Florida Economic Development Program Evaluations - Year 7
Report 19-16, December 2019
- Incentive programs under review this year include tax credit, tax refund, and cash grant incentives. These programs intend to attract businesses to and grow businesses in Florida. Six of the eight programs under review involve projects with contractual agreements.
- Projects with contractual agreements received $167.2 million in state incentive funds in Fiscal Years 2015-16 through 2017-18. These projects created 26,004 jobs and $1.5 billion in capital investment. No Innovation Incentive Program projects received payments during our review period. Approximately one-half of businesses receiving incentive payments via contractual agreements were existing Florida businesses that have over 1,000 employees.
- The Legislature phased out the Enterprise Zone Program in 2018 but provided $25.3 million in tax credits and refunds to businesses and individuals during our review period. During the period, investors claimed $118.7 million in tax credits for the New Markets Development Program.
- Regarding concerns we noted in the prior review period, the Department of Economic Opportunity (DEO) improved the timeliness of incentive claims and payment processes. However, all of our other recommendations from the prior review period remain. We continue to recommend that the Legislature phase out the Innovation Incentive Program. Further, if the Legislature chooses to authorize additional New Markets Development tax credits, it could consider directing DEO to use scoring criteria when allocating tax credits. Lastly, DEO should improve New Markets Development Program oversight.
Florida Economic Development Program Evaluations Year 8
Report 20-08 December 2020
Florida Economic Development Program Evaluations - Year 6
Report 18-07 December 2018
Florida Economic Development Program Evaluations - Year 5
Report 17-13 December 2017
Florida Economic Development Program Evaluations - Year 4
Report 17-02 January 2017
Economic development, incentives, Capital Investment Tax Credit, Qualified Target Industry Tax Refund, Brownfield Redevelopment Bonus Refund, High-Impact Incentive Performance Grants, Quick Action Closing Fund, Innovation Incentive Program, Enterprise Zone Program, job creation, capital investment, New Markets, loans, equity, investment, tax credits