CS for CS for CS for SB 1664 - Economic Programs Summary

• Renames Department of Economic Opportunity to Department of Commerce and transfers all duties, functions, records, and appropriations from Enterprise Florida, Inc. to the Department of Commerce through a type two transfer, effective July 1, 2023.

• Transfers Enterprise Florida, Inc. operations to the Department of Commerce with a transition period until December 1, 2023, during which Enterprise Florida, Inc. may continue operations under specified conditions (board of directors repealed October 1, 2023).

• Establishes direct-support organizations for international trade and business development (under s. 288.012) and the Florida Sports Foundation (under s. 288.1229), with the Secretary of Commerce as head of the international trade organization.

• Repeals numerous economic development tax credit and incentive programs including the qualified target industry tax refund program (s. 288.106), qualified defense contractor tax refund program (s. 288.1045), entertainment industry tax credit (s. 220.1899), and various other programs while maintaining existing contracts.

• Revises economic development program administration by removing references to Enterprise Florida, Inc. throughout Florida Statutes and consolidating economic development functions within the Department of Commerce, with continued role for Florida Tourism Industry Marketing Corporation and other direct-support organizations.