Contact:     Stuart Doyle
                          (407) 956-5689
sdoyle@eflorida.com
 

Enterprise Florida makes 10 proposals to Legislature
 to spur economic growth

ORLANDO, FL (February 8, 2010) – For the 2010 legislative session, Enterprise Florida will propose 10 actions for economic improvement and job creation.  Each derives from priorities outlined in the recently updated Roadmap to Florida’s Future -- the state’s economic development strategic plan -- and collectively falls into these categories:

• Improving the competitiveness of state incentive programs
  
• Accelerating Florida’s innovation economy
  
• Funding economic development programs
  
• Facilitating a better understanding of the benefits associated with Florida’s investments in economic development.

The recommended actions reflect the most critical economic development needs as determined by Enterprise Florida’s board of directors, a body of top-level corporate and government leaders statewide.  “Even more, our proposals are essential for keeping Florida competitive on both a national and global scale, and increasing higher wage jobs by fostering growth in our target industry clusters,” said former Florida House Speaker Allan Bense, the board’s vice chairman.  "We’re facing a good opportunity to work with Governor Crist and the Legislature to make this happen for our state and its citizens." 
 

Overview of 2010 Recommendations:

• Incentives Modifications -- retooling the Capital Investment Tax Credit, High Impact Performance Incentive and Qualified Targeted Industries Tax Refund incentives to increase Florida’s business competitiveness.
  
•  Recommendations from the Statewide Strategic Plan -- keeping Florida solidly on the path of economic growth by 1) enhancing the state’s incentives toolkit; 2) strengthening the foundation for small business development and entrepreneurship; 3) improving the state and local regulatory environment; 4) providing predictable and competitive business costs.
  
• Research & Development Corporate Tax Credit – establishing an R&D tax credit program, which has proven successful in supporting the growth of innovative companies in the U.S., and 37 other states have this program.
  
•  Research Commercialization Matching Grant Program -- giving a funding match to Florida’s recipients of a Phase II award from the federal Small Business Innovation Research Program (SBIR) and/or the Small Business Technology Transfer Program (STTR).  This program would aid the growth of innovative companies.
  
• Economic Development Toolkit Funding – continued funding of the toolkit, which includes incentive programs used to retain and expand current Florida companies and compete for new businesses, both in targeted growth industries.
  
• Enterprise Florida Operating Budget –continued funding of an operating budget that can support efforts to create jobs, raise average wages, and diversify Florida’s industry mix to produce a more resilient economy.  Enterprise Florida’s programs add to the state’s tax base, keeping the economic engine running.
  
•  Quick Response Training Program (QRT) -- providing funds to support customized employee training needs of eligible companies.  QRT is administered by Workforce Florida Inc.
  
• Broadband Development – expanding broadband infrastructure.  Funded with stimulus dollars, broadband development offers a ripe opportunity to strengthen economic development in rural communities.   
  
• Cost Benefit Analysis of Legislation – assessing the return on investment of economic development programs through this model, which also could be used to predict the effects of policy changes on economic growth.
  
• Preservation of Sales Tax Exemptions – preserving economic development exemptions that are important to Florida’s business retention and recruitment efforts.
  

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Enterprise Florida, Inc. (EFI) is a partnership between Florida's business and government leaders and is the principal economic development organization for the state of Florida.  Headquartered in Orlando, EFI’s mission is to diversify Florida’s economy and create better-paying jobs for its citizens by supporting, attracting and helping to create businesses in innovative, high-growth industries. 
 

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