Saturday, June 26, 2010

July 8th, UCF Incubator presents "The Lunch Connection"

Title: Using R&D Tax Credits to Improve Cash Flow and Increase the Value of Your Business

Presenters: Baesler and Associates


Date: Thursday, July 8, 2010

Time: 11:30-1:00

Location: University Tower Building located at 12201 Research Parkway, 2nd Floor large conference room #211, Orlando, FL., 32826

Fee: $20 (Free to only UCF Incubator clients and Florida Photonics Cluster members)


RSVP to Renee Ayala at 407-882-0202 or via email rayala@mail.ucf.edu

The R&D tax credit has been utilized by large companies for years to offset corporate income taxes; however, small and mid-sized companies often overlook the value of the credit to their company. Did you know that the R&D tax credit can add value to your company even if you are not paying taxes? This seminar focuses on the practical application of the R&D tax credit including the use of the R&D credit to increase cash flow and increase the value of your business at every stage of the development of your business.


Baesler and Associates, is a highly specialized tax consulting practice specializing in Property Tax, Federal Credits and Incentives, and Federal Income Tax Services. Our team of tax professionals possesses 50 years of combined experience navigating varying economic and market conditions. Sean Yearout, Principal Consultant Federal Credits and Incentives, will lead the July 8 luncheon.

Thursday, June 17, 2010

NANOSCIENCE TECHNOLOGY AND ADVANCED MATERIALS PROCESSING AND ANALYSIS CENTER & COLLEGE OF OPTICS AND PHOTONICS SEMINAR

Energetically-Conjoined Annihilation Upconversion in Multi-component Organic Systems

Dr. Stanislav Baluschev1, 2

1 Max-Planck-Institute for Polymer Research, Ackermannweg 10, 55128 Mainz, Germany

2 Optics and Spectroscopy Department, Sofia University “St. Kliment Ochridski” 5 James Bourchier, 1164 Sofia, Bulgaria

Date: June 28, 2010

Time: 12 Noon - 1 p.m.

Room: CREOL Conference Room 102

Abstract:

The processes of photon energy upconversion (UC), where locally (or in

situ) photons strongly blue shifted regarding the excitation wavelength have been intensively studied. Different UC-techniques, including Two-Photon Absorption (TPA), Energy Transfer Upconversion (ETU) have been used. As optical excitation near infrared (NIR) or infra red (IR) light sources are used.

In contrast to the all previously described UC-techniques the fundamental advantage of the energetically conjoined triplet-triplet annihilation up-conversion (TTA -UC) is its inherent independence on the coherence of the excitation light. Another principal advantage of TTA

-

UC process is the very low required intensity (as low as 20 mWcm-2) and extremely low spectral power density (as low as 125μWnm-1) of the excitation source needed - so it can in reality be the Sun.

We present the summarised results of our investigations and experiments and state the general requirements for the materials’ parameters of the couple sensitizer/emitter in order to obtain efficient energetically conjoined TTA−UC. We also present our working UC-devices for spectrum concentration via UC with up-converted fluorescence quantum yield of 3.2% realized at ultra-low excitation intensities (~ 20 mWcm-2).

Ushaben Lal

Travel Coordinator

NanoScience Technology Center

12424 Research Parkway

Suite 400

Orlando, FL 32826

Ph: 407 882 0032

Fx: 407 882 2819

Email: ulal@mail.ucf.edu.

"Wanted: a band-tunable mid-infrared laser for processing of polymer and organic materials"

"Wanted: a band-tunable mid-infrared laser for processing of polymer and organic materials"

Wednesday, June 23 2010 / 1:00pm - 2:00pm CREOL Room 102

Professor Richard F. Haglund, Jr.

