Florida Senate - 2025                        COMMITTEE AMENDMENT
       Bill No. SB 1264
       
       
       
       
       
       
                                Ì8805081Î880508                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  03/31/2025           .                                
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       The Committee on Commerce and Tourism (Collins) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 1307 - 1389.
    4         Delete lines 4970 - 5083.
    5  
    6  ================= T I T L E  A M E N D M E N T ================
    7  And the title is amended as follows:
    8         Delete lines 76 - 253
    9  and insert:
   10         288.1167, F.S.; revising the sports franchise contract
   11         provisions for food and beverage concession and
   12         contract awards; amending s. 288.12266, F.S.; revising
   13         the purpose of the Targeted Marketing Assistance
   14         Program to include businesses in rural or urban areas;
   15         amending s. 288.1229, F.S.; revising the
   16         representational criteria for the board of directors
   17         of the Florida Sports Foundation; amending s. 288.124,
   18         F.S.; deleting a requirement that the Florida Tourism
   19         Industry Marketing Corporation give preference to
   20         specified governments and groups seeking to attract
   21         minority conventions in this state; amending s.
   22         288.7015, F.S.; revising the duties of the state’s
   23         rules ombudsman; amending s. 288.702, F.S.; renaming
   24         the Florida Small and Minority Business Assistance Act
   25         as the Florida Small Business Act; conforming a cross
   26         reference; amending s. 288.703, F.S.; defining,
   27         deleting, and revising terms; amending s. 288.705,
   28         F.S.; requiring that the Small Business Development
   29         Center, in coordination with Minority Business
   30         Development Centers, compile and distribute certain
   31         information to small businesses and businesses located
   32         in rural or urban areas, rather than to minority
   33         businesses; revising the information to be provided by
   34         the Small Business Development Center in its annual
   35         report to the Department of Commerce; amending s.
   36         288.776, F.S.; deleting a membership requirement of
   37         the board of directors of the Florida Export Finance
   38         Corporation; creating s. 288.9628, F.S.; providing
   39         legislative findings; establishing the Research,
   40         Innovation, Science, and Engineering (RISE) Investment
   41         Tax Credit Program within the Department of Commerce;
   42         providing the purpose for the program; requiring the
   43         department to coordinate with the Florida Opportunity
   44         Fund and the State Board of Administration for a
   45         specified purpose; defining terms; requiring an
   46         applicant to apply to the department for authorization
   47         to claim tax credits; requiring the department to
   48         review and act upon such application within a
   49         specified timeframe; requiring the applicant to
   50         provide certain information required by the
   51         department; specifying the information that must be
   52         included in the application; requiring an applicant to
   53         update its application if there has been a material
   54         change; prohibiting tax credits from exceeding a
   55         specified amount in a fiscal year; prohibiting the
   56         department from issuing a tax credit to a qualifying
   57         private fund until the private fund demonstrates it
   58         has received its total capital commitment; prohibiting
   59         the department from authorizing more than a specified
   60         amount of tax credits to a qualifying private fund in
   61         a fiscal year; requiring a qualifying private fund to
   62         provide documentation to show that the qualifying
   63         investment meets the department’s requirements to
   64         issue a tax credit; providing that follow-on or add-on
   65         capital commitments may only be considered after the
   66         follow-on or add-on investment has been deployed;
   67         requiring a qualifying private fund to make a
   68         specified number of qualified investments in a
   69         specified number of qualifying portfolio projects to
   70         be eligible for a tax credit; specifying the
   71         information that must be included in the submission by
   72         a qualifying private fund; authorizing a qualifying
   73         private fund to receive tax credits equivalent to a
   74         certain percentage of a qualifying investment in a
   75         qualifying portfolio company; requiring the department
   76         to authorize the Department of Revenue to issue tax
   77         credits to a qualifying private fund if certain
   78         requirements are met; prohibiting the Department of
   79         Revenue from issuing more than a specified fraction of
   80         the tax credits authorized for a qualifying investment
   81         in a qualifying portfolio company in a fiscal year;
   82         authorizing credits received to be applied against the
