) ANNUAL CLAIM FOR REFUND.—
  225         (e) The total amount of tax refunds approved by the
  226  department under this section in any fiscal year may not exceed
  227  the amount authorized under s. 288.061(6) s. 288.095(3).
  228         Section 17. Paragraph (k) of subsection (2), paragraphs
  229  (a), (d), (e), and (g) of subsection (3), paragraph (e) of
  230  subsection (4), and paragraphs (d) and (g) of subsection (6) of
  231  section 288.106, Florida Statutes, are amended to read:
  232         288.106 Tax refund program for qualified target industry
  233  businesses.—
  234         (2) DEFINITIONS.—As used in this section:
  235         (k) “Local financial support exemption option” means the
  236  option to exercise an exemption from the local financial support
  237  requirement available to an any applicant whose project is
  238  located in a brownfield area, a rural city, or a rural
  239  community. Any applicant that exercises this option is not
  240  eligible for more than 80 percent of the total tax refunds
  241  allowed such applicant under this section.
  242         (3) TAX REFUND; ELIGIBLE AMOUNTS.—
  243         (a) There shall be allowed, from the account, a refund to a
  244  qualified target industry business for the amount of eligible
  245  taxes certified by the department that were paid by the
  246  business. The total amount of refunds for all fiscal years for
  247  each qualified target industry business must be determined
  248  pursuant to subsection (4). The annual amount of a refund to a
  249  qualified target industry business must be determined pursuant
  250  to subsection (6).
  251         (d) After entering into a tax refund agreement under
  252  subsection (5), a qualified target industry business may:
  253         1. Receive refunds from the account for the following taxes
  254  due and paid by that business beginning with the first taxable
  255  year of the business that begins after entering into the
  256  agreement:
  257         a. Corporate income taxes under chapter 220.
  258         b. Insurance premium tax under s. 624.509.
  259         2. Receive refunds from the account for the following taxes
  260  due and paid by that business after entering into the agreement:
  261         a. Taxes on sales, use, and other transactions under
  262  chapter 212.
  263         b. Intangible personal property taxes under chapter 199.
  264         c. Excise taxes on documents under chapter 201.
  265         d. Ad valorem taxes paid, as defined in s. 220.03(1).
  266         e. State communications services taxes administered under
  267  chapter 202. This provision does not apply to the gross receipts
  268  tax imposed under chapter 203 and administered under chapter 202
  269  or the local communications services tax authorized under s.
  270  202.19.
  271         (e) However, a qualified target industry business may not
  272  receive a refund under this section for any amount of credit,
  273  refund, or exemption previously granted to that business for any
  274  of the taxes listed in paragraph (d). If a refund for such taxes
  275  is provided by the department, which taxes are subsequently
  276  adjusted by the application of any credit, refund, or exemption
  277  granted to the qualified target industry business other than as
  278  provided in this section, the business shall reimburse the
  279  department account for the amount of that credit, refund, or
  280  exemption. A qualified target industry business shall notify and
  281  tender payment to the department within 20 days after receiving
  282  any credit, refund, or exemption other than one provided in this
  283  section.
  284         (g) A qualified target industry business that fraudulently
  285  claims a refund under this section:
  286         1. Is liable for repayment of the amount of the refund to
  287  the department account, plus a mandatory penalty in the amount
  288  of 200 percent of the tax refund which shall be deposited into
  289  the General Revenue Fund.
  290         2. Commits a felony of the third degree, punishable as
  291  provided in s. 775.082, s. 775.083, or s. 775.084.