Vanderbilt University

Department of Physics and Astronomy

Research Group: http://sitemason.vanderbilt.edu/physics/aopg/home

Personal Web Page: http://sitemason.vanderbilt.edu/physics/haglund

Abstract:

Over the last several years, we have demonstrated that mid-infrared laser radiation tuned to the monomer vibrational bands of polymers and organic molecules can be used to deposit thin films for functional devices such as light-emitting diodes. In this talk, I will describe some of the critical experiments, including resonant infrared pulsed laser deposition of insoluble polymers that cannot be spin-coated, such as poly(tetrafluoroethylene) and cyclic olefin polymers. Experiments on several different kinds of mid-infrared lasers are making it possible to benchmark optimal laser parameters for this important regime of thin-film materials processing.

For More Information:

MARTIN C. RICHARDSON

407-823-6819

mcr@creol.ucf.edu

Energetically-Conjoined Annihilation Upconversion in Multi-component Organic Systems

Energetically-Conjoined Annihilation Upconversion in Multi-component Organic Systems

Date: June 28, 2010

Time: 12 Noon - 1 p.m.

Room: CREOL Conference Room 102

A Nanoscience Technology, Advanced materials processing and analysis center, and the College of Optics and Photonics Seminar

Dr. Stanislav Baluschev1, 2

Institute for Polymer Research

2 Optics and Spectroscopy Department

Sofia University

Abstract:

The processes of photon energy upconversion (UC), where locally (or in

situ) photons

strongly blue shifted regarding the excitation wavelength have been intensively studied.

Different UC-techniques, including Two-Photon Absorption (TPA), Energy Transfer Upconversion (ETU) have been used. As optical excitation near infrared

(NIR) or infra red (IR) light sources are used.

In contrast to the all previously described UC-techniques the fundamental advantage of the energetically conjoined triplet-triplet annihilation up-conversion (TTA -UC) is its inherent independence on the coherence of the excitation light. Another principal advantage of TTA - UC process is the very low required intensity (as low as 20 mWcm-2) and extremely low spectral power density (as low as 125μWnm-1) of the excitation source needed - so it can in reality be the Sun.

We present the summarised results of our investigations and experiments and state the general requirements for the materials’ parameters of the couple sensitizer/emitter in order to obtain efficient energetically conjoined TTA−UC. We also present our working UC-devices for spectrum concentration via UC with up-converted fluorescence quantum yield of 3.2% realized at ultra-low excitation intensities (~ 20 mWcm-2).

For More Information:

USHABEN LAL

NanoScience Technology Center

Ph: 407 882 0032

Email: ulal@mail.ucf.edu.

PLEASE CONSIDER SIGNING THE AMERICA COMPETES PETITION TODAY -AND LATEST POLICY NEWS FROM ASTRA

Dear Friend of ASTRA:

In 13 days we have garnered 633 organizational and individual signatures for the TechAmerica / ASTRA "Support America COMPETES" Petition to Congress. If yours is not one of them, both TechAmerica CEO Phil Bond and I hope that you will consider adding your own signature (or organization's name) to this important show of support for a vital piece of legislation. To do so, please click on this link, read the Petition, and just click on the "Sign the Petition" button that you will find here: www.usinnovation.org/

The bipartisan COMPETES bill has an uncertain future as of this writing. It had a "near death" experience in the U.S. House several weeks ago, as detailed in our latest Tipping Points publication (see link below). The Senate is expected to take up consideration of COMPETES very soon - and may even try to pass it before the July 4 Congressional Recess.

Our Senate visits are all the more reason for you to sign the Petition now, since we need to show support from every state and demonstrate broad national support for this legislation.

In addition, we are sending along ASTRA's latest Tipping Points. There is much news to report, and I hope that you will click through on this link to learn of new developments that affect our community: www.usinnovation.org/files/TippingPoints61510.pdf

Cordially,


Dr. Mary Good
Chairman, ASTRA

Tuesday, June 15, 2010

Florida High Tech Corridor Council’s new website

This announcement is from one of our members and strong supporters. The direct link to the Optics and Photonics page, one of the 10 technology areas within the FHTCC, is:

http://www.floridahightech.com/hightechindustry/optics.php

Jim Pearson

FPC Executive Director

***************************************************

Florida High Tech Corridor Council’s new website

We are very pleased to announce the launch of a new website from our partner, the Florida High Tech Corridor Council, still located at www.FloridaHighTech.com.

