FL H1457

Creates a new advanced clean energy development tax credit (section 220.194) for businesses conducting clean energy research and development at the John F. Kennedy Space Center.

Tax credit consists of three $3 million components: $3 million upon agreement execution, $3 million when application is approved, and $3 million when construction begins, with a maximum $6 million annual claim and up to $27 million total over 9 years.

Only one business may be certified to receive the credit; applicants must submit complete applications to Space Florida by September 1, 2010, and execute a written agreement by December 1, 2010.

Applicants must commit to incurring at least $50 million in project liabilities, investing at least $20 million by 2014, hiring employees at 200 percent of federal minimum wage, and entering into a sponsored research and development agreement.

Space Florida and the Department of Revenue have authority to audit, investigate, revoke eligibility, and recapture previously claimed credits if the business fails to meet requirements or submits false information.