CS/CS/HB 287 Summary

• Expands definition of "new business" and "expansion of existing business" to include organizations (not just corporations) and adds requirement that new jobs pay average wages above the area average.

• Adds target industry businesses as eligible for economic development tax exemptions under revised definitions in section 196.012.

• Allows charter counties to call referendums on economic development ad valorem tax exemptions upon receipt of petitions or initiatives signed by percentages of electors required by county charter (if less than 10 percent).

• Requires applicants to provide information on expected job creation, average wages, job schedules, and capital investment; limits exemption duration to up to 10 years and establishes criteria for county/municipal consideration of applications.

• Authorizes written tax exemption agreements with performance criteria and allows revocation of exemptions if applicants fail to meet job creation and wage expectations; applies only to exemptions granted from referenda held on or after July 1, 2011.