As a longtime partner of this regional economic development initiative of the three Corridor universities – the University of Central Florida, the University of South Florida and the University of Florida – we proudly support this latest effort to grow high tech industry in our region.

This new site prominently features videos and social media content from the people and places around the Corridor making large strides in technology development and innovation. The “Faces of Technology” video library within the site will feature periodic updates of new scientists, engineers and researchers sharing their stories with visitors. As well, users will have the chance to follow daily posts about what’s happening in the high tech industries of the Corridor through a regular Twitter feed on the homepage.

We encourage visitors to explore the many programs that Florida’s High Tech Corridor offers through the Research, Entrepreneur and Workforce pages and take a look at the leaders driving innovation in each of the 10 high tech industry clusters.

Kerry Martin | Communications Specialist
Curley & Pynn | TheStrategicFirm.com | Taking Aim - blog
258 Southhall Lane, Suite 130 | Maitland, FL 32751
P: (407) 423-8006 | F: (407) 648-5869

Economic Gardening Takes Root in Florida

In just a few months, an economic gardening program funded by the Florida Legislature, Curley & Pynn client GrowFL, has already begun providing an excellent return on investment, with the first 40 companies enrolled statewide reporting 35 new jobs created and plans for nearly 190 jobs by year-end … more.

Sunday, June 13, 2010

WIPP - Give Me 5 Presents: Growing Your Business with Federal Contracting Seminar

Give Me 5 Presents:

Growing Your Business with Federal Contracting

Disney Entrepreneur Center 315 East Robinson Street #100 Orlando, FL 32801

June 29, 2010, 1:00 pm – 5:00 pm

Women business owners stand to gain more than $5 billion dollars in increased annual revenues through federal contracting. Join WIPP and American Express OPEN for a seminar on how to claim your share – it’s yours to win! We invite you to attend this event at no cost – all are welcome! This program will cover essential information and provide expert advice on: – How to compete for federal dollars; – How to develop a detailed strategy for winning federal contracts; – What strategies are needed for forming successful partnerships to secure contracts. You don’t want to miss out on the vital information provided in these sessions – register now for this event!


Program Partner: WIPP is a national bipartisan public policy organization, advocating on behalf of women and minorities in business in the legislative process of our nation, creating economic opportunities and building bridges and alliances to other small business organizations

Monday, June 7, 2010

SEMINAR: 6.16.2010 / CREOL 102 / 3:00-4:00pm / “Towards Robust and Reconfigurable Optical Communication Systems”

“Towards Robust and Reconfigurable Optical Communication Systems”

Wednesday June 16th, 2010 / 3:00-4:00pm

CREOL Room 102

Speaker: Dr. Alan Willner

University of Southern California

Abstract:

Optical communications has enjoyed dramatic growth in terms of technical achievement as well as commercial implementation. This presentation will highlight three main topics. Firstly, a broad perspective will be given on some of the technical trends in optical communication systems. Secondly, I will describe technical issues related to stable, robust optical networking, including: performance monitoring to determine the cause of any data degradations, non-static channel-degrading effects, spectrally efficient modulation formats, targeted optical and electrical signal processing, and photonic switching. Finally, I will discuss adding tunability, flexibility and reconfigurability to different aspects of the base optical technologies.

Bio:

Alan Willner received the Ph.D. from Columbia University, has worked at AT&T Bell Labs and Bellcore, and is Professor of EE at USC. He has received the NSF Presidential Faculty Fellows Award from the White House, Packard Foundation Fellowship, NSF National Young Investigator Award, Fulbright Foundation Senior Scholars Award, OSA Leadership Award, IEEE Photonics Society Distinguished Traveling Lecturer Award, USC University-Wide Award for Excellence in Teaching, IEEE Fellow, OSA Fellow, Eddy Paper Award from Pennwell Publications for the Best Contributed Technical Article, and Armstrong Foundation Award. Prof.

