Bush Signs Economic Development Bills

From The Associated Press
Published: May 30, 2006

ORLANDO - A $245 million economic incentive measure that includes corporate and insurance premium tax credits designed to lure high-tech industries to Florida is one of five economic development bills that Gov. Jeb Bush signed into law Tuesday.

A second bill established a $100 million university research fund and authorize new medical schools at the University of Central Florida in Orlando and Florida International University in Miami.

The other legislation offers state and local sales tax breaks on purchases of equipment and machinery used predominantly for research and spaceport activities and revamps the state's space program and increases its funding.

Bush signed the bills during a ceremony at the University of Central Florida.

The first bill creates a $200 million Innovation Economy Incentive Program and pours $45 million into an existing fund the governor can tap, in consultation with legislative leaders, to close deals with companies considering moving to Florida or expanding in the state.

Democrats had opposed the legislation because it lacks a requirement that companies receiving such incentives provide health care benefits for their employees.

The university bill includes a scholarship fund designed to attract world class researchers to the state.

The Florida Space Authority and other space-related state agencies would be consolidated and replaced by Space Florida, a new entity that could offer incentives to attract commercial enterprises including space tourism companies.