FL S1434

Creates a new prorated tax refund option under paragraph (6)(f) for businesses that fail to meet full agreement terms but create at least 10 jobs and pay average wages at least 90 percent of the agreed amount, subject to a 10 percent penalty.

Permits businesses failing to satisfy agreement terms to apply for prorated refunds under paragraph (6)(e) with an 80 percent employment threshold and 5 percent penalty, or request prorated refunds under the new paragraph (6)(f).

Requires businesses receiving prorated refunds or economic recovery extensions to renegotiate their tax refund agreements with the Department of Economic Opportunity to comply with current law and departmental procedures.

Changes terminology throughout the statute from "office" to "Department of Economic Opportunity" to clarify the administering agency.

Takes effect July 1, 2012.