HB 1347 - Corporate Transparency in the State Budget

• Requires granting bodies and applicants for development subsidies ($25,000+) to complete standardized applications detailing job creation, wages, benefits, and subsidy terms, with annual and biennial reporting to track performance against goals

• Mandates contracting agencies and contract bidders ($25,000+) to submit detailed applications and annual reports including contractor information, compensation, wage breakdowns, and measurable quality standards for contract performance

• Establishes unified reporting requirements for tax expenditures (credits, abatements, exemptions) valued at $5,000+, requiring the Department of Economic Opportunity to compile and publish searchable databases on benefits received by corporations

• Requires property taxing entities to annually report all property tax reductions and abatements, with the Department of Revenue authorized to withhold further tax benefits from entities failing to report

• Mandates publicly-traded corporations and their affiliates doing business in Florida to file annual tax disclosure statements with the Department of Revenue, containing detailed financial and employment information, with violations subject to penalties