Bonita Springs News

ARTICLE

Date ArticleType
3/10/2016 General

Florida Chamber Economic Update #23

Economic Development Update #23



The 2016-2017 state budget has been finalized and officially laid on the desk of each lawmaker. Now, the 72-hour “cooling off” period has begun for lawmakers to have the opportunity to review it before voting on it this Friday. The Florida House will have the ability to pass the budget as early as 3 p.m. on Friday, and if it secures majority approval they then will send the bill, HB 5001, over to the Florida Senate for that chamber to vote on its final passage as well. If passed, it is unclear how long the two chambers will wait to send the budget to the Governor, who then has the power to veto certain line items, veto the entire budget or sign it into law.
 
Economic development priorities, including funding for Enterprise Florida, Space Florida, CareerSource Florida and Space Florida include:

  • $1 million for international export assistance grants;
  • $12 million for Quick Response Training grants;
  • $76 million for VISIT FLORIDA;
  • $18 million for economic development tools to meet current year payment obligations;
  • $7 million for Aerospace Financing Fund;
  • $10 million for Space Florida business development; and
  • $0 for projects under the Quick Action Closing Fund, Enterprise Florida’s Florida Enterprise Fund proposal, and the Innovation Incentive Fund.

Also this week, it is expected that the Senate will take up HB 7099, the tax package, on the Senate Floor. If passed, the bill will then need to be sent back to the House because the bill will have been amended by the Senate with different provisions than what the House had previously passed. This tax package includes the permanent sales tax exemption for manufacturing machinery and equipment backed by the Florida Chamber.
 
Updates to the Florida Chamber’s Side-by-Side can be found here. The Florida Chamber will continue to provide updates this week and throughout the budget process.