Willner has been President of IEEE Photonics Society, Editor-in-Chief of IEEE/OSA Journal of Light wave Technology, Editor-in-Chief of Optics Letters, Editor-in-Chief of IEEE Journal of Selected Topics in Quantum Electronics, Co-Chair of OSA Science & Engineering Council, General Co-Chair of CLEO, General Chair of LEOS Annual Meeting, Program Co-Chair of OSA Annual Meeting, and Chair of IEEE TAB Ethics Committee. He has 800 publications, including 25 patents and 2 books.

For more information

contact IEEE Photonics society student branch

chapter chair yanli@creol.ucf.edu

chapter advisor swu@creol.ucf.edu

Sunday, June 6, 2010

UCF Business Incubator-Sanford (Open House Celebration)


Please come and join us as we celebrate the expansion of the incubator, tour the facility meet with our clients, staff, and other guests.

Date: June 10, 2010

Time: 4-6 p.m.

Address: 110 West First Street Sanford Florida 32708

For RSVP contact Rafael Caamano at rcaamano@mail.ucf.edu

Please see attachment for more details

Friday, June 4, 2010

UCF CREOL SEMINAR TODAY: June 4, 2010 - 11 am by head of the ZhejiangUniversity Optics Program

Please note that there will be a seminar this Friday at 11 am in room 103:

"The Optical Engineering Program at Zhejiang University and Research in 3-D displays"

Prof Xu Liu,

Director of the Faculty of Information Technology, Zhejiang University

Prof Liu is the head of the Optical Engineering program at Zhejiang University, which is ranked the number 1 Optics program in all of China. Dr. Liu will talk about the program as well as his own research in 3-D displays.


www.optics.ucf.edu

"Creating the Future of Optics and Photonics"

Academics - Research - Partnerships

Thursday, June 3, 2010

2010 Enterprise Florida Board, Stakeholder, Working Group and Committee Meetings

2010 Enterprise Florida Board, Stakeholder,

Working Group and Committee Meetings

Reminder:Save the Dates

August 17-19, 2010

Board & Stakeholder Meetings

Biltmore Hotel, Coral Gables

November 3-5,2010

Board & Stakeholder Meetings

Bay Point Marriott, Panama City

*Reminder notices, location information and agendas will be sent out before each meeting. For more information contact: lcox@eflorida.com or 407-956-5688

*Note: Meeting dates are subject to change.

Enterprise Florida : 2010 Legislative Session Summary & Wrap Up

This year, the Legislature passed a $70.4 billion budget for fiscal year 2010-2011. It contains nearly
$4 billion in increased spending: $2.6 billion from existing federal stimulus dollars plus $880 million if Congress approves of a six-month extension of stimulus spending for Medicaid. The bulk of the additional Medicaid funds – $730 million – would be put into state reserves, and the rest would be spent on projects in various parts of the budget including health care, college scholarships, transportation and economic development.

As Florida climbs out of the recession, legislators understand that economic development and job creation will play an important role in growing the state’s economy. They demonstrated their understanding by the large number of economic development bills filed, including recommendations related to tax incentives, sales tax exemptions, grants to small-and medium-sized businesses, and changes to current programs.

During the session, Enterprise Florida staff worked tirelessly to ensure that the House and Senate understood the benefits to the state if the Legislature enacted the 10 proposals the EFI board cited as economic development priorities. The staff’s diligence resulted in huge dividends: Nine of the 10 proposals passed including:

§ funding for Enterprise Florida operations, Quick Action Closing Fund and the Defense Infrastructure Grant program

§ reauthorization of the Qualified Target Industry Tax Refund program

§ creation of the Research Commercialization Matching Grant program.

We thank our statewide partnership of economic development organizations for supporting Enterprise Florida’s legislative priorities. Their efforts were instrumental to this success story. Also to be acknowledged are bill sponsors, legislative champions, the governor, and the OTTED (Office of Tourism, Trade and Economic Development) because their guidance and support helped us overcome some of the biggest hurdles.