  292         (4) APPLICATION AND APPROVAL PROCESS.—
  293         (e) The department may not certify any target industry
  294  business as a qualified target industry business if the value of
  295  tax refunds to be included in that letter of certification
  296  exceeds the available amount of authority to certify a new
  297  business in any fiscal year businesses as determined pursuant to
  298  s. 288.061(6) in s. 288.095(3). However, Except as provided in
  299  paragraph (2)(k), if the commitments of local financial support
  300  represent less than 20 percent of the eligible tax refund
  301  payments, or to otherwise preserve the viability and fiscal
  302  integrity of the program, the department may certify a qualified
  303  target industry business to receive tax refund payments of less
  304  than the allowable amounts specified in paragraph (3)(b). A
  305  letter of certification that approves an application must
  306  specify the maximum amount of tax refund that will be available
  307  to the qualified industry business in each fiscal year and the
  308  total amount of tax refunds that will be available to the
  309  business for all fiscal years.
  310         (6) ANNUAL CLAIM FOR REFUND.—
  311         (d) A tax refund may not be approved for a qualified target
  312  industry business unless the required local financial support
  313  has been paid into the account for that refund. Except as
  314  provided in paragraph (2)(k), if the local financial support
  315  provided is less than 20 percent of the approved tax refund, the
  316  tax refund must be reduced. In no event may the tax refund
  317  exceed an amount that is equal to 5 times the amount of the
  318  local financial support received. Further, funding from local
  319  sources includes any tax abatement granted to that business
  320  under s. 196.1995 or the appraised market value of municipal or
  321  county land conveyed or provided at a discount to that business.
  322  The amount of any tax refund for such business approved under
  323  this section must be reduced by the amount of any such tax
  324  abatement granted or the value of the land granted, and the
  325  limitations in subsection (3) and paragraph (4)(e) must be
  326  reduced by the amount of any such tax abatement or the value of
  327  the land granted. A report listing all sources of the local
  328  financial support shall be provided to the department when such
  329  support is paid to the account.
  330         (g) The total amount of tax refund claims approved by the
  331  department under this section in any fiscal year may must not
  332  exceed the amount authorized under s. 288.061(6) s. 288.095(3).
  333         Section 18. Subsection (2) and paragraphs (d), (e), and (i)
  334  of subsection (4) of section 288.107, Florida Statutes, are
  335  amended to read:
  336         288.107 Brownfield redevelopment bonus refunds.—
  337         (2) BROWNFIELD REDEVELOPMENT BONUS REFUND.—Bonus refunds
  338  shall be approved by the department as specified in the final
  339  order and allowed from the account as follows:
  340         (a) A bonus refund of $2,500 shall be allowed to any
  341  qualified target industry business as defined in s. 288.106 for
  342  each new Florida job created in a brownfield area eligible for
  343  bonus refunds which is claimed on the qualified target industry
  344  business’s annual refund claim authorized in s. 288.106(6).
  345         (b) A bonus refund of up to $2,500 shall be allowed to any
  346  other eligible business as defined in subparagraph (1)(d)2. for
  347  each new Florida job created in a brownfield area eligible for
  348  bonus refunds which is claimed under an annual claim procedure
  349  similar to the annual refund claim authorized in s. 288.106(6).
  350  The amount of the refund shall be equal to 20 percent of the
  351  average annual wage for the jobs created.
  352         (4) PAYMENT OF BROWNFIELD REDEVELOPMENT BONUS REFUNDS.—
  353         (d) After entering into a tax refund agreement as provided
  354  in s. 288.106 or other similar agreement for other eligible
  355  businesses as defined in paragraph (1)(e), an eligible business
  356  may receive brownfield redevelopment bonus refunds from the
  357  account pursuant to s. 288.106(3)(d).
  358         (e) An eligible business that fraudulently claims a refund
  359  under this section:
  360         1. Is liable for repayment of the amount of the refund to
  361  the department account, plus a mandatory penalty in the amount
  362  of 200 percent of the tax refund, which shall be deposited into
  363  the General Revenue Fund.
  364         2. Commits a felony of the third degree, punishable as
  365  provided in s. 775.082, s. 775.083, or s. 775.084.
