HB 0767 2004
1	A bill to be entitled
2	An act relating to the community contribution tax credit;
3	amending s. 220.183, F.S.; requiring that no more than 80
4	percent of the available annual tax credits may be granted
5	for low-income and very-low-income households, under
6	certain conditions, in order to be eligible for a
7	community contribution tax credit; providing for an
8	alternative use of such credits under certain
9	circumstances; providing an effective date.
10
11	Be It Enacted by the Legislature of the State of Florida:
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13	Section 1. Paragraph (b) of subsection (2) of section
14	220.183, Florida Statutes, is amended to read:
15	220.183 Community contribution tax credit.--
16	(2) ELIGIBILITY REQUIREMENTS.--
17	(b)1.All community contributions must be reserved
18	exclusively for use in projects as defined in s. 220.03(1)(t).
19	The Office of Tourism, Trade, and Economic Development may
20	reserve up to 50 percent of the available annual tax credits for
21	housing for very-low-income households pursuant to s.
22	420.9071(28) for the first 6 months of the fiscal year.
23	2. Within the first 6 months of the fiscal year, no more
24	than 80 percent of the annual tax credits may be approved for
25	donations made to approved sponsors for projects that provide
26	housing for low-income or very-low-income households as defined
27	in s. 420.9071(19) and (28).
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29	If less than 20 percent of the annual tax credits for donations
30	made to approved sponsors for projects other than those for low-
31	income or very-low-income households are approved within the
32	first 6 months of the fiscal year, the Office of Tourism, Trade,
33	and Economic Development may approve the balance of tax credits
34	for donations made to approved sponsors for projects that
35	provide housing for low-income or very-low-income households.
36	Section 2. This act shall take effect upon becoming a law.