FL S1470

Authorizes qualifying businesses with insufficient corporate income tax liability to apply their capital investment tax credit against state sales and use tax liability for a 12-month period.

Requires qualifying businesses claiming the sales and use tax credit to make additional capital investments in Florida equal to or greater than the applied credit amount within 5 years.

Limits sales and use tax credit eligibility to businesses with headquarters in Florida that signed an agreement with the Department of Revenue between January 1, 2006, and December 31, 2008, and qualify under the $100 million capital investment threshold.

Caps the maximum annual sales and use tax credit any single qualifying business may claim at $5 million per state fiscal year.

Requires qualifying businesses to annually report capital investments to the Office of Tourism, Trade, and Economic Development, the President of the Senate, and the Speaker of the House; businesses failing to meet investment requirements must repay credits with interest.