HB 1491 Summary

• Creates the Florida Infrastructure Fund Partnership as a private limited partnership managed by the Florida Opportunity Fund to raise investment capital and invest in state infrastructure projects that promote economic development.

• Establishes the Florida Infrastructure Investment Trust to issue certificates to investment partners guaranteeing tax credits, with total certificates not to exceed $700 million and requiring at least $100 million in commitments by December 1, 2013.

• Limits annual tax credit usage to $150 million per fiscal year and allows tax credits to be claimed for 7 years against sales tax, corporate income tax, or insurance premium taxes.

• Restricts partnerships from investing in projects with or accepting investments from certain scrutinized companies; prohibits pledging state credit or taxing power; and requires annual reports to the Governor and Legislature on capital raised, disbursed, and project progress.

• Effective July 1, 2012; allows partnership to enter commitment agreements beginning July 1, 2012, with investment manager candidates required to maintain a state office for at least 2 years prior to solicitation.