HB 133 Summary

• Creates corporate income tax credits for certified commercial spaceflight businesses operating in Florida's commercial launch zones, effective for tax years beginning January 1, 2014.

• Establishes four types of tax credits: a nontransferable credit equal to 50% of net tax; a transferable net operating loss credit (up to $50 million annually); a jobs credit of 10% of wages per employee up to $7,500 (up to $15 million annually); and a machinery/equipment credit of 7.5% of qualifying investments.

• Requires businesses to meet eligibility criteria including creating at least 35 net new jobs, investing at least $15 million, and achieving a successful launch from a Florida commercial launch zone within the prior 3 years.

• Assigns administration to the Governor's Office of Tourism, Trade, and Economic Development in consultation with Space Florida, with the Department of Revenue handling audits and compliance; eligibility expires 10 years after certification or last successful launch.

• Amends sections 220.02, 220.13, 220.16, 213.053, and 14.2015 to integrate the new credits into Florida's tax code and allow information sharing between tax authorities and the administering office.