SB 790 Summary

• Creates aerospace-sector jobs tax credit equal to 10 percent of compensation paid to qualified employees for first through fifth years of employment, capped at $12,500 annually per employee.

• Establishes tuition reimbursement tax credit equal to 50 percent of tuition reimbursed to qualified employees, limited to amounts not exceeding average annual tuition at Florida public universities.

• Sets maximum annual limit of $2 million in total credits statewide and $200,000 per aerospace business, with unused credits allowed to carry forward up to 5 years.

• Requires aerospace businesses to apply to the Department of Revenue for credit authorization and establishes criminal penalties including third-degree felony charges for fraudulent claims or grossly overstated claims exceeding 100 percent of allowable amounts.

• Sunsets the credit program December 31, 2021, though existing carryover credits may continue to be claimed thereafter; effective January 1, 2012.