  366         (i) The total amount of the bonus refunds approved by the
  367  department under this section in any fiscal year may must not
  368  exceed the total amount specified in s. 288.061(6) appropriated
  369  to the Economic Development Incentives Account for this purpose
  370  for the fiscal year. In the event that the Legislature does not
  371  appropriate an amount sufficient to satisfy projections by the
  372  department for brownfield redevelopment bonus refunds under this
  373  section in a fiscal year, the department shall, not later than
  374  July 15 of such year, determine the proportion of each
  375  brownfield redevelopment bonus refund claim which shall be paid
  376  by dividing the amount appropriated for tax refunds for the
  377  fiscal year by the projected total of brownfield redevelopment
  378  bonus refund claims for the fiscal year. The amount of each
  379  claim for a brownfield redevelopment bonus tax refund shall be
  380  multiplied by the resulting quotient. If, after the payment of
  381  all such refund claims, funds remain in the Economic Development
  382  Incentives Account for brownfield redevelopment tax refunds, the
  383  department shall recalculate the proportion for each refund
  384  claim and adjust the amount of each claim accordingly.
  385         Section 19. Subsection (4) of section 288.108, Florida
  386  Statutes, is amended to read:
  387         288.108 High-impact business.—
  388         (4) AUTHORITY TO APPROVE QUALIFIED HIGH-IMPACT BUSINESS
  389  PERFORMANCE GRANTS.—
  390         (a) The total amount of active performance grants scheduled
  391  for payment by the department in any single fiscal year may not
  392  exceed the amount specified in s. 288.061(6) lesser of $30
  393  million or the amount appropriated by the Legislature for that
  394  fiscal year for qualified high-impact business performance
  395  grants. If the scheduled grant payments are not made in the year
  396  for which they were scheduled in the qualified high-impact
  397  business agreement and are rescheduled as authorized in
  398  paragraph (3)(e), they are, for purposes of this paragraph,
  399  deemed to have been paid in the year in which they were
  400  originally scheduled in the qualified high-impact business
  401  agreement.
  402         (b) If the Legislature does not appropriate an amount
  403  sufficient to satisfy the qualified high-impact business
  404  performance grant payments scheduled for any fiscal year, the
  405  department shall, not later than July 15 of that year, determine
  406  the proportion of each grant payment which may be paid by
  407  dividing the amount appropriated for qualified high-impact
  408  business performance grant payments for the fiscal year by the
  409  total performance grant payments scheduled in all performance
  410  grant agreements for the fiscal year. The amount of each grant
  411  scheduled for payment in that fiscal year must be multiplied by
  412  the resulting quotient. All businesses affected by this
  413  calculation must be notified by August 1 of each fiscal year.
  414  If, after the payment of all the refund claims, funds remain in
  415  the appropriation for payment of qualified high-impact business
  416  performance grants, the department shall recalculate the
  417  proportion for each performance grant payment and adjust the
  418  amount of each claim accordingly.
  419         Section 20. Subsection (4) of section 288.1088, Florida
  420  Statutes, is amended to read:
  421         288.1088 Quick Action Closing Fund.—
  422         (4) Funds appropriated by the Legislature for purposes of
  423  implementing this section shall be placed in reserve and may
  424  only be released pursuant to the legislative consultation and
  425  review requirements set forth in this section.
  426         Section 21. Subsection (2) of section 288.1201, Florida
  427  Statutes, is amended to read:
  428         288.1201 State Economic Enhancement and Development Trust
  429  Fund.—
  430         (2) The trust fund is established for use as a depository
  431  for funds to be used for the purposes specified in subsection
  432  (1). Moneys to be credited to the trust fund shall consist of
  433  documentary stamp tax proceeds as specified in law, local
  434  financial support funds, interest earnings, reversions specified
  435  in law, and cash advances from other trust funds. Funds shall be
  436  expended only pursuant to legislative appropriation or an
  437  approved amendment to the department’s operating budget pursuant
  438  to the provisions of chapter 216.
