Florida Senate leaders on Monday began unveiling their long-awaited legislation to create jobs for some of the state's one million unemployed workers, proposing to spend as much as $165 million to boost jobs in aerospace and the film industry.
The proposal, which expands an existing state tax refund program from $35 million to more than $100 million, is expected to come before the Senate Policy and Steering Committee on Ways and Means Tuesday. The bill would allow an additional $65 million in refunds to be pulled from the state general revenue fund if the original $100 million commitment is exceeded.
Sen. Don Gaetz, R-Destin, said the bill is crucial to making Florida a competitor for high-paying jobs and lowering the state's 11.9 percent unemployment.
"This legislation is back-loaded in the sense that first we want to see job creation, and then we want to see the cash registers ring throughout the state," Gaetz said.
He expects the bill to be discussed, if not voted on, Tuesday. If it is not voted on, it will come before the committee again Thursday.
In the meantime, the House is working at refining multiple bills with provisions similar to Gaetzs. The bills are expected eventually to go to a joint conference committee.
SB 1752 would do the following:
- Authorize $1,000 per person tax credits for businesses that hire the unemployed
- Expand tax credits from the Florida Economic Development Trust Fund from $35 million to $100 million
- Earmark $20 million from the trust fund for space flight projects and to retrain workers
- Add flexibility to spending an existing budgeted $14 million on space projects
- Allocate up to $75 million in tax incentives for film industry projects
- Allocate tax refunds for qualified targeted industries, such as manufacturing companies
The bill would use about $1 million from the expanded Florida Economic Development Trust Fund to offer tax credits when unemployed workers are hired. At $1,000 per worker, the bill could result in full-time employment for 10,000 Floridians over the next two years.
Sen. Mike Haridopolos, R-Merritt Island, who represents the Space Coast, said the film industry could get $5 million in tax incentives the first year and see as much as $75 million over the next three years.
The Senate bill adds digital media, including video games and software, to the definition of the term "entertainment industry," and revamps the regulatory duties of the state Office of Entertainment and Florida Film and Entertainment Advisory Council.
With the hemorrhaging of jobs in the film and digital media industry in California, this would be a great way to grow these in a state where programs and facilities are already in place," said Haridopolos, the bill's co-sponsor.
The bill also provides for the allocation of funds to qualified target industries and lowers the sales and use tax onboat purchases and refits.
