HB 679 Summary

• Establishes a freight and logistics facility tax credit worth $3,000 per qualified full-time employee or 5% of capital investment, available for taxable years 2013-2016 with a $500,000 annual cap per taxpayer and $10 million total fiscal year limit.

• Requires freight and logistics facilities to engage in port-related activities and transport at least 10% more cargo through Florida maritime ports than the previous year to qualify for credits.

• Creates a port volume increase credit providing $50 per TEU (twenty-foot equivalent unit) of cargo above base year volume for manufacturers and distributors, with a $250,000 annual cap per taxpayer and $5 million total fiscal year limit through 2017.

• Allows unused tax credits to carry forward 10 years for the freight facility credit and 5 years for the port volume credit; requires recapture of credits if employee or cargo volume targets are not maintained.

• Delegates implementation to the Department of Economic Opportunity, which must adopt rules for credit computation, eligibility determination, and administration; effective July 1, 2012.