FL S1090

Allows qualifying taxpayers to apportion adjusted federal income solely by sales factor instead of using the standard three-factor apportionment method (sales, property, and payroll).

Requires taxpayers to make qualified capital expenditures of at least $250 million on or after July 1, 2012, and maintain their original full-time employee count to be eligible for this special apportionment method.

Establishes a two-year application process where taxpayers notify the Office of Tourism, Trade, and Economic Development of intent to apply, then submit a formal application within two years for office approval within 45 days.

Allows taxpayers to elect the sales-factor-only apportionment method for four years without revocation, with option to renew in four-year increments by filing timely tax returns.

Grants the Department of Revenue authority to audit compliance and permits the Office of Tourism, Trade, and Economic Development to revoke eligibility and recapture unpaid taxes, interest, and a 100 percent penalty if application information is found to be materially false.