Gov. Charlie Crist on Friday signed into law a $175 million jobs bill the Senate backer of which said will help the state more quickly recover from the worst economic downturn since the Great Depression.
Included among a flurry of bills signed into law on the eve of the Memorial Day Weekend, Crist approved SB 1752, which among other provisions provides tax incentives for qualified businesses and tax breaks for other business related activities in an effort to jump start an economy that now sees unemployment at more than 12 percent.
Government doesnt create jobs. It only creates the conditions that make jobs more or less likely, Sen. Don Gaetz, R-Niceville, the primary sponsor of Jobs for Florida bill, said in a statement. This package of incentives actually loosens governments grip on the private sector and gives companies solid reasons to stay in Florida, expand in Florida and come to Florida.
The business-backed jobs package creates tax credits for film and entertainment companies to film movies or other projects in the state, provides tax credits for certain businesses just for hiring people in targeted industries and provides help for the space industry, which is facing the loss of the shuttle program.
Among its major provisions, the bill earmarks $29.8 million to Space Florida for infrastructure improvements, and to dampen the impact of workforce reduction due to federal cuts to the 30-year old manned space program.The bill sets aside $15 million in the governor's quick action closing fund, which allows the Office of Tourism, Trade and Economic Development to sweeten deals with businesses considering moving to Florida. Specifically, much of the funds will provide per-job tax incentives for qualified fields and companies that boost export sales.
The bill also creates transferable tax credits for the film industry equaling nearly $150 million over four years. The measure also extends provisions of SB 360, passed in 2009, that relax concurrency requirements in the areas of transportation and educational facilities.
The Jobs for Florida bill is visionary, said Chris Hart, OTTED director, in a statement.This legislation provides the right mix of economic development incentive tools specifically. designed to meet the unique needs of Floridas existing economy and industry base..
