HB 1199 Summary

• Authorizes the Department of Economic Opportunity to approve prorated tax refunds for qualified target industry businesses that fail to meet all agreement requirements under certain circumstances.

• Allows businesses in specified counties (Bay, Escambia, Franklin, Gadsden, Gulf, Jefferson, Leon, Okaloosa, Santa Rosa, Wakulla, Walton) to have local financial support requirements reduced by one-half if the reduction facilitates economic development, effective through June 30, 2014.

• Establishes two types of prorated refunds: one with a 5-percent penalty requiring 80 percent employment achievement, and one with a 10-percent penalty requiring creation of at least 10 jobs, both contingent on average wages meeting 90 percent of specified agreement levels.

• Requires businesses receiving prorated refunds to renegotiate tax refund agreements with the department to comply with current law and procedures, with possible agreement extensions up to 2 years.

• Effective date: July 1, 2012.