SB 1556 - Economic Development Summary

• Replaces individual sales tax refund caps with cumulative annual limits of $15 million for building materials rehabilitation in enterprise zones and business property purchases in enterprise zones.

• Increases Rural Job Tax Credit Program benefits from $1,000 to $2,000 per employee for new and existing businesses, plus additional $3,000 per employee credit for businesses in rural areas of opportunity.

• Authorizes ad valorem tax reimbursements for eligible businesses whose tax credits exceed corporate income tax liability and provides sales tax refunds up to 50 percent for electricity costs (capped at $10 million annually).

• Removes scheduled expiration dates for Florida Enterprise Zone Act programs by repealing section 290.016 and conforming provisions across multiple tax code sections.

• Creates speculative building construction program for rural counties with grants not exceeding 50 percent of project costs and increases rural infrastructure grant percentages from 30-40 percent to 40-50 percent of total project costs.