Florida Statutes 288.0071 – Economic incentives to foreign countries of concern prohibited
Current as of: 2023 | Check for updates
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(1) As used in this section, the term:
(a) “Controlled by” means having possession of the power to direct or cause the direction of the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person or entity that directly or indirectly has the right to vote 25 percent or more of the voting interests of the company or that is entitled to 25 percent or more of its profits is presumed to control the foreign entity.
Terms Used In Florida Statutes 288.0071
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Economic Opportunity. See Florida Statutes 288.005
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- political subdivision: include counties, cities, towns, villages, special tax school districts, special road and bridge districts, bridge districts, and all other districts in this state. See Florida Statutes 1.01
(b) “Economic incentive” means all programs administered by, or for which an applicant for the program must seek certification, approval, or other action by, the department under this chapter, chapter 212, or chapter 220; and all local economic development programs, grants, or financial benefits administered by a political subdivision or an agent thereof.
(c) “Foreign country of concern” has the same meaning as in s. 692.201.
(d) “Foreign entity” means an entity that is:
1. Owned or controlled by the government of a foreign country of concern; or
2. A partnership, association, corporation, organization, or other combination of persons organized under the laws of or having its principal place of business in a foreign country of concern, or a subsidiary of such entity.
(e) “Government entity” means a state agency; a political subdivision; or any other public or private agency, person, partnership, corporation, or business entity acting on behalf of any public agency.
(2) A government entity may not knowingly enter into an agreement or contract for an economic incentive with a foreign entity.
(3) Before providing any economic incentive, a government entity must require the recipient or applicant to provide the government entity with an affidavit signed under penalty of perjury attesting that the recipient or applicant is not a foreign entity.
(4) The department shall adopt rules to administer this section, including rules establishing the form for the affidavit required under subsection (3).