Florida Senate - 2011 SB 1866 By Senator Altman 24-01449-11 20111866__ 1 A bill to be entitled 2 An act relating to tax refunds for businesses; 3 repealing s. 288.1045(2)(c), F.S., relating to a 4 provision limiting the maximum amount that a qualified 5 defense contractor in the space flight business may 6 receive in all fiscal years from the Economic 7 Development Trust Fund; amending s. 288.106, F.S.; 8 deleting provisions limiting the maximum amount of 9 refund payments which a qualified target industry 10 business, including those located in an enterprise 11 zone, may receive; providing an effective date. 12 13 Be It Enacted by the Legislature of the State of Florida: 14 15 Section 1. Paragraph (c) of subsection (2) of section 16 288.1045, Florida Statutes, is repealed. 17 Section 2. Subsection (3) of section 288.106, Florida 18 Statutes, is amended to read: 19 288.106 Tax refund program for qualified target industry 20 businesses.— 21 (3) TAX REFUND; ELIGIBLE AMOUNTS.— 22 (c) A qualified target industry business may not receive 23 refund payments of more than 25 percent of the total tax refunds 24 specified in the tax refund agreement under subparagraph 25 (5)(a)1. in any fiscal year. Further, a qualified target 26 industry business may not receive more than $1.5 million in 27 refunds under this section in any single fiscal year, or more 28 than $2.5 million in any single fiscal year if the project is 29 located in an enterprise zone.
A qualified target industry30 business may not receive more than $5 million in refund payments31 under this section in all fiscal years, or more than $7.532 million if the project is located in an enterprise zone.33 Section 3. This act shall take effect July 1, 2011.