Amendment
Bill No. 1817

Amendment No. 271991

CHAMBER ACTION
Senate		House
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1	Representative(s) Kottkamp offered the following:
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3	Amendment (with title amendment)
4	Remove lines 661 through 1105, and insert:
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6	(9)  REQUIREMENT FOR 100 PERCENT INVESTMENT; STATE
7	PARTICIPATION.--
8	(a)  A certified capital company may make qualified
9	distributions at any time. In order to make a distribution to
10	its equity holders, other than a qualified distribution from
11	funds related to a particular program, a certified capital
12	company must have invested an amount cumulatively equal to 100
13	percent of its certified capital raised under such program in
14	qualified investments. Payments to debt holders of a certified
15	capital company, however, may be made without restriction with
16	respect to repayments of principal and interest on indebtedness
17	owed to them by a certified capital company, including
18	indebtedness of the certified capital company on which certified
19	investors earned premium tax credits. A debt holder that is also
20	a certified investor or equity holder of a certified capital
21	company may receive payments with respect to such debt without
22	restrictions.
23	(b)  Cumulative distributions from a certified capital
24	company from funds related to a particular program to its
25	certified investors and equity holders under such program, other
26	than qualified distributions, in excess of the certified capital
27	company's original certified capital raised under such program
28	and any additional capital contributions to the certified
29	capital company with respect to such program may be audited by a
30	nationally recognized certified public accounting firm
31	acceptable to the office, at the expense of the certified
32	capital company, if the office directs such audit be conducted.
33	The audit shall determine whether aggregate cumulative
34	distributions from the funds related to a particular program
35	made by the certified capital company to all certified investors
36	and equity holders under such program, other than qualified
37	distributions, have equaled the sum of the certified capital
38	company's original certified capital raised under such program
39	and any additional capital contributions to the certified
40	capital company with respect to such program. If at the time of
41	any such distribution made by the certified capital company,
42	such distribution taken together with all other such
43	distributions from the funds related to such program made by the
44	certified capital company, other than qualified distributions,
45	exceeds in the aggregate the sum of the certified capital
46	company's original certified capital raised under such program
47	and any additional capital contributions to the certified
48	capital company with respect to such program, as determined by
49	the audit, the certified capital company shall pay to the
50	Department of Revenue 10 percent of the portion of such
51	distribution in excess of such amount. Payments to the
52	Department of Revenue by a certified capital company pursuant to
53	this paragraph shall not exceed the aggregate amount of tax
54	credits used by all certified investors in such certified
55	capital company for such program.
56	(10)  DECERTIFICATION.--
57	(a)  The office shall conduct an annual review of each
58	certified capital company to determine if the certified capital
59	company is abiding by the requirements of certification, to
60	advise the certified capital company as to the eligibility
61	status of its qualified investments, and to ensure that no
62	investment has been made in violation of this act. The cost of
63	the annual review shall be paid by each certified capital
64	company.
65	(b)  Nothing contained in this subsection shall be
66	construed to limit the Chief Financial Officer's or the office's
67	authority to conduct audits of certified capital companies as
68	deemed appropriate and necessary.
69	(c)  Any material violation of this section, or a finding
70	that the certified capital company or any principal or director
71	thereof has committed any act specified in paragraph (4)(d),
72	shall be grounds for decertification of the certified capital
73	company. If the office determines that a certified capital
74	company is no longer in compliance with the certification
75	requirements of this act, the office shall, by written notice,
76	inform the officers of such company that the company may be
77	subject to decertification 90 days after the date of mailing of
78	the notice, unless the deficiencies are corrected and such
79	company is again found to be in compliance with all
80	certification requirements.
81	(d)  At the end of the 90-day grace period, if the
82	certified capital company is still not in compliance with the
83	certification requirements, the office may issue a notice to
84	revoke or suspend the certification or to impose an
85	administrative fine. The office shall advise each respondent of
86	the right to an administrative hearing under chapter 120 prior
87	to final action by the office.
88	(e)  If the office revokes a certification, such revocation
89	shall also deny, suspend, or revoke the certifications of all
90	affiliates of the certified capital company.
91	(f)  Decertification of a certified capital company for
92	failure to meet all requirements for continued certification
93	under paragraph (5)(a) with respect to the certified capital
94	raised under a particular program may cause the recapture of
95	premium tax credits previously claimed by such company under
96	such program and the forfeiture of future premium tax credits to
97	be claimed by certified investors under such program with
98	respect to such certified capital company, as follows:
99	1.  Decertification of a certified capital company within 3
100	years after its certification date with respect to a particular
101	program shall cause the recapture of all premium tax credits
102	earned under such program and previously claimed by such company
103	and the forfeiture of all future premium tax credits earned
104	under such program which are to be claimed by certified
105	investors with respect to such company.
106	2.  When a certified capital company meets all requirements
107	for continued certification under subparagraph (5)(a)1. with
108	respect to certified capital raised under a particular program
109	and subsequently fails to meet the requirements for continued
110	certification under the provisions of subparagraph (5)(a)2. with
111	respect to certified capital raised under such program, those
112	premium tax credits earned under such program which have been or
113	will be taken by certified investors within 3 years after the
114	certification date of the certified capital company with respect
115	to such program shall not be subject to recapture or forfeiture;
116	however, all premium tax credits earned under such program that
117	have been or will be taken by certified investors after the
118	third anniversary of the certification date of the certified
119	capital company for such program shall be subject to recapture
120	or forfeiture.
121	3.  When a certified capital company meets all requirements
122	for continued certification under subparagraphs (5)(a)1. and 2.