  439         Section 22. This act shall take effect July 1, 2015.
  440  
  441  ================= T I T L E  A M E N D M E N T ================
  442  And the title is amended as follows:
  443         Delete lines 140 - 141
  444  and insert:
  445         report to certain persons; amending s. 288.061, F.S.;
  446         authorizing the department to execute specified
  447         contracts and agreements from current or future fiscal
  448         year appropriations for specified incentive programs;
  449         prohibiting the total amount of actual or projected
  450         funds approved for a specified payment by the
  451         department from exceeding a specified amount in any
  452         fiscal year for certain programs; providing that the
  453         specified funding limitation may only be waived by the
  454         Legislature in the General Appropriations Act or other
  455         legislation; requiring the department to provide
  456         specified notice to the Legislature upon the final
  457         execution of each contract or agreement; requiring the
  458         department to provide to the Legislature a list of
  459         projected payments for the following fiscal year and a
  460         list of claims actually filed for payment in the
  461         following fiscal year by specified dates; prohibiting
  462         the department from making a scheduled payment under a
  463         contract or agreement for a given fiscal year until
  464         the department has validated that the applicant has
  465         met the performance requirements of the contract or
  466         agreement; providing that the department may only make
  467         payments to the applicant; providing for reversion of
  468         specified funds that are unexpended by a specified
  469         date in a fiscal year; requiring the Legislature to
  470         annually appropriate in the General Appropriations Act
  471         an amount estimated to sufficiently satisfy scheduled
  472         payments in a fiscal year; requiring the department to
  473         pay unfunded claims if the amount appropriated by the
  474         Legislature proves insufficient to satisfy the
  475         scheduled payments in a fiscal year; requiring the
  476         department to notify the legislative appropriations
  477         committees of any anticipated shortfall for the
  478         current fiscal year and of the amount it estimates
  479         will be needed to pay claims during the next fiscal
  480         year; amending s. 288.095, F.S.; providing that moneys
  481         credited to the Economic Development Trust Fund
  482         consist of specified funds and interest earnings;
  483         restricting the use of moneys in the Economic
  484         Development Incentives Account; providing that any
  485         balance in the account at the end of the fiscal year
  486         remains in the account and is available for carrying
  487         out the purposes of the account; creating the Quick
  488         Action Closing Fund Escrow Account within the Economic
  489         Development Trust Fund; restricting the use of moneys
  490         in the Quick Action Closing Fund Escrow Account;
  491         providing for the establishment of a continuing
  492         appropriation category to make payments from the
  493         account; requiring the department to submit a
  494         specified budget amendment in certain circumstances;
  495         requiring the reversion of specified funds to the
  496         State Economic Enhancement and Development Trust Fund
  497         in certain circumstances; establishing an expiration
  498         date for the continuing appropriation category;
  499         providing for reversion of specified funds to the
  500         State Economic Enhancement and Development Trust Fund
  501         in certain circumstances; providing that any balance
  502         in the account at the end of the fiscal year remains
  503         in the account and is available for carrying out the
  504         purposes of the account; providing for the reversion
  505         of any interest earnings in the account to the State
  506         Economic Enhancement and Development Trust Fund on a
  507         specified date of each fiscal year; providing for
  508         expiration of the Quick Action Closing Fund Escrow
  509         Account and reversion of the funds remaining in the
  510         account; authorizing the department to adopt rules;
  511         requiring Enterprise Florida, Inc., to transfer any
  512         funds held in an escrow account for approved Quick
  513         Action Closing Fund contracts or agreements to the
  514         Quick Action Closing Fund Escrow Account within the
  515         Economic Development Trust Fund by a specified date;
  516         amending s. 288.1045, F.S.; conforming provisions to
  517         changes made by the act; prohibiting the department
  518         from certifying any applicant as a qualified applicant
  519         in certain circumstances; amending ss. 288.106,
  520         288.107, 288.108, 288.1088, and 288.1201, F.S.;
  521         conforming provisions to changes made by the act;
  522         providing an effective date.