HB 7087 Summary - Economic Development

• Provides intangible tax exemption for governmental lessees performing public purposes, retroactively applied to all governmental leaseholds in existence as of January 1, 2011.

• Establishes funding sources from cigarette tax collections for the H. Lee Moffitt Cancer Center (2.75% of collections through June 30, 2033) and Department of Health biomedical research grants with Sanford-Burnham Institute (1% of collections through June 30, 2021).

• Revises phosphate rock severance tax rate to $1.80 per ton (January 1, 2015 - December 31, 2022) and redistributes revenues among conservation lands, general revenue, counties, and research funds.

• Expands sales tax exemptions for packinghouse electricity, aircraft repair/maintenance, aircraft/gas turbine engine manufacturing items, and accessible taxicabs; increases corporate and franchise tax exemption amounts from $50,000 to $25,000.

• Creates enterprise zone designations for Charlotte and Citrus Counties, authorizes airport privatization for municipalities in federal pilot programs, allows distilled spirits over 153 proof for export, establishes tax-free weekend for clothing/school supplies (August 3-5, 2012), and appropriates $14.9 million to economic development programs.