CS/HB 7069 Summary

• Deletes the $7 million lifetime cap on tax refunds for qualified defense contractors and space flight businesses under section 288.1045, Florida Statutes.

• Removes the $7 million lifetime cap and $1.5 million annual cap on tax refunds for qualified target industry businesses under section 288.106, Florida Statutes.

• Authorizes reduction of local financial support requirements by one-half for qualified target industry businesses located in specified counties (Bay, Escambia, Franklin, Gadsden, Gulf, Holmes, Jackson, Jefferson, Leon, Okaloosa, Santa Rosa, Wakulla, Walton, and Washington) when determined to be in the state's best interest.

• Requires any reduction of local financial support requirements to be funded from the Economic Development Incentives Account within the Economic Development Trust Fund, with funds not to exceed 90 percent of the annual tax refund for any qualified target industry business.

• Provision reducing local financial support requirements expires June 30, 2014; effective date is July 1, 2012.