FL H7203

Repeals chapter 221 (emergency excise tax) effective January 1, 2012 and creates a new corporate income tax credit under section 220.194 to allow taxpayers to claim credits for emergency excise taxes previously paid under the former chapter.

Creates section 220.153 establishing a single sales factor apportionment method for taxpayers making qualified capital expenditures of at least $250 million and maintaining specified employment levels, requiring application to the Office of Tourism, Trade, and Economic Development.

Increases entertainment industry tax credits from $38 million to $50 million per fiscal year for fiscal years 2012-2015 and adds definitions for qualified production facilities, regional population ratios, and underutilized regions to guide credit distribution.

Authorizes Martin County, City of Palm Bay, and Lake County to each apply for one enterprise zone designation with specific acreage limits, and allows existing rural enterprise zones to expand by up to 3 square miles with application deadline of December 31, 2012.

Appropriates $44.5 million in nonrecurring General Revenue Funds to the State Economic Enhancement and Development Trust Fund for business expansion and creation using various economic incentive programs.