HB 611 Summary: Rural Areas of Opportunity

• Renames "rural areas of critical economic concern" as "rural areas of opportunity" throughout Florida statute and increases economic development incentives for businesses locating in these designated areas.

• Increases rural job tax credits from $1,000 to $2,000 per employee for new and existing eligible businesses, plus an additional $3,000 credit for new businesses in rural areas of opportunity.

• Expands infrastructure grant funding authority by increasing maximum grant percentages (from 30-40% to 40-50% of project costs) and raises maximum grant amounts for rural development organizations from $35,000 to $50,000 annually.

• Removes the tax refund cap for qualified target industry businesses and exempts those located in rural areas of opportunity from local financial support reduction requirements.

• Authorizes Department of Revenue to administer new sales tax refunds (up to 50% of electricity costs, capped at $10 million annually) and ad valorem tax reimbursements for eligible businesses, effective January 1, 2015.