Attached is a summary of each item on Enterprise Florida’s 2010 legislative agenda and its outcome. You’ll also find information on other successful economic development bills that will enhance the state’s business climate and job creation efforts.

If you have questions or need additional information, please contact me at (407) 956-5602 or alatimer@eflorida.com.

#####


Enterprise Florida Legislative Agenda Items

Incentive Modifications

Three of the four sets of modifications that Enterprise Florida proposed the legislature make to existing incentive programs were adopted. Suggested changes to the Qualified Target Industry Tax Refund (QTI) and High Impact Performance Incentive (HIPI) programs were adopted, as was the suggestion to revise the criteria required for manufacturers to qualify for a sales tax exemption on their purchases of machinery and equipment. The proposed modifications to the Capital Investment Tax Credit (CITC) program were not adopted.

As the economy changes and other states revamp and strengthen their incentive programs, Florida must also retool its incentive programs if it is to remain a serious contender for job creation projects. It was in pursuit of that goal that Enterprise Florida’s Competitiveness Working Group recommended modifications to several incentive programs.

Bill Information: The modifications to QTI, HIPI and sales tax exemption for manufacturers passed the legislature as part of Senate Bill 1752.

Status: Signed into law by the Governor on May 28, 2010.

QTI Modifications

§ Rural cities are now eligible for a local financial support waiver.

§ Renewable energy industry businesses have been granted an exception to the “Market and Resource Independent” criteria used to determine whether a company qualifies as a target industry business. They must still meet the other five requirements necessary for designation.

§ Businesses under NAICS code 5611 (Office Administrative Services) or 5614 (Business Support Services, including call centers) can only be considered a target industry business if the community it plans to locate in has conditions that are negatively impacting its economic growth, e.g. low per capita income, high unemployment, high underemployment, or a lack of year-round stable employment opportunities. Additionally, an assessment indicating that the locating business will improve these conditions is required.

§ The Office of Tourism, Trade and Economic Development is required to update the list of target industries every three years.

§ Economic Stimulus Exemption (ESE) renamed Economic Recovery Extension (ERE) and extended for an additional year through June 30, 2012.

§ Businesses submitting documentation to support sufficient taxes paid to cover the duration of the QTI award do not have to re-submit documentation annually. Claims must still be filed to verify job and wage performance.

§ Additional $1,000 per job bonus available for projects where the local financial support equals the base QTI award.

§ Additional $2,000 per job bonus available for projects within designated high impact sectors OR if a business increases exports of its goods through a seaport or airport in Florida by at least 10% in value or tonnage in each of the years that the business receives a refund.

§ Businesses must provide an estimate of the proportion of the cost of machinery and equipment and other resources necessary in the development of its product or services to be used in the Florida operations which will be purchased outside this state.

§ The governing board of the county where the QTI business will locate must notify OTTED and EFI which wage (state, county or MSA) must be used as the basis for the business’ wage commitment.

§ A wage waiver is available for manufacturing projects if the jobs pay an average wage of at least 100% of the average private sector wage in the area where the business is to be located.

HIPI Modifications

§ Businesses now have two new categories under which they can qualify for a High Impact Performance Incentive award.

- The first category is businesses that will make a cumulative investment of $50 million and create 50 jobs.

- The second category is businesses that are engaged in research and development that will make a cumulative investment of $25 million and create 25 jobs.

§ The list of high impact sector designations must now be reviewed every three years.

Sales Tax Exemption for Manufacturers

§ Beginning July 1, 2010, a manufacturing business will be eligible to receive an exemption of sales tax on purchases of machinery and equipment if they achieve a 10 percent increase in productivity in a single product line. Additionally, manufacturers now have the flexibility to select which continuous 12-month period out of a 24-month span of time it will use to demonstrate the 10 percent productivity increase required to qualify for the exemption.

§ Previously, in order receive the exemption a manufacturer had to prove that it had increased its productive output by 10 percent or more for an entire plant or operation in a continuous
12-month period.

