Florida Senate - 2025 SB 1516 By Senator Wright 8-01510A-25 20251516__ 1 A bill to be entitled 2 An act relating to the aerospace industry; amending s. 3 331.3051, F.S.; requiring Space Florida to administer 4 the International Aerospace Innovation Fund; amending 5 s. 331.310, F.S.; conforming a cross-reference; 6 creating s. 331.372, F.S.; establishing the 7 International Aerospace Innovation Fund; providing the 8 purpose and duties of the fund; requiring Space 9 Florida to secure funding from certain sources; 10 requiring Space Florida to develop certain eligibility 11 criteria; providing requirements for such eligibility 12 criteria; requiring that funding be awarded in a 13 certain manner; requiring Space Florida to establish a 14 certain panel; requiring Space Florida to establish an 15 application process for projects seeking funding from 16 the fund; requiring Space Florida to identify and 17 establish certain partnerships; authorizing Space 18 Florida to negotiate and enter into bilateral 19 agreements for certain purposes; providing an 20 effective date. 21 22 Be It Enacted by the Legislature of the State of Florida: 23 24 Section 1.Present subsections (15) and (16) of section 25 331.3051, Florida Statutes, are redesignated as subsections (16) 26 and (17), respectively, and a new subsection (15) is added to 27 that section, to read: 28 331.3051Duties of Space Florida.Space Florida shall: 29 (15)Administer the International Aerospace Innovation Fund 30 established under s. 331.372. 31 Section 2.Paragraph (e) of subsection (2) of section 32 331.310, Florida Statutes, is amended to read: 33 331.310Powers and duties of the board of directors. 34 (2)The board of directors shall: 35 (e)Prepare an annual report of operations as a supplement 36 to the annual report required under s. 331.3051(17) s. 37 331.3051(16). The report must include, but not be limited to, a 38 balance sheet, an income statement, a statement of changes in 39 financial position, a reconciliation of changes in equity 40 accounts, a summary of significant accounting principles, the 41 auditors report, a summary of the status of existing and 42 proposed bonding projects, comments from management about the 43 years business, and prospects for the next year. 44 Section 3.Section 331.372, Florida Statutes, is created to 45 read: 46 331.372International Aerospace Innovation Fund. 47 (1)The International Aerospace Innovation Fund is 48 established to accelerate global aerospace innovation by funding 49 collaborative research and development projects, workforce 50 development initiatives, and commercialization efforts. The 51 International Aerospace Innovation Fund shall be administered by 52 Space Florida. 53 (2)The International Aerospace Innovation Fund shall: 54 (a)Develop partnerships between Florida-based aerospace 55 companies and international aerospace companies. 56 (b)Drive innovation in critical technology areas related 57 to aerospace as defined in s. 331.303, including, but not 58 limited to, space exploration, advanced manufacturing, and space 59 infrastructure. 60 (c)Attract global investment in this states aerospace 61 ecosystem. 62 (3)Space Florida shall secure funding for the 63 International Aerospace Innovation Fund. Funding may be received 64 from: 65 (a)The state, in the form of direct appropriations to 66 Space Florida for purposes of the International Aerospace 67 Innovation Fund, investment by the Florida Opportunity Fund, and 68 any other investment, loan, or grant funds for which projects of 69 the International Aerospace Innovation Fund qualify. 70 (b)Private sector investments. Space Florida may solicit 71 matching funds from and partner with private aerospace companies 72 and venture capital funds. 73 (c)International contributions. To the extent permitted 74 under state law, Space Florida may collaborate with foreign 75 industry development organizations or innovation authorities to 76 co-fund International Aerospace Innovation Fund projects. 77 (4)(a)Space Florida shall develop eligibility criteria for 78 projects that may be funded by the International Aerospace 79 Innovation Fund. The eligibility criteria must include, but are 80 not limited to, all of the following: 81 1.The project must involve at least one aerospace company 82 or organization that is based in this state. 83 2.The project must be a partnership that involves at least 84 one of the following: 85 a.An international aerospace company. 86 b.A university. 87 c.A space agency. 88 d.A research institute. 89 3.The project must be intended, and have demonstrated 90 potential, for commercialization. 91 (b)Funding must be competitively awarded to eligible 92 projects based on merit. Space Florida shall establish a panel 93 of aerospace experts to evaluate and recommend projects. 94 (c)Space Florida shall establish an application process 95 for projects seeking funding by the International Aerospace 96 Innovation Fund. 97 (5)Space Florida shall identify and establish 98 partnerships, to the extent possible, with countries that have 99 robust aerospace sectors. 100 (6)Space Florida may negotiate and enter into bilateral 101 agreements for the purposes of this section, which may include, 102 but are not limited to, the establishment of co-funding 103 commitments, intellectual property rights, and collaboration 104 terms. 105 Section 4.This act shall take effect July 1, 2025.