FL H1199

Creates section 220.153 allowing taxpayers to apportion adjusted federal income solely by sales factor if they invest at least $250 million in qualified capital expenditures and maintain their full-time workforce in Florida.

Establishes a two-year application process where taxpayers must notify the Office of Tourism, Trade, and Economic Development of intent to apply, then submit a detailed application within two years demonstrating eligibility.

Permits approved taxpayers to make the election irrevocable for 4 years; after that period they may renew the election or revert to standard apportionment under section 220.15.

Grants the Department of Revenue authority to audit and verify correct tax apportionment, and authorizes the Office of Tourism, Trade, and Economic Development to revoke approval if the application contained materially false information.

Imposes recapture of unpaid taxes plus 100 percent penalty if eligibility is revoked, with taxpayer required to file amended returns and pay within 60 days of notification or face additional penalties under section 220.803.