   83         qualifying private fund’s corporate income tax
   84         liability; authorizing a qualifying private fund to
   85         transfer or sell any portion of its tax credit;
   86         requiring such transfer or sale to take place within a
   87         specified timeframe, after which the credit expires;
   88         prohibiting such transfer or sale if the department
   89         authorizes the credit but the Department of Revenue
   90         has not yet issued such credit; authorizing the
   91         department to revoke or modify its previous decisions
   92         if it is discovered that the qualifying private fund
   93         submitted any false statement, representation, or
   94         certification in its application or if information in
   95         a previous application materially changes; requiring
   96         the department to notify the Department of Revenue of
   97         any such revocation or modification affecting
   98         previously granted tax credits; requiring the
   99         qualifying private fund to notify the Department of
  100         Revenue of any change in its tax credit claimed;
  101         requiring that a qualifying private fund must annually
  102         report to the department for each investment within a
  103         specified timeframe in order to remain eligible to
  104         receive tax credits; providing that failure to do so
  105         will result in the qualifying private fund’s tax
  106         credit being revoked; requiring a qualifying private
  107         fund to submit specified information to the department
  108         in order to receive a tax credit; providing
  109         construction; requiring the department to include
  110         specified information in its annual incentives report
  111         beginning on a specified date and annually thereafter;
  112         authorizing the department to adopt rules; amending s.
  113         290.0056, F.S.; conforming provisions to changes made
  114         by the act; amending s. 290.0057, F.S.; revising
  115         enterprise zone development plan requirements to
  116         include business investment corporations in rural or
  117         urban areas; amending s. 331.302, F.S.; providing that
  118         Space Florida is not an agency for purposes of its
  119         ability to bid and contract for certain professional
  120         and construction services under certain circumstances,
  121         and is therefore exempt from certain requirements;
  122         providing that monies received by the person under
  123         contract with Space Florida to provide certain goods
  124         and services are not state or local government funds;
  125         amending s. 331.351, F.S.; revising legislative intent
  126         that rural or urban business enterprises, rather than
  127         women, minorities, and socially and economically
  128         disadvantaged business enterprises, be encouraged to
  129         participate fully in specified development; amending
  130         s. 445.004, F.S.; deleting minority and gender
  131         representation as criteria for the Governor to
  132         consider when choosing the members of the state board
  133         of CareerSource Florida, Inc.; amending s. 445.007,
  134         F.S.; deleting minority and gender representation as a
  135         consideration when making appointments to the local
  136         workforce development boards or to any committees
  137         established by the local workforce development board;
  138         amending s. 445.08, F.S.; revising the minimum
  139         eligibility requirements for the Florida Law
  140         Enforcement Recruitment Bonus Payment Program for
  141         newly employed law enforcement officers; deleting an
  142         expiration date; amending s. 447.203, F.S.; revising
  143         the definition of the term “managerial employees”;
  144         authorizing local governments to enter into agreements
  145         to create regional planning entities; amending ss.
  146         17.11, 68.082, 120.52, 120.525, 120.65, 163.3164,
  147         163.3177, 163.3178, 163.3184, 163.3245, 163.568,
  148         164.1031, 186.003, 186.006, 186.007, 186.008, 186.803,
  149         187.201, 218.32, 255.101, 255.102, 258.501, 260.0142,
  150         287.042, 287.055, 287.057, 287.0943, 288.7031,
  151         288.975, 290.004, 320.08058, 320.63, 335.188, 339.155,
  152         339.175, 339.285, 339.63, 339.64, 341.041, 343.54,
  153         366.93, 369.303, 369.307, 373.309, 373.415, 377.703,
  154         378.411, 380.031, 380.045, 380.05, 380.055, 380.06,
  155         380.061, 380.07, 380.23, 380.507, 381.986, 403.031,
  156         403.0752, 403.503, 403.50663, 403.507, 403.509,
  157         403.5115, 403.5175, 403.518, 403.522, 403.5251,
  158         403.526, 403.5271, 403.5272, 403.5363, 403.5365,
  159         403.537, 403.704, 403.7225, 403.7226, 403.723,
  160         403.9403, 403.941, 403.9422, 403.973, 408.033,
  161         409.901, 420.609, 440.45, 473.3065, 501.171, 625.3255,
  162         627.3511, 641.217, 657.042, 658.67, 947.02, 947.021,
  163         1004.435, and 1013.30, F.S.; conforming provisions to
  164         changes made by the act; revising and conforming
  165         cross-references; making technical changes; reenacting
  166         s. 288.0001(2)(b),