HB 1161 Summary: Florida Small Manufacturing Business Recovery Act

• Establishes a relief fund certification program beginning August 1, 2021, allowing the Department of Economic Opportunity to approve up to $100 million in relief investment authority and $80 million in relief contributions for certified relief funds.

• Requires applicants to be federally approved rural or small business investment companies with at least $500 million invested in small businesses and have a principal officer with 4+ years tenure.

• Relief funds must invest at least 70 percent of their authority within 1 year and 100 percent within 2 years after closing date in "impact businesses" (businesses with fewer than 200 employees principally operating in Florida, primarily in manufacturing industries).

• Authorizes nonrefundable tax credits against premium taxes for investors, issued in five equal annual installments on closing date anniversaries in 2023-2027, and allows credits to be carried forward and transferred.

• Requires relief funds to submit annual reports documenting investments and employment impacts, and permits decertification after the sixth anniversary if 100 percent of relief investment authority has been invested.