FL S0506

Revises definitions of "new business" and "expansion of an existing business" to focus on creation of new full-time jobs deemed of economic interest to the community, rather than specific job thresholds and manufacturing requirements.

Authorizes charter county boards of commissioners to call referendums on economic development ad valorem tax exemptions through board vote, petition by 10 percent of registered electors, or charter-specified initiative procedures.

Requires applicants for tax exemptions to provide information on expected job creation, average and median wages, job creation timeline, and requires consideration of factors including total jobs, wages, capital investment, and environmental impact.

Limits duration of economic development tax exemptions to up to 10 years and authorizes written tax exemption agreements that may include performance criteria and revocation authority if applicant fails to meet stated expectations.

Clarifies that a referendum called or held before the effective date satisfies the requirement, preventing the need for another referendum.