CS for SB 1752 - Economic Development Bill Summary

• Creates new economic development tax credit programs including the Jobs for the Unemployed Tax Credit ($1,000 per qualified employee, $10 million total available) and the Entertainment Industry Financial Incentive Program (providing 20% tax credits up to $8 million for qualified productions, with $53.5-$74.5 million annually available)

• Establishes new grant programs: Local Government Distressed Area Matching Grant Program ($3 million appropriated), Manufacturing and Spaceport Investment Incentive Program (sales tax refunds up to $50,000 per entity), and Florida Research Commercialization Matching Grant Program (Phase I and Phase II grants up to $50,000 and $250,000 respectively)

• Modifies professional sports franchise funding by replacing the spring training franchise program under s. 288.1162 with a new separate program under s. 288.11621 with stricter requirements (20-year agreements, higher attendance thresholds, competitive evaluation criteria)

• Implements various tax changes including maximum $18,000 tax cap on boat sales, $300 maximum tax on fractional aircraft ownership, and new aircraft exemptions; extends permit expiration dates by 2 years for permits issued between September 1, 2008 and January 1, 2012

• Requires counties and municipalities receiving economic development funds to report incentives exceeding $25,000 to the Legislative Committee on Intergovernmental Relations and establishes preference for state residents in construction contracts funded by state dollars