HB 475 Summary: Urban Job Creation Investment Act

• Creates the Florida Urban Investment Job Creation Authority and zone development corporations to designate and manage enterprise program zones within legacy enterprise zones and federally designated empowerment zones.

• Establishes qualified business requirements including location in an enterprise program zone and employment of at least 25% of workers from disadvantaged populations (zone residents, long-term unemployed, welfare recipients, or low-income individuals).

• Provides state incentives for qualified businesses including 50% sales tax credits, 8% corporate income tax credits, $1,500 per-employee hiring credits, and loans/loan guarantees through enterprise program zone assistance funds.

• Requires zone development corporations to submit annual reports and fiscal impact studies; authorizes administrative fees up to 10% and allows use of loan repayments for additional assistance to qualified businesses.

• Establishes June 30, 2023 expiration date for the program; requires Office of Program Policy Analysis and Government Accountability to submit effectiveness evaluation by January 15, 2023.