HB 1029 Summary

• Creates Part XIII of Chapter 288, Florida Statutes, establishing a Space Exploration Research Laboratory program at Florida Institute of Technology funded through state grants.

• Requires Florida Institute of Technology to submit a plan including enrollment projections, faculty hiring goals, National Academy membership targets, and private/federal research funding strategies for 10-year period.

• Mandates annual reporting by February 1 on student enrollment and graduation numbers, faculty qualifications, research funds secured, patents issued, and startup companies formed.

• Distributes $5 million annually from sales and use taxes generated by Kennedy Space Center and Cape Canaveral Air Force Station visitor activity for 10 years, contingent on institute generating at least $20 million in nonstate revenue by year 10.

• Authorizes Department of Economic Opportunity to cease funding distributions if institute fails to meet $20 million nonstate revenue target within 10 years or fails to make substantial progress toward world-class research laboratory status.