CS for CS for SB 1024 Summary

• Establishes Economic Development Programs Evaluation requiring the Office of Economic and Demographic Research and OPPAGA to analyze economic development programs on a rolling schedule beginning January 1, 2014, evaluating economic benefits, jobs created, and return on investment.

• Requires surety bonds or alternative security for applicants receiving Quick Action Closing Fund or Innovation Incentive Program awards exceeding specified amounts, with limited waiver authority subject to Legislative Budget Commission approval for awards over $5 million.

• Creates Triumph Gulf Coast, Inc., a nonprofit corporation to administer a Recovery Fund derived from 75% of Deepwater Horizon settlements for economic recovery and diversification in eight disproportionately affected Gulf Coast counties.

• Consolidates and revises economic development reporting requirements into annual incentives reports prepared by Enterprise Florida, Inc., and the Department of Economic Opportunity, eliminating redundant separate reporting to the Governor and Legislature.

• Modifies unemployment insurance eligibility requirements, including online work registration, new disqualification for failure to maintain required licenses or certifications, and penalties for benefit fraud overpayments.