LaMarca Files Bill to Retain Enterprise Florida’s
Qualified Targeted Industry Business Incentive
Rep. Chip LaMarca (R-Lighthouse Point) today filed legislation to bring back Enterprise Florida’s Qualified Targeted Industry (QTI) Tax Refund, which helps support quality job growth in Florida. House Bill 6071 (HB 6071) aligns with Senate Bill 982 (SB 982) filed by Sen. Joe Gruters (R-Sarasota). The QTI poses very little risk to taxpayers because if jobs are promised but not created or the salaries were not above average wages, no rebate is given. The QTI sunset on June 30, 2020.
Rep. Chip LaMarca said, “We need to do everything to encourage job growth in our state while also protecting Florida taxpayers. This rebate does just that and needs to be brought back so that we can help turn the economic tide of the pandemic. Organizations like the Greater Fort Lauderdale Alliance rely on programs like this to recruit and retain growing businesses around the state. At a time when our state is attracting even more residents and talent, and as South Florida is poised to become the next tech startup hub, we have to provide economic options for companies to not only come to Florida but stay here long term. Access to jobs is key to keeping our economy on track.”
Sen. Joe Gruters (R-Sarasota) said “As Florida has experienced an unusual year, it is even more imperative to continue supporting businesses recruitment strategies that will make Florida a top tier employing state for high wage and high quality jobs for Floridian’s in targeted industries.”
Dane Eagle Executive Director of the Florida Department of Economic Opportunity said. “I applaud Chairman Gruters and Representative LaMarca on the introduction of SB 982 and HB 6071, which will renew the Qualified Target Industry (QTI) Tax Refund that recently sunset on June 30, 2020. The QTI program is a pay-after-performance tax refund that emphasizes accountability through a two-step validation process that includes an independent third-party auditor. Since 2012, this important economic tool has created over 50,000 high-quality, high-wage jobs for Floridians and helped diversify the state’s economy, making it a vital program to attract more businesses to Florida.”
Secretary of Commerce Jamal Sowell, president and CEO of Enterprise Florida said “On a daily basis, Enterprise Florida is making the case for Florida with businesses in every corner of the country. Until its sunset last year, the Qualified Target Industries tax rebate was the most effective arrow in our quiver with a proven return-on-investment and performance-based safeguards. We appreciate Senator Gruters and Representative LaMarca for helping us restore this important program and supporting the Floridians who fill the high-wage jobs it helps create.”
HB 6071 and SB 982 would repeal the sunset of Enterprise Florida’s QTI program which sunset on June 30, 2020. The QTI is a tool available to Florida communities to encourage quality job growth in targeted high value-added businesses. According to EFI, these industries can include cleantech, life sciences, infotech, aviation/aerospace, homeland security / defense, and financial services. If approved, the applicant may receive refunds on a portion of the taxes it pays, with limits, if certain goals are met. Goals for applicants include but are not limited to, creating at least 10 net new full-time equivalent Florida jobs or expanding employment by at least 10%, pay an average annual wage of at least 115% of the state or local average wages, and show that the jobs contribute to the economic growth of the state produces a higher standard of living for residents.