Senate Bill sb0096

    Florida Senate - 2002                                    SB 96

    By Senator Silver





    38-34-02

  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         creating s. 220.17, F.S.; providing for a

  4         credit against the tax for a taxpayer that

  5         provides its employees with long-term-care

  6         insurance coverage; defining terms; amending s.

  7         220.02, F.S.; providing for the order in which

  8         credits are to be applied; providing

  9         retroactive applicability; providing an

10         effective date.

11

12  Be It Enacted by the Legislature of the State of Florida:

13

14         Section 1.  Section 220.17, Florida Statutes, is

15  created to read:

16         220.17  Long-term-care insurance coverage tax credit.--

17         (1)  A credit against the tax imposed by this chapter

18  shall be allowed to a taxpayer that provides long-term-care

19  insurance coverage for the taxpayer's employees. The amount of

20  the credit shall be equal to 25 percent of the cost of

21  providing the coverage. The amount of the credit claimed in an

22  accounting year in which the cost is incurred may not exceed

23  50 percent of the tax liability otherwise due that year.

24         (2)  As used in this section, the term:

25         (a)  "Cost of providing the coverage" means the cost of

26  premiums incurred by the taxpayer for the purchase of a

27  long-term-care policy or policies for employees.

28         (b)  "Long-term-care insurance coverage" means a group

29  or individual insurance policy, or portion thereof, which

30  provides benefits for a period of not less than 12 months for

31  each person covered under the policy on an expense-incurred,

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2002                                    SB 96
    38-34-02




  1  indemnity, or annuity basis, or a combination thereof, for

  2  necessary diagnostic, preventive, therapeutic, or custodial

  3  services in a setting other than an acute-care unit of a

  4  hospital. Long-term-care services may include, but are not

  5  limited to, nursing home care, home health care, assisted

  6  living residence care, alternative family living care, or

  7  another similar type of community-based care for which

  8  long-term-care insurance coverage is available.

  9         Section 2.  Subsection (8) of section 220.02, Florida

10  Statutes, is amended to read:

11         220.02  Legislative intent.--

12         (8)  It is the intent of the Legislature that credits

13  against either the corporate income tax or the franchise tax

14  be applied in the following order: those enumerated in s.

15  631.828, those enumerated in s. 220.191, those enumerated in

16  s. 220.181, those enumerated in s. 220.183, those enumerated

17  in s. 220.182, those enumerated in s. 220.1895, those

18  enumerated in s. 221.02, those enumerated in s. 220.184, those

19  enumerated in s. 220.186, those enumerated in s. 220.1845,

20  those enumerated in s. 220.19, those enumerated in s. 220.185,

21  and those enumerated in s. 220.187, and those enumerated in s.

22  220.17.

23         Section 3.  This act shall take effect January 1, 2003,

24  and shall apply to any tax year beginning after December 31,

25  2001.

26

27            *****************************************

28                          SENATE SUMMARY

29    Provides for a credit against the corporate income tax
      for a taxpayer that provides its employees with
30    long-term-care insurance coverage. Defines terms.
      Provides for the order in which various credits against
31    the tax are to be applied. Provides for applicability to
      any tax year beginning after December 31, 2001.
                                  2

CODING: Words stricken are deletions; words underlined are additions.