CS/CS/HB 5 (Esposito) eliminates Enterprise Florida, Inc. (EFI) and transfers all its duties, functions, records, existing contracts, administrative authority and unexpended balances of appropriations and allocations relating to its programs to the Department of Commerce, which is created in the bill by the renaming of the Department of Economic Opportunity (DEO). Duties related to international trade and development are transferred to a new direct-support organization under the Department. The transition must be completed by December 1, 2023. The bill appropriates $5 million to the new international trade direct-support organization created in the bill, $5 million and 20 FTE to DEO and $2 million to EFI to implement the transition.  

The bill repeals several obsolete or expired economic development incentive programs, including the entertainment industry tax credit, corporate income tax credits for spaceflight projects, the qualified defense contractor and space flight business tax refund program, tax refunds for qualified target industry (QTI) businesses, the economic gardening business loan pilot program, the economic gardening technical assistance pilot program, the quick action closing fund, the innovation incentive program, the Florida small business technology growth program, the new markets tax credit, the microfinance loan program, the Golf Hall of Fame, and the International Game Fish Association World Center facility. Existing contracts authorized under programs remain in force, but new certifications or agreements may not be made. The bill also renames the Division of Strategic Business Development as the Division of Economic Development, repeals the Office of Film and Entertainment and eliminates the Film Advisory Council. The bill requires the Florida Sports Foundation (recreated in the bill) and VISIT FLORIDA to contract with the Department as direct-support organizations.

Effective date: July 1, 2023. (Taggart)