This week, state Rep. Chip LaMarca, R-Lighthouse Point, filed legislation to bring back Enterprise Florida’s Qualified Targeted Industry (QTI) Tax Refund, which helps support quality job growth in Florida.
State Sen. Joe Gruters, R-Sarasota, has introduced the Senate version of the bill.
“The QTI poses very little risk to taxpayers because if jobs are promised but not created or the salaries were not above average wages, no rebate is given,” insisted LaMarca’s office.
The QTI sunset on June 30, 2020.
“We need to do everything to encourage job growth in our state while also protecting Florida taxpayers. This rebate does just that and needs to be brought back so that we can help turn the economic tide of the pandemic. Organizations like the Greater Fort Lauderdale Alliance rely on programs like this to recruit and retain growing businesses around the state. At a time when our state is attracting even more residents and talent, and as South Florida is poised to become the next tech startup hub, we have to provide economic options for companies to not only come to Florida but stay here long term. Access to jobs is key to keeping our economy on track,” LaMarca said.
“As Florida has experienced an unusual year, it is even more imperative to continue supporting businesses recruitment strategies that will make Florida a top tier employing state for high wage and high-quality jobs for Floridian’s in targeted industries,” Gruters said.
Members of the DeSantis administration lined up behind the proposal including Dane Eagle, the executive director of the Florida Department of Economic Opportunity (DEO).
“I applaud Chairman Gruters and Representative LaMarca on the introduction of SB 982 and HB 6071, which will renew the Qualified Target Industry (QTI) Tax Refund that recently sunset on June 30, 2020. The QTI program is a pay-after-performance tax refund that emphasizes accountability through a two-step validation process that includes an independent third-party auditor. Since 2012, this important economic tool has created over 50,000 high-quality, high-wage jobs for Floridians and helped diversify the state’s economy, making it a vital program to attract more businesses to Florida,” Eagle said.
Florida Sec, of Commerce Jamal Sowell, the president and CEO of Enterprise Florida, is also behind the proposal.
“On a daily basis, Enterprise Florida is making the case for Florida with businesses in every corner of the country. Until its sunset last year, the Qualified Target Industries tax rebate was the most effective arrow in our quiver with a proven return-on-investment and performance-based safeguards. We appreciate Senator Gruters and Representative LaMarca for helping us restore this important program and supporting the Floridians who fill the high-wage jobs it helps create,” he said.