CS for CS for SB 1992 Summary

• Creates the Florida Ports Investment Corporation as a nonprofit entity to invest in qualified port projects and port-related businesses that increase cargo capacity and economic productivity at Florida's designated ports.

• Establishes a tax credit program allowing participating investors who contribute capital to the corporation to earn vested credits equal to 100% of allocated amounts, usable against corporate income tax, sales and use tax, or insurance premium tax beginning July 1, 2012.

• Limits total tax credits allocated to $100 million on a first-come, first-served basis, with individual investors restricted to using no more than 10 percentage points of vested credits annually, with carryforward allowed through calendar year 2029.

• Requires minimum 25% matching funds from port authorities, local governments, federal sources, or private entities for each qualified project; establishes a board of directors including the director of the Office of Tourism, Trade, and Economic Development as chair, plus gubernatorial and legislative appointees with relevant business experience.

• Mandates annual reporting to the Governor and Legislature on investor participation, project investments, job creation, wage levels, and economic impact, with Department of Revenue audit authority to verify compliance and recover fraudulently claimed credits.