Governor Bush proposes economic incentives

TALLAHASSEE, Fla. -- Jan. 31, 2006 -- How shall the state grow? Gov. Jeb Bush announced his favored economic development incentives, part of his proposed FY 2006-2007 budget, yesterday. He has requested a total investment of $630 million.

“This significant state investment in Florida’s economy will create new jobs and foster growth of technology industries that yield high returns,” says Bush. “Hard-working Floridians have created a booming economy, and we must capitalize on Florida’s surplus of tax revenue by investing in once-in-a-lifetime opportunities that will grow our economy for the future.”

Bush's recommendation includes:

• $75 million in tax credits for the new Florida Capital Formation Program. The program will offer tax credits to attract early stage venture capital for start-up companies in Florida. Private investors and lending institutions use the tax credits as an incentive to raise capital for investment in emerging enterprises in Florida.

• $50 million to expand Florida’s Quick Action Closing Fund that allows the state to offer a cash incentive to companies considering Florida as the location for their business. The fund helps Florida compete with other states and nations to attract high-wage, professional jobs.

• $17 million to support business development and increase commercial space transportation.

• $200 million to create and fund the 21st Century Technology, Research and Scholarship Enhancement Act

• $100 million to create and expand Centers of Excellence, which allow state universities and their research partners to attract public and private dollars to support emerging research and development projects.

• $100 million to create the World Class Scholars Program, which attracts leading researchers to Florida universities. Funds may be used for incentives, including building labs, providing high-tech equipment or funding support staff.

• $55 million to secure Florida’s position as a leader in the Space and Aeronautics industry; $35 million to recruit the replacement for the Space Shuttle -- the Crew Exploration Vehicle; and $3 million in tax relief for the space and defense industry.

• $250 million to create the Florida Innovation Incentive Fund, designed to enable Florida to take advantage of unique opportunities that will yield a significant return for the taxpayer in the long-term.

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