123	with respect to a particular program and subsequently fails to
124	meet the requirements for continued certification under
125	subparagraph (5)(a)3. with respect to such program, those
126	premium tax credits earned under such program which have been or
127	will be taken by certified investors within 4 years after the
128	certification date of the certified capital company with respect
129	to such program shall not be subject to recapture or forfeiture;
130	however, all premium tax credits earned under such program that
131	have been or will be taken by certified investors after the
132	fourth anniversary of the certification date of the certified
133	capital company with respect to such program shall be subject to
134	recapture and forfeiture.
135	4.  If a certified capital company has met all requirements
136	for continued certification under paragraph (5)(a) with respect
137	to certified capital raised under a particular program, but such
138	company is subsequently decertified, those premium tax credits
139	earned under such program which have been or will be taken by
140	certified investors within 5 years after the certification date
141	of such company with respect to such program shall not be
142	subject to recapture or forfeiture. Those premium tax credits
143	earned under such program to be taken subsequent to the 5th year
144	of certification with respect to such program shall be subject
145	to forfeiture only if the certified capital company is
146	decertified within 5 years after its certification date with
147	respect to such program.
148	5.  If a certified capital company has invested an amount
149	cumulatively equal to 100 percent of its certified capital
150	raised under a particular program in qualified investments, all
151	premium tax credits claimed or to be claimed by its certified
152	investors under such program shall not be subject to recapture
153	or forfeiture.
154	(g)  Decertification of a certified capital company
155	pursuant to subsection (4) or this subsection does not affect
156	the ability of certified investors in such certified capital
157	company to continue to claim future premium tax credits earned
158	as an investment in the certified capital company during the
159	period in which it was duly certified.
160	(h)  The Office of Tourism, Trade, and Economic Development
161	shall send written notice to the address of each certified
162	investor whose premium tax credit has been subject to recapture
163	or forfeiture, using the address last shown on the last premium
164	tax filing.
165	(i)  The certified investor is responsible for returning to
166	the Department of Revenue any forfeited insurance premium tax
167	credits, and such funds shall be paid into the General Revenue
168	Fund of the state.
169	(j)  The certified investor shall file with the Department
170	of Revenue an amended return or such other report as the
171	commission may prescribe by rule and pay any required tax, not
172	later than 60 days after such decertification has been agreed to
173	or finally determined, whichever shall first occur.
174	(k)  A notice of deficiency may be issued:
175	1.  At any time within 5 years after the date such
176	notification is given; or
177	2.  At any time if a certified investor fails to notify the
178	Department of Revenue.
179
180	In either case, the amount of any proposed assessment set forth
181	in such notice shall be limited to the amount of any deficiency
182	resulting under this act from the recomputation of the certified
183	investor's insurance premium tax and, if applicable, its
184	retaliatory tax for the taxable year giving effect only to the
185	item or items reflected in the decertification adjustment.
186	(l)  Any certified investor who fails to report and timely
187	pay any tax due as a result of the forfeiture of its insurance
188	premium tax credit is in violation of this subsection and is
189	subject to a penalty of 10 percent of any underpayment or
190	delinquent taxes due and payable.
191	(m)  When any taxpayer fails to pay any amount due as a
192	result of the forfeiture of its insurance premium tax credit as
193	provided for in this subsection, on or before the due date as
194	specified in this subsection, interest shall be due on any
195	insurance premium or retaliatory tax deficiency resulting from
196	such forfeiture, at the rate of 12 percent per year from the due
197	date of such amended return until paid.
198	(11)  TRANSFERABILITY.--The premium tax credit established
199	pursuant to this act may be transferred or sold. The Department
200	of Revenue shall adopt rules to facilitate the transfer or sale
201	of such premium tax credits. A transfer or sale shall not affect
202	the time schedule for taking the premium tax credit as provided
203	in this act. Any premium tax credits recaptured shall be the
204	liability of the taxpayer who actually claimed the premium tax
205	credits. The claim of a transferee of a certified investor's
206	unused premium tax credit shall be permitted in the same manner
207	and subject to the same provisions and limitations of this act
208	as the original certified investor.
209	(12)  REPORTING REQUIREMENTS.--The Office of Tourism,
210	Trade, and Economic Development shall report on an annual basis
211	to the Governor, the President of the Senate, and the Speaker of
212	the House of Representatives on or before April 1:
213	(a)  The total dollar amount each certified capital company
214	received from all certified investors and any other investor,
215	the identity of the certified investors, and the total amount of
216	premium tax credit used by each certified investor for the
217	previous calendar year.
218	(b)  The total dollar amount invested by each certified
219	capital company and that portion invested in qualified
220	businesses, the identity and location of those businesses, the
221	amount invested in each qualified business, and the total number
222	of permanent, full-time jobs created or retained by each
223	qualified business.
224	(c)  The return for the state as a result of the certified
225	capital company investments, including the extent to which:
226	1.  Certified capital company investments have contributed
227	to employment growth.
228	2.  The wage level of businesses in which certified capital
229	companies have invested exceed the average wage for the county
230	in which the jobs are located.
231	3.  The investments of the certified capital companies in
232	qualified businesses have contributed to expanding or
233	diversifying the economic base of the state.
234	(13)  FEES.--All fees and charges of any nature collected
235	by the office pursuant to this act shall be paid into the State
236	Treasury and credited to the General Revenue Fund.
237	(14)  RULEMAKING AUTHORITY.--
238	(a)  The Department of Revenue may by rule prescribe forms
239	and procedures for