FL – Credit for spaceflight projects repealed, other changes enacted

Florida enacted legislation that:

repeals the corporate income tax credit for spaceflight projects and the provisions for the expiring new markets credit;

clarifies the bonus tax refund, including the corporate income tax refund, for job creation in a brownfield redevelopment area;

changes the name of the Department of Economic Opportunity to Department of Commerce; and

transfers various credit administration duties from Enterprise Florida, Inc. to the Department of Commerce.

Ch. 173 (H.B. 5), Laws 2023, effective July 1, 2023