| 1 | A bill to be entitled |
| 2 | An act relating to the tax refund program for qualified |
| 3 | target industry businesses; amending s. 288.106, F.S.; |
| 4 | revising definition of the term "target industry business" |
| 5 | to revise eligibility criteria for tax refunds under the |
| 6 | program; providing an effective date. |
| 7 |
|
| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
|
| 10 | Section 1. Paragraph (t) of subsection (2) of section |
| 11 | 288.106, Florida Statutes, is amended to read: |
| 12 | 288.106 Tax refund program for qualified target industry |
| 13 | businesses.- |
| 14 | (2) DEFINITIONS.-As used in this section: |
| 15 | (t) "Target industry business" means a corporate |
| 16 | headquarters business or any business that is engaged in one of |
| 17 | the target industries identified pursuant to the following |
| 18 | criteria developed by the office in consultation with Enterprise |
| 19 | Florida, Inc.: |
| 20 | 1. Future growth.-Industry forecasts should indicate |
| 21 | strong expectation for future growth in both employment and |
| 22 | output, according to the most recent available data. Special |
| 23 | consideration should be given to businesses that export goods |
| 24 | to, or provide services in, international markets and businesses |
| 25 | that replace domestic and international imports of goods or |
| 26 | services. |
| 27 | 2. Stability.-The industry should not be subject to |
| 28 | periodic layoffs, whether due to seasonality or sensitivity to |
| 29 | volatile economic variables such as weather. The industry should |
| 30 | also be relatively resistant to recession, so that the demand |
| 31 | for products of this industry is not typically subject to |
| 32 | decline during an economic downturn. |
| 33 | 3. High wage.-The industry should pay relatively high |
| 34 | wages compared to statewide or area averages. |
| 35 | 4. Market and resource independent.-The location of |
| 36 | industry businesses should not be dependent on Florida markets |
| 37 | or resources as indicated by industry analysis, except for |
| 38 | businesses in the renewable energy industry. |
| 39 | 5. Industrial base diversification and strengthening.-The |
| 40 | industry should contribute toward expanding or diversifying the |
| 41 | state's or area's economic base, as indicated by analysis of |
| 42 | employment and output shares compared to national and regional |
| 43 | trends. Special consideration should be given to industries that |
| 44 | strengthen regional economies by adding value to basic products |
| 45 | or building regional industrial clusters as indicated by |
| 46 | industry analysis. Special consideration should also be given to |
| 47 | the development of strong industrial clusters that include |
| 48 | defense and homeland security businesses. |
| 49 | 6. Economic benefits.-The industry is expected to have |
| 50 | strong positive impacts on or benefits to the state or regional |
| 51 | economies. |
| 52 | 7. Enhance trade.-The industry should facilitate the |
| 53 | growth and development of domestic and international trade and |
| 54 | logistics. Special consideration should be given to industries |
| 55 | that strengthen the state's position as a global trade and |
| 56 | logistics hub. |
| 57 |
|
| 58 | The term does not include any business engaged in retail |
| 59 | industry activities; any electrical utility company; any |
| 60 | phosphate or other solid minerals severance, mining, or |
| 61 | processing operation; any oil or gas exploration or production |
| 62 | operation; or any business subject to regulation by the Division |
| 63 | of Hotels and Restaurants of the Department of Business and |
| 64 | Professional Regulation. Any business within NAICS code 5611 or |
| 65 | 5614, office administrative services and business support |
| 66 | services, respectively, may be considered a target industry |
| 67 | business only after the local governing body and Enterprise |
| 68 | Florida, Inc., make a determination that the community where the |
| 69 | business may locate has conditions affecting the fiscal and |
| 70 | economic viability of the local community or area, including but |
| 71 | not limited to, factors such as low per capita income, high |
| 72 | unemployment, high underemployment, and a lack of year-round |
| 73 | stable employment opportunities, and such conditions may be |
| 74 | improved by the location of such a business to the community. By |
| 75 | January 1 of every 3rd year, beginning January 1, 2011, the |
| 76 | office, in consultation with Enterprise Florida, Inc., economic |
| 77 | development organizations, the State University System, local |
| 78 | governments, employee and employer organizations, market |
| 79 | analysts, and economists, shall review and, as appropriate, |
| 80 | revise the list of such target industries and submit the list to |
| 81 | the Governor, the President of the Senate, and the Speaker of |
| 82 | the House of Representatives. |
| 83 | Section 2. This act shall take effect July 1, 2011. |