Florida Senate - 2015                                     SB 122
       
       
        
       By Senator Margolis
       
       
       
       
       
       35-00100-15                                            2015122__
    1                        A bill to be entitled                      
    2         An act relating to tax incentives; requiring the
    3         Office of Economic and Demographic Research to prepare
    4         an annual state tax incentive revenue report to be
    5         provided to the Legislature; requiring certification
    6         and distribution of the report; providing an effective
    7         date.
    8  
    9         WHEREAS, State of Florida tax incentives are aimed at
   10  encouraging businesses to locate, hire, expand, and invest
   11  within the state’s borders and thereby strengthen the state’s
   12  economy, and
   13         WHEREAS, the state uses and relies on preferential tax
   14  incentives, such as tax credits, exemptions, and deductions, to
   15  stimulate its economy, and
   16         WHEREAS, evaluating the fiscal impact of tax incentives
   17  also involves examining the effect they have on the amount of
   18  state tax revenues collected, and
   19         WHEREAS, a state tax incentive revenue report would provide
   20  information about the effect that preferential tax provisions
   21  have on tax revenues, and
   22         WHEREAS, such a report is a critical tool to understanding
   23  and improving the state’s tax system, NOW, THEREFORE,
   24  
   25  Be It Enacted by the Legislature of the State of Florida:
   26  
   27         Section 1. Tax incentive revenue report.—The Office of
   28  Economic and Demographic Research within the Legislature shall
   29  prepare an annual state tax incentive revenue report identifying
   30  the tax incentives or tax provisions that are designed to
   31  stimulate the state’s economy through the reduction of business
   32  tax liability and the amount of tax revenue lost for each such
   33  incentive or provision. The report must be certified by a
   34  forensic certified public accountant and shall be distributed to
   35  each member of the Legislature at least 1 week before the
   36  beginning of the regular legislative session.
   37         Section 2. This act shall take effect July 1, 2015.