FL H1069

Allows qualifying businesses with insufficient corporate income tax liability to apply unused capital investment tax credits against state sales and use tax liability instead of carrying them forward.

Requires businesses claiming sales and use tax credits to make additional capital investments equal to or greater than the applied credit within 5 years, and to annually report capital investments to the Office of Tourism, Trade, and Economic Development and legislative leadership.

Limits sales and use tax credits to businesses with headquarters in Florida that signed an agreement with the Department of Revenue between January 1, 2006 and December 31, 2008, with a maximum annual credit of $5 million per business.

Requires repayment of sales and use tax credits plus interest if a business fails to make required capital investments or fails to report its investments as required.

Specifies that sales and use tax credits must be claimed through electronic funds transfer and electronic tax returns, with unused portions expiring after a 12-month period following initial approval.