HB 903 - Economic Development Summary

• Eliminates individual per-transaction limits on enterprise zone sales tax refunds for building materials and business property, replacing them with cumulative annual caps of $15 million

• Revises the Rural Job Tax Credit Program by reducing per-employee tax credits from $2,000 to $1,000, with an additional $3,000 credit for businesses in rural areas of opportunity; allows tax credit excess amounts to be claimed as ad valorem tax reimbursement

• Creates a speculative building program for rural counties, allowing grants up to 50% of construction costs, and increases infrastructure grant percentages from 40% to 50% for catalyst sites

• Modifies the target industry tax refund program to exempt rural area of opportunity businesses from local financial support reductions and allows businesses to apply for waivers of target industry criteria

• Repeals the scheduled expiration date of the Florida Enterprise Zone Act and authorizes $10 million annual limit for sales tax refunds on electricity for eligible rural businesses, effective January 1, 2016