HB 1539 Summary

• Creates new aerospace-sector jobs tax credit and tuition reimbursement tax credit for aerospace businesses in Florida that hire qualified employees or reimburse tuition for employee education.

• Aerospace-sector jobs tax credit equals 10 percent of compensation paid to qualified employees for the first five years of employment, with a maximum of $12,500 annually per employee.

• Tuition reimbursement tax credit equals 50 percent of tuition reimbursed to qualified employees (capped at average State University System tuition), available within 4 years of employment if degree or certification is earned within 1 year of hire.

• Annual limit of $2 million total in credits across all aerospace businesses, with individual businesses capped at $200,000 per calendar year; businesses cannot claim both credits for the same employee.

• Tax credit program expires December 31, 2020, but allows carryover of unused credits for up to 5 years; provides civil penalties of 200 percent plus interest and criminal penalties for fraudulent claims.