Florida Senate - 2011                                    SB 1392
       
       
       
       By Senator Bennett
       
       
       
       
       21-00914-11                                           20111392__
    1                        A bill to be entitled                      
    2         An act relating to economic development; amending s.
    3         288.1229, F.S.; authorizing a direct-support
    4         organization of the Office of Tourism, Trade, and
    5         Economic Development to establish the Florida Golf
    6         Trail; requiring the direct-support organization to
    7         cooperate with various entities; authorizing the
    8         direct-support organization to license the name
    9         “Florida Golf Trail” and receive compensation for such
   10         licensing; providing that the direct-support
   11         organization and its licensees have exclusive use of
   12         such name; encouraging the direct-support organization
   13         to enter into certain licensing arrangements or
   14         contracts; prohibiting the direct-support organization
   15         from accepting certain financial responsibility or
   16         liability for the Florida Golf Trail; authorizing
   17         various economic development and tourism promotion
   18         agencies to support the Florida Golf Trail; amending
   19         s. 288.9913, F.S.; revising the definition of the term
   20         “qualified active low-income community business” for
   21         purposes of the New Markets Development Program Act;
   22         requiring the direct-support organization to submit a
   23         report to the Governor and Legislature on the Florida
   24         Golf Trail; providing an effective date.
   25  
   26  Be It Enacted by the Legislature of the State of Florida:
   27  
   28         Section 1. Subsection (10) is added to section 288.1229,
   29  Florida Statutes, to read:
   30         288.1229 Promotion and development of sports-related
   31  industries and amateur athletics; direct-support organization;
   32  powers and duties.—
   33         (10)(a) The direct-support organization may establish
   34  within the state, develop, and provide for the statewide
   35  marketing of a Florida Golf Trail to promote the expansion of
   36  international and domestic golf tourism in the state, the
   37  creation of jobs, and the economic development of the golf
   38  industry and its related hospitality, travel, sales, retail,
   39  real estate, equipment manufacturing, and distribution services
   40  in the state.
   41         (b) The direct-support organization, to the maximum extent
   42  practicable, shall cooperate with the PGA Golf Professional Hall
   43  of Fame, existing professional and amateur golf associations,
   44  golf courses, golf industry businesses, and statewide and
   45  regional golf marketing efforts to implement the Florida Golf
   46  Trail as an effective golf tourism promotion program.
   47         (c) The direct-support organization may license the name
   48  “Florida Golf Trail” and shall develop criteria for the most
   49  effective use of the brand. The direct-support organization and
   50  its licensees shall have exclusive use of the name “Florida Golf
   51  Trail.”
   52         (d) The direct-support organization is encouraged to enter
   53  into licensing arrangements or contracts that facilitate the
   54  efficient, cost-effective, and successful financing,
   55  development, and marketing of the Florida Golf Trail. However,
   56  the direct-support organization may not accept any financial
   57  responsibility or liability for the creation of the Florida Golf
   58  Trail or its related activities but may receive compensation for
   59  licensing under paragraph (c).
   60         (e) The Florida Tourism Industry Marketing Corporation,
   61  Enterprise Florida, Inc., and other economic development and
   62  tourism promotion agencies at the state and local levels may
   63  support the development, branding, and marketing of the Florida
   64  Golf Trail.
   65         Section 2. Subsection (7) of section 288.9913, Florida
   66  Statutes, is amended to read:
   67         288.9913 Definitions.—As used in ss. 288.991-288.9922, the
   68  term:
   69         (7) “Qualified active low-income community business” means
   70  a corporation, including a nonprofit corporation, or partnership
   71  that complies with each of the following:
   72         (a)1. Derives at least 50 percent of its total gross income
   73  from the active conduct of business within any low-income
   74  community for any taxable year.
   75         2. Uses at least 40 percent of its tangible property,
   76  whether owned or leased, within any low-income community for any
   77  taxable year, which percentage shall be the average value of the
   78  tangible property owned or leased and used within a low-income
   79  community by the corporation or partnership divided by the
   80  average value of the total tangible property owned or leased and
   81  used by the corporation or partnership during the taxable year.
   82  The value assigned to leased property by the corporation or
   83  partnership must be reasonable.
   84         3. Performs at least 40 percent of its services through its
   85  employees in a low-income community for any taxable year, which
   86  percentage shall be the amount paid by the corporation or
   87  partnership for salaries, wages, and benefits to employees in a
   88  low-income community divided by the total amount paid by the
   89  corporation or partnership for salaries, wages, and benefits
   90  during the taxable year.
   91         4. Attributes less than 5 percent of the average of the
   92  aggregate unadjusted bases of the property of the entity to
   93  collectibles, as defined in 26 U.S.C. s. 408(m)(2), other than
   94  collectibles that are held primarily for sale to customers in
   95  the ordinary course of the business for any taxable year.
   96         5. Attributes less than 5 percent of the average of the
   97  aggregate unadjusted bases of the property of the entity to
   98  nonqualified financial property, as defined in 26 U.S.C. s.
   99  1397C(e), for any taxable year.
  100  
  101  A corporation or partnership complies with subparagraph 1. if,
  102  as calculated in subparagraph 2., it uses at least 50 percent of
  103  its tangible property, whether owned or leased, within any low
  104  income community for any taxable year or if, as calculated in
  105  subparagraph 3., the corporation or partnership performs at
  106  least 50 percent of its services through its employees in a low
  107  income community for any taxable year.
  108         (b) Is reasonably expected by a qualified community
  109  development entity at the time of an investment to continue to
  110  satisfy the requirements of paragraphs (a), (c), and (d) for the
  111  duration of the investment.
  112         (c) Satisfies the requirements of paragraphs (a) and (b),
  113  but does not:
  114         1. Derive or project to derive 15 percent or more of its
  115  annual revenue from the rental or sale of real estate, unless
  116  the corporation or partnership derives such revenue from the
  117  rental of real estate and the primary lessee and user of such
  118  real estate is another qualified active low-income community
  119  business that is owned or controlled by, or that is under common
  120  ownership or control with, such corporation or partnership;
  121         2. Engage predominantly in the development or holding of
  122  intangibles for sale or license;
  123         3. Operate a private or commercial golf course, country
  124  club, massage parlor, hot tub facility, suntan facility,
  125  racetrack, gambling facility, or a store the principal business
  126  of which is the sale of alcoholic beverages for consumption off
  127  premises; or
  128         4. Engage principally in farming and owns or leases assets
  129  the sum of the aggregate unadjusted bases or the fair market
  130  value of which exceeds $500,000.
  131         (d) Will create or retain jobs that pay an average wage of
  132  at least 115 percent of the federal poverty income guidelines
  133  for a family of four.
  134         Section 3. The direct-support organization authorized by
  135  the Office of Tourism, Trade, and Economic Development to
  136  establish the Florida Golf Trail under s. 288.1229(10), Florida
  137  Statutes, shall, 1 year after the Florida Golf Trail becomes
  138  operational, submit a report to the Governor, the President of
  139  the Senate, and the Speaker of the House of Representatives on
  140  the progress and success of the Florida Golf Trail.
  141         Section 4. This act shall take effect July 1, 2011.