• Become an SSTI Member

    As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies.  Learn more about membership...

  • Subscribe to the SSTI Weekly Digest

    Each week, the SSTI Weekly Digest delivers the latest breaking news and expert analysis of critical issues affecting the tech-based economic development community. Subscribe today!

Florida Governor Requests $630M for TBED, Other ED

February 06, 2006

With state revenues posting a surplus, Florida Gov. Jeb Bush used his 2006-07 budget proposal to make his largest request yet to support efforts to diversify the state's economy through technology-based economic development (TBED). In total, the budget provides $630 million for several new research-focused initiatives, business recruitment funds, and other economic development programs.

The governor's funding recommendations focus on growing science and technology-based jobs and industries, investments in the space industry, and developing funds to support innovative start-up companies, and include:

  • $200 million to create the 21st Century Technology, Research and Scholarship Enhancement Act, which includes:
    • $100 million to create new and expand existing university-based Centers of Excellence around key sectors of the economy, allowing for universities and their research partners to leverage public and private dollars to build the infrastructure to support R&D projects; and,
    • $100 million to create a World Class Scholars Program to give universities the financial resources needed to attract eminent researchers from around the world. State funds, which must be matched dollar-for-dollar by the universities, could be used for building facilities, purchasing equipment and supporting research staff.
  • $75 million in tax credits for the New Florida Capital Formation Program, which offers tax credits to attract early-stage venture capital for start-up companies;
  • $55 million to implement recommendations of the Governor's Commission on the Future of Space and Aeronautics. The request is distributed among several initiatives, including:
    • $35 million earmarked for recruiting the development, maintenance and launch of NASA's Crew Exploration Vehicle to Florida (several states are vying for this NASA project);
    • $11 million to fund a new Space Florida formed in part by the consolidation of the Florida Space Authority, Florida Space Research Institute, and Florida Aerospace Finance Corp.;
    • $4 million to support aerospace education and training programs;
    • $3 million for tax cuts targeting the space and defense industries; and,
    • $2 million for a state Center for Math and Science Education Research.
  • $50 million to expand Florida's Quick Action Closing Fund, allowing the state to offer a cash incentive to companies considering Florida for relocation; and,
  • $250 million to create the Florida Innovation Incentive Fund to enable the state to take advantage of once-in-a-lifetime opportunities and statewide priorities that will yield a significant return for the taxpayer in the long-term.

In addition, Gov. Bush is recommending $1.6 million for high-impact performance incentives for biomedical research, $4.3 million for international programs that encourage international trade, and $24.3 million for the Qualified Target Industry tax refund program to provide tax refunds to new or expanding corporate headquarters and R&D facilities and businesses in key industrial sections.

Enterprise Florida, the state's office for traditional economic development approaches of business recruitment/retention, international trade and marketing is slated to receive $12.5 million in the governor's 2006-07 budget request.

Gov. Jeb Bush's FY 2006-07 Budget Recommendation is available at http://www.ebudget.state.fl.us/.

Florida