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| 1 | A bill to be entitled | ||
| 2 | An act relating to the corporate income tax; creating s. | ||
| 3 | 220.192, F.S.; providing a tax credit for donations to the | ||
| 4 | Cultural Institutions Trust Fund; providing that the | ||
| 5 | unused amount of a credit may not be carried forward; | ||
| 6 | prohibiting conveying, assigning, or transferring the | ||
| 7 | credit to another entity except as specified; providing | ||
| 8 | application procedures; providing for rulemaking by the | ||
| 9 | Department of Revenue; providing an effective date. | ||
| 10 | |||
| 11 | Be It Enacted by the Legislature of the State of Florida: | ||
| 12 | |||
| 13 | Section 1. Section 220.192, Florida Statutes, is created | ||
| 14 | to read: | ||
| 15 | 220.192 Cultural contributions tax credit.-- | ||
| 16 | (1) A credit in the amount of 50 percent of a contribution | ||
| 17 | to the Cultural Institutions Trust Fund is allowed against any | ||
| 18 | tax due for a taxable year under this chapter. | ||
| 19 | (2)(a) If the credit granted under this section is not | ||
| 20 | fully used in any one year, the unused amount may not be carried | ||
| 21 | forward. A taxpayer may not convey, assign, or transfer the | ||
| 22 | credit authorized by this section to another entity unless all | ||
| 23 | of the assets of the taxpayer are conveyed, assigned, or | ||
| 24 | transferred in the same transaction. | ||
| 25 | (b) An application for a tax credit under this section | ||
| 26 | shall be submitted to the department on forms established by | ||
| 27 | rule of the department. | ||
| 28 | (c) The department shall adopt rules necessary to | ||
| 29 | administer this section. | ||
| 30 | Section 2. This act shall take effect July 1, 2004. | ||