CS for CS for SB 1856 - Summary

• Establishes legislative findings supporting tax refunds for qualified target industry businesses that create high-wage jobs and strengthens Florida's economic base

• Requires the Office of Tourism, Trade, and Economic Development to review and revise the list of target industries every three years beginning January 1, 2011, and submit reports to the Governor and Legislature

• Adds "return on investment" as an evaluation criterion for applicants, requiring the Office of Economic and Demographic Research to report on the methodology and model used to calculate return on investment by September 1 of every third year beginning September 1, 2010

• Renames the "economic stimulus exemption" to "economic recovery extension" and extends the deadline for businesses to request this extension from July 1, 2011 to July 1, 2012

• Allows the office to waive annual proof-of-taxes requirements if a business demonstrates it has paid state taxes equal to or exceeding its total eligible refunds, and requires the office to report on businesses that fail to complete their tax refund agreements

• Extends the program expiration date from June 30, 2010 to June 30, 2020, allowing new applicants to be certified through that date