New Economic Development Incentive Legislation

What does drafting legislation in support of establishing new economic development incentives entail?

Drafting legislation to establish new economic development incentives involves creating policies promoting growth and development within specific industries or regions. In Florida, such legislation aims to attract investment, create jobs, and enhance the state’s economic well-being. Corporate executives or boards of directors may require counsel on drafting legislation when they seek to capitalize on available incentives or propose new initiatives.

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Which Florida laws and regulations apply to economic development incentives?

Florida has many laws relating to economic development incentives. Some key legislation includes:

• Florida Statutes Chapter 288 governs the state’s economic development programs and incentives, such as the Qualified Target Industry Tax Refund (QTI) and the Capital Investment Tax Credit (CITC). These programs provide tax refunds and credits to businesses that create high-wage jobs in targeted industries.
• Florida Statutes Chapter 220 outlines Florida’s corporate income tax structure, including provisions for tax credits and exemptions for businesses that invest in research and development, job creation, and other economic development activities.
• Florida Statutes Chapter 212 governs Florida’s sales and use tax, which includes exemptions for manufacturing equipment, renewable energy equipment, and other items that promote economic development.

By understanding the existing legal landscape, stakeholders can identify opportunities for new legislation that builds upon existing incentives and creates a more attractive environment for businesses in Florida.

What are effective measures to draft effective economic development incentive legislation?

Implementing the following strategies may help mitigate risk:

• Conduct Thorough Research: Before drafting legislation, research existing federal and Florida laws, regulations, and secondary sources to ensure compatibility and avoid inconsistencies.
• Collaborate with Stakeholders: Engage with various stakeholders, including businesses, industry experts, and government agencies, to gather input and address concerns before finalizing legislation.
• Use Clear Language: Draft the legislation using clear, concise, and unambiguous language to minimize disputes over interpretation and application.
• Ensure Constitutional Compliance: Review the legislation to adhere to constitutional principles, such as due process and equal protection, to avoid potential legal challenges.
• Incorporate Robust Oversight and Enforcement Mechanisms: Establish mechanisms for monitoring compliance, enforcing provisions, and resolving disputes to minimize the likelihood of litigation.
• Seek Expert Legal Advice: Consult with experienced legal professionals who can review the drafted legislation and provide guidance on potential risks and litigation mitigation strategies.

When a set of facts is appropriate to meet litigation requirements, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

Frequently Asked Questions

1. What types of economic development incentives are available in Florida?

Florida employs a variety of economic development incentives, including tax credits, grants, low-interest loans, and workforce training programs. These incentives help to attract new businesses, encourage expansion, and stimulate job creation in targeted industries.

2. How can local governments in Florida participate in creating economic development incentives?

Local governments in Florida can participate in economic development efforts by collaborating with the state government, offering additional incentives, and working with businesses and community leaders to create a supportive environment for investment and growth.

3. How can businesses take advantage of economic development incentives in Florida?

Businesses interested in leveraging economic development incentives in Florida should research available programs and evaluate their eligibility. To qualify, they may need to demonstrate job creation, capital investment, or other specific criteria. Additionally, businesses should consult with experts or relevant government agencies to ensure they understand the application process and requirements.

Have more questions about governance or operations for your business?

Crucially, this overview of drafting legislation in support of establishing new economic development incentives does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain a tireless advocate every step of the way. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation.