SB 1116 Summary

• Renames "rural areas of critical economic concern" to "rural areas of opportunity" throughout Florida statutes and increases tax credits for eligible businesses in these designated areas from $1,000 to $2,000 per qualified employee.

• Provides an additional $3,000 tax credit per qualified employee for new eligible businesses located in rural areas of opportunity, and authorizes eligible businesses to claim ad valorem tax reimbursements and up to 50% refunds on electricity sales taxes (capped at $5 million annually).

• Increases grant funding caps for regional economic development organizations from $35,000 to $50,000 annually, or from $100,000 to $150,000 in rural areas of opportunity, with flexible matching requirements determined by the Department of Economic Opportunity.

• Increases infrastructure project grant percentages from 30% to 40% (or 40% to 50% for catalyst sites) and removes the requirement that eligible projects be related to specific job-creation opportunities, while eliminating the 80% tax refund cap for qualified target industry businesses in rural areas of opportunity.

• Exempts qualified target industry businesses in rural areas of opportunity from local financial support reduction requirements and allows regional economic development organizations to develop industry-specific target industries for their respective rural areas.