Title: Capital Investment Tax Credits

Summary: Adding certain indoor agricultural enterprises to the list of high-impact sectors eligible for the capital investment tax credit, etc.

Full Text:
An act relating to capital investment tax credits; amending ss. 220.191 and 288.108, F.S.; adding certain indoor agricultural enterprises to the list of high impact sectors eligible for the capital investment tax credit; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Paragraph (g) of subsection (1) of section 220.191, Florida Statutes, is amended to read: 220.191 Capital investment tax credit.  (1) DEFINITIONS. For purposes of this section: (g) Qualifying project  means a facility in this state meeting one or more of the following criteria: 1. A new or expanding facility in this state which creates at least new jobs in this state and is in one of the high impact sectors identified by Enterprise Florida, Inc., and certified by the Department of Economic Opportunity pursuant to s. 288.108(6), including, but not limited to, aviation, aerospace, automotive, and silicon technology industries and indoor agricultural enterprises that use alternative energy technologies.However, between July 1, 2011, and June 30, 2014, the requirement that a facility be in a high-impact sector is waived for any otherwise eligible business from another state which locates all or a portion of its business to a Disproportionally Affected County. For purposes of this section, the term  Disproportionally Affected County  means Bay County, Escambia County, Franklin County, Gulf County, Okaloosa County, Santa Rosa County, Walton County, or Wakulla County. 2. A new or expanded facility in this state which is engaged in a target industry designated pursuant to the procedure specified in s. 288.106 (2) and which is induced by this credit to create or retain at least 1,000 jobs in this state, provided that at least of those jobs are new, pay an annual average wage of at least percent of the average private sector wage in the area as defined in s. 288.106(2), and make a cumulative capital investment of at least $100 million. Jobs may be considered retained only if there is significant evidence that the loss of jobs is imminent. Notwithstanding subsection (2), annual credits against the tax imposed by this chapter may not exceed percent of the increased annual corporate income tax liability or the premium tax liability generated by or arising out of a project qualifying under this subparagraph. A facility that qualifies under this subparagraph for an annual credit against the tax imposed by this chapter may take the tax credit for up to a period not to exceed years. 3. A new or expanded headquarters facility in this state which locates in an enterprise zone and brownfield area and is induced by this credit to create at least 1,500 jobs that, which on average,pay at least percent of the statewide average annual private sector wage, as published by the Department of Economic Opportunity, and which new or expanded headquarters facility makes a cumulative capital investment in this state of at least $250 million. Section 2. Paragraph (i) of subsection (6) of section 288.108, Florida Statutes, is amended to read: 288.108 High-impact business.  (6) SELECTION AND DESIGNATION OF HIGH-IMPACT SECTORS.  (i) For the purposes of this subsection, a high-impact sector consists of the silicon technology sector and the indoor farming technology sector are high-impact sectors that Enterprise Florida, Inc., has found to be focused around the type of high-impact businesses for which the incentive created in this subsection is required and will create the kinds of sector-wide sector and economy-wide economy wide benefits that justify the use of state resources to encourage these investments and require substantial inducements to compete with the incentive packages offered by other states and nations. Section 3. This act shall take effect July 1, 2013.