FL S1686

Creates definition of "economic benefits" as direct, indirect, or induced gains in state tax revenues as a percentage of state investment, replacing previous "return on investment" terminology throughout economic development statutes.

Requires the Office of Tourism, Trade, and Economic Development to consider economic benefits when awarding incentives and certifying qualified target industry businesses, and mandates Quick Action Closing Fund awards have positive economic benefit.

Deletes requirement for Enterprise Florida, Inc., to submit annual report on all tax refund applications and agreements under the Economic Development Incentives Account.

Creates new annual incentives report requirement for Enterprise Florida, Inc., due by December 30 each year, detailing economic benefits, job creation, capital investments, and performance data for seven economic development incentive programs beginning in 2015.

Requires Enterprise Florida, Inc., to cooperate with VISIT Florida in promoting target and high-impact industries, and mandates counties and municipalities with 25,000+ population annually provide Enterprise Florida, Inc., with overview of local economic development activities and incentives.