Qualified Target Industry Tax Refund Program (QTI)

In addition to the modifications outlined above, the QTI program was reauthorized for an additional 10 years. It was due to sunset in 2010 if action had not been taken to extend it. Enterprise Florida encouraged the legislature to reauthorize the program for an additional ten years and support modifications that would make this state workhorse program more competitive.

The QTI program is the state’s most widely used incentive program and helps to diversify Florida’s economy by enabling the Florida to effectively compete for higher-wage jobs.

Bill Information: House Bill 7109 passed the House and the Senate.

Status: Signed into law by the Governor on May 27, 2010.

Research Commercialization Matching Grant Program

After two unsuccessful attempts to get this program established, the 2010 Legislature approved creation of a Florida Research Commercialization Matching Grant program. The program was inaugurated with a $3 million budget appropriation.

The Florida Research Commercialization Matching Grant program is designed to give a funding match to Florida firms that have received a Phase I or Phase II award from the federal Small Business Innovation Research (SBIR) program and/or the Small Business Technology Transfer (STTR) program. This matching grant program will contribute to strengthening Florida’s foundation for the growth of innovative companies. It will be administered by the Florida Institute for the Commercialization of Public Research.

Bill Information: Program created and funded within Senate Bill 1752.

Status: Signed into law by the Governor on May, 2010.

Quick Response Training Program (QRT)

The amount appropriated for the Quick Response Training (QRT) program for FY 2010-11 is
$3.3 million.

The QRT program is administered by Workforce Florida. It provides funds to support the customized employee training needs of eligible companies.

Status: Funding for the QRT program was included in the General Appropriations Budget that was approved on May 28, 2010.

Regional Rural Development Grant Program

The Regional Rural Grant program has been expanded to allow regional rural organizations to provide technical assistance to local entrepreneurs.

Florida’s rural areas often find themselves at a financial disadvantage when attempting to participate in technical assistance programs, such as the Economic Gardening program. This contributes to the growing economic gap between rural and non-rural Florida.

Bill Information: Language expanding this program is included in Senate Bill 1752.

Status: Signed into law by the Governor on May 28, 2010.

Research and Development (R&D) Corporate Tax Credit

Enterprise Florida was unsuccessful this year in getting the legislature to set up a program to provide tax credits to companies that spend heavily on corporate research and development. In this tight budget year, it was apparent early on that the program did not have the broad-based legislative support it needed to pass.


A research and development tax credit program has proven successful in supporting the growth of innovative companies in the U.S.; 37 states have implemented similar programs. For two years, Enterprise Florida has urged the Legislature to establish a program in Florida as a way to further deepen our roots into the innovation economy.

Bill Information: The House legislation (HB607) was heard in only one of its referenced committees and the Senate bill (SB1184) failed to be placed on an agenda for a single committee hearing.

Status: Not adopted.

Cost Benefit Analysis of Legislation

The President of the Senate and the Speaker of the House now have the ability to request a more detailed economic impact analysis of planned state expenditures. The cost benefit analysis more thoroughly shows the return on investment and the potential economic growth associated with the proposed legislation. The passage of this bill is a signal that the legislature is aware of the need to analyze the true potential impact of economic development initiatives in the state of Florida.

Currently, the legislature uses a static analysis that focuses purely on cost. A new model was clearly needed that would demonstrate the total value associated with economic development funding and policy decisions.

Bill Information: House Bill 121, by Representatives Crisafulli, Hudson and Poppell, and SB 1178, by Senator Mike Haridopolos, proposed varying ideas for legislative use of a dynamic versus static scoring model. Senate Bill 1178 passed the full House and Senate.

Status: Signed into law by the Governor on May 26, 2010.

Enterprise Florida and Economic Development Toolkit

Below is a breakdown of the FY2010-11 appropriations for Enterprise Florida and the economic development toolkit.

Strengthening Florida’s economy was one of the goals of the Governor and legislature this session. When Sine Die occurred, the policies, programs and appropriations supporting job creation and economic growth indicated that goal had been accomplished. Faced with a broad range of important needs and a $2+ billion shortfall in state revenues, the legislature chose to use federal stimulus money to fill some funding gaps and increase appropriations for other state programs, including education and environmental and economic development initiatives. Enterprise Florida will maximize the resources the state has provided to continue its efforts to diversify Florida’s economy and spur job growth.

