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FL S1962
Bill
AI Summary
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Creates the "Municipal Revitalization Act" authorizing municipalities with populations of at least 250,000 and counties with populations of at least 750,000 to designate sales tax TIF (Tax Increment Financing) areas within enterprise zones to support retail development projects.
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Allows governing bodies to share annual increases in state sales tax collections from designated areas with the state through tiered percentages (85% of increases up to $85,000 monthly, declining to 0% above $1 million), with funds transferred to the Revenue Sharing Trust Fund for Municipalities.
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Requires retail development projects to create at least 500 jobs and generate more than $1 million in annual sales tax revenue, with development agreements mandating at least 25% of construction work go to minority business enterprises and 35% of new jobs go to enterprise zone residents.
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Authorizes issuance of tax increment revenue bonds secured by increased sales tax revenues to finance retail development costs, with bonds exempt from constitutional debt limitations and interest exempt from taxation.
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Establishes a 15-year maximum term for sales tax TIF areas and requires Office of Tourism, Trade, and Economic Development approval of designations following public hearings and establishment of base year sales tax baselines.
Legislative Description
Revitalizing Municipalities
Last Action
Indefinitely postponed and withdrawn from consideration
5/7/2011