CS/CS/HB 873 Summary

• Establishes the Florida Space Business Incentives Act creating corporate income tax credits for certified spaceflight businesses engaged in launch, payload, research and development, and other space activities in Florida.

• Authorizes nontransferable credits up to $1 million per taxpayer (maximum $5 million total) and transferable net operating loss credits up to $2.5 million per taxpayer (maximum $15 million total) for spaceflight projects, with approvals only through October 1, 2017.

• Requires spaceflight businesses to create at least 35 new jobs and invest $15 million in the state over 3 years to qualify for certification and tax credits.

• Increases maximum tax refunds for defense and space flight contractors from $5 million to $7 million and for qualified target industry businesses from $5 million to $7 million in all fiscal years.

• Assigns administration of the spaceflight tax credit program to the Office of Tourism, Trade, and Economic Development, with Department of Revenue authority to audit returns and recapture credits for non-compliance.