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Today, the House Economic Development Committee heard and passed HB 1373 Relating to Qualified Defense Contractor Tax Refund Program by Representative Thad Altman (R-Melbourne). HB 1373 expands the successful qualified defense contractor tax refund program to allow for space flight businesses, or entities with space flight contracts, to now qualify for these tax refunds.
Associated Industries of Florida is a proud supporter of the space program in Florida. Along with our friends at Space Florida and Enterprise Florida, Associated Industries of Florida has made the expansion and commercialization of the space industry in Florida a major economic priority. HB 1373 is one of several key legislative priorities this session that will continue to make Florida the leader in space related business and activity in the world.
Specifically, HB 1373 would provide:
- Qualified applicants will receive $3,000 per job;
- Projects in rural counties or enterprise zones will qualify for $6,000 per job;
- An additional $1,000 per job bonus is available when jobs pay 150 percent of the average private sector wage in the area; and
- An additional $2,000 per job bonus is available when jobs pay 200 percent of the average private sector wage in the area.
HB 1373 passed the committee unanimously and next moves to the House Economic Expansion and Infrastructure Council.
AIF supports adding space flight businesses to the Qualified Defense Contract Tax Refund Program. The incentives included in this successful program should go a long way in helping Florida maintain and attract commercial space industries.
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