Status: Funding for Enterprise Florida operations and the Economic Development Toolkit were included in the General Appropriations Budget that was approved on May 28, 2010.

Program

FY 2008-2009

Appropriation

FY 2009-2010

Appropriation

FY 2010-2011

Appropriation

FY 2010-2011

FMAP* Appropriation

EFI Operations

$11,900,000

$11,400,000

$11,100,000

QTI/QDC/HIPI

$21,637,500

$21,637,500

$16,567,473

Quick Action Closing Fund

$41,460,000

$13,460,830

$1,000,000

$15,000,000

Brownfield Redevelopment

$1,685,400

$1,685,400

$2,480,000

Road Fund

$20,000,000

$20,000,000

$20,000,000

Quick Response Training

$5,000,000

$3,300,000

$3,300,000

Defense Infrastructure Grant

$1,500,000

$500,000

$3,000,000

$2,000,000

Defense Reinvestment Grant

$750,000

$850,000

$850,000

Military Base Protection

$250,000

$150,000

$150,000

Rural Infrastructure Fund

$4,700,000

$1,150,000

$1,100,000

Rural Community Development Grant

$1,300,000

$1,300,000

$1,300,000

Total

$110,182,900

$76,183,730

$57,847,473

$17,000,000

*FMAP = Federal Medicare Assistance Program dollars, contingent on Federal Appropriation

Funding for Enterprise Florida ($11,100,000)

Enterprise Florida’s budget supports its mission to diversify Florida’s economy. In FY2008-09, the budget enabled the recruitment and retention of 20,900 jobs at an average wage 32 percent higher than the state’s average and reflecting Florida’s focus on high-skill sectors. Furthermore, the job creation and retention projects closed this past year are expected to generate a combined $1.1 billion in capital investment. And, for the eleventh consecutive year, Enterprise Florida has produced a significant return on Florida’s investment, generating $4.96 for every dollar invested in its operations and economic development incentives.

Despite a very tight budget year, the Enterprise Florida operating budget received only a minor reduction of $300,000 from last fiscal year, once again reflecting the Governor and Legislature’s belief that investing in economic development is part of a successful strategy for reinvigorating the state’s economy.

Quick Action Closing Fund ($16,000,000)
($1,000,000 nonrecurring General revenue and $15,000,000 nonrecurring General revenue contingent on FMAP dollars)

If the Federal Medical Assistance Program funding comes through, Florida will have $16 million in its “deal closing” fund to compete against other states for prospective business opportunities. The Quick Action Closing Fund is a tool that can be accessed when the state is vying for a significant job creation project where it is at a competitive disadvantage. It is used only when absolutely necessary and gives the state a clear competitive edge in many cases. In 2009, the Quick Action Closing Fund played a vital role in the creation and retention of 8,080 jobs paying an average wage of $48,488.


Economic Development Transportation Fund (“Road Fund”) ($20,000,000)

Funded at $20 million, the same amount as last fiscal year, the “Road Fund” will be available to support many good job creation projects in FY2010-11. When a transportation impediment is keeping a company from locating to or expanding within Florida, the Road Fund is often the solution that gives Florida the upper hand in the competition to win the project. In FY2008-09 there were eight approved road fund projects, creating or retaining 5,521 jobs with an average wage of $44,844 and a capital investment of $393 million.

Funding Florida’s Rural Areas ($2,400,000)

The FY2010-11 appropriation for the Rural Infrastructure Fund is $1.1 million. The appropriation for the Rural Community Development Revolving Loan Fund and the Regional Rural Development Grant Program is $1.3 million.

Rural areas are critically important to Florida’s economic strength and diversity. To promote increased growth opportunities, the legislature again this year funded the Rural Infrastructure Fund and the Rural Community Development Revolving Loan Fund. These programs provide financing for infrastructure projects and grants used by regional organizations to encourage rural development, respectively.

Protect Florida’s Defense Industry ($6,000,000)

Prior to the announcement of the FY2010-11 budget and its appropriation for defense programs, funding for supporting Florida’s military assets had been trending downward – decreasing from as much as $4 million in FY2006-07 to $1.5 million in FY2007-08 and FY2009-10.

Florida’s defense industry and 20 military bases rank third in the state, behind tourism, in their economic impact (revenue and jobs) to the state. Defense-related spending in Florida accounts for
$52 billion, or 7.5 percent of the gross state product. Investments in Defense Infrastructure Grants and Defense Reinvestment Grants support Florida’s military facilities, defense communities, and military families.


Legislation Supported by Enterprise Florida

Rural Enterprise Zone

Upon the request from a rural county to have their catalyst site annexed into the closest enterprise zone, the Office of Tourism, Trade and Economic Development (OTTED) is now vested with the authority to grant such a designation.

Currently, there are four rural catalyst sites, located in Highlands, Calhoun, Suwannee, and Columbia counties. Highlands and Calhoun counties are already designated as rural enterprise zones. The legislation passed the House and Senate. When the Governor signs this legislation both Suwannee and Columbia county plan to request rural enterprise zone designation.

The enterprise zone program offers businesses located in enterprise zones corporate and sales tax credits for hiring residents of enterprise zones. Sales tax refunds are offered to businesses located in a zone that purchase building materials and business equipment for use in the zone. Corporate tax credits are available to new and expanding businesses that locate or expand their facilities in a zone.

Bill Information: The sponsoring legislation was House Bill 843, by Representative Debbie Boyd and Senate Bill 1724, by Senator Charlie Dean.

Status: Signed into law by the Governor on May 26, 2010.

Military Support Legislation

The gains from this legislation are:

1. Florida statute on growth management concerning military base encroachment has been strengthened.

2. Military families are now allowed to retain their homestead exemptions when they are transferred out of state.

3. For newly arriving military spouses, Florida will grant an interim acceptance (six months) of their professional licenses from another state.

Bill Information: House Bill 7129, by the House Committee on Military and Local Affairs, was passed by both the House and the Senate.

Status: Signed into law by the Governor on June 1, 2010.

Florida Infrastructure Fund

A bill to establish an Infrastructure Fund that would leverage private investment through state tax credits passed the House but was not taken up by the Senate. This new financing tool would have expanded the ability of the Florida Opportunity Fund to attract more capital to Florida and support the construction of Florida-focused infrastructure projects such as roads, bridges, railways, ports, power stations, utilities, water, wastewater, solar, and so forth.


The program has impressive tangible benefits to Floridians and the state that include:

§ attracting up to $4 billion of private capital to Florida;

§ creating thousands of jobs in Florida through infrastructure projects supported by the fund;

§ creating permanent infrastructure assets in Florida;

§ alleviating budget pressure, by leveraging private capital to help government meet its public infrastructure needs; and

§ accelerating the deployment of infrastructure funds and speeding the recovery of the Florida economy.

Bill Information: House Bill 7243 passed the House but was not taken up by the Senate.

Status: Died in Senate messages.

New Markets Development Program

The definition of a “qualified active low-income community business” has been changed to match that of the federal New Markets Tax Credits program. Additionally the “cure period” now allows six months instead of 90 days to cure a failure to make a timely investment, the same amount of time granted under the federal New Markets Tax Credits program. Also, there is now a limit of one time per 7-year credit period in which a correction to a qualified equity investment may be made.

In 2009, the Florida Legislature created the Florida New Markets Development Program (NMDP) to provide state tax credits for investments in low-income communities. Tax credits allocated may be used to offset corporate income or insurance premium tax liabilities. The program is designed to make the state more attractive to national investors who are deciding where to invest funds raised under the federal New Markets Tax Credits program by creating a state NMDP similar to the federal program.

Bill Information: The language from this legislation was amended onto Senate Bill 1752, which passed the House and the Senate.

Status: Signed into law by the Governor on May 28, 2010.