Florida Senate - 2025 SB 1516
By Senator Wright
8-01510A-25 20251516__
1 A bill to be entitled
2 An act relating to the aerospace industry; amending s.
3 331.3051, F.S.; requiring Space Florida to administer
4 the International Aerospace Innovation Fund; amending
5 s. 331.310, F.S.; conforming a cross-reference;
6 creating s. 331.372, F.S.; establishing the
7 International Aerospace Innovation Fund; providing the
8 purpose and duties of the fund; requiring Space
9 Florida to secure funding from certain sources;
10 requiring Space Florida to develop certain eligibility
11 criteria; providing requirements for such eligibility
12 criteria; requiring that funding be awarded in a
13 certain manner; requiring Space Florida to establish a
14 certain panel; requiring Space Florida to establish an
15 application process for projects seeking funding from
16 the fund; requiring Space Florida to identify and
17 establish certain partnerships; authorizing Space
18 Florida to negotiate and enter into bilateral
19 agreements for certain purposes; providing an
20 effective date.
21
22 Be It Enacted by the Legislature of the State of Florida:
23
24 Section 1. Present subsections (15) and (16) of section
25 331.3051, Florida Statutes, are redesignated as subsections (16)
26 and (17), respectively, and a new subsection (15) is added to
27 that section, to read:
28 331.3051 Duties of Space Florida.—Space Florida shall:
29 (15) Administer the International Aerospace Innovation Fund
30 established under s. 331.372.
31 Section 2. Paragraph (e) of subsection (2) of section
32 331.310, Florida Statutes, is amended to read:
33 331.310 Powers and duties of the board of directors.—
34 (2) The board of directors shall:
35 (e) Prepare an annual report of operations as a supplement
36 to the annual report required under s. 331.3051(17) s.
37 331.3051(16). The report must include, but not be limited to, a
38 balance sheet, an income statement, a statement of changes in
39 financial position, a reconciliation of changes in equity
40 accounts, a summary of significant accounting principles, the
41 auditor’s report, a summary of the status of existing and
42 proposed bonding projects, comments from management about the
43 year’s business, and prospects for the next year.
44 Section 3. Section 331.372, Florida Statutes, is created to
45 read:
46 331.372 International Aerospace Innovation Fund.—
47 (1) The International Aerospace Innovation Fund is
48 established to accelerate global aerospace innovation by funding
49 collaborative research and development projects, workforce
50 development initiatives, and commercialization efforts. The
51 International Aerospace Innovation Fund shall be administered by
52 Space Florida.
53 (2) The International Aerospace Innovation Fund shall:
54 (a) Develop partnerships between Florida-based aerospace
55 companies and international aerospace companies.
56 (b) Drive innovation in critical technology areas related
57 to aerospace as defined in s. 331.303, including, but not
58 limited to, space exploration, advanced manufacturing, and space
59 infrastructure.
60 (c) Attract global investment in this state’s aerospace
61 ecosystem.
62 (3) Space Florida shall secure funding for the
63 International Aerospace Innovation Fund. Funding may be received
64 from:
65 (a) The state, in the form of direct appropriations to
66 Space Florida for purposes of the International Aerospace
67 Innovation Fund, investment by the Florida Opportunity Fund, and
68 any other investment, loan, or grant funds for which projects of
69 the International Aerospace Innovation Fund qualify.
70 (b) Private sector investments. Space Florida may solicit
71 matching funds from and partner with private aerospace companies
72 and venture capital funds.
73 (c) International contributions. To the extent permitted
74 under state law, Space Florida may collaborate with foreign
75 industry development organizations or innovation authorities to
76 co-fund International Aerospace Innovation Fund projects.
77 (4)(a) Space Florida shall develop eligibility criteria for
78 projects that may be funded by the International Aerospace
79 Innovation Fund. The eligibility criteria must include, but are
80 not limited to, all of the following:
81 1. The project must involve at least one aerospace company
82 or organization that is based in this state.
83 2. The project must be a partnership that involves at least
84 one of the following:
85 a. An international aerospace company.
86 b. A university.
87 c. A space agency.
88 d. A research institute.
89 3. The project must be intended, and have demonstrated
90 potential, for commercialization.
91 (b) Funding must be competitively awarded to eligible
92 projects based on merit. Space Florida shall establish a panel
93 of aerospace experts to evaluate and recommend projects.
94 (c) Space Florida shall establish an application process
95 for projects seeking funding by the International Aerospace
96 Innovation Fund.
97 (5) Space Florida shall identify and establish
98 partnerships, to the extent possible, with countries that have
99 robust aerospace sectors.
100 (6) Space Florida may negotiate and enter into bilateral
101 agreements for the purposes of this section, which may include,
102 but are not limited to, the establishment of co-funding
103 commitments, intellectual property rights, and collaboration
104 terms.
105 Section 4. This act shall take effect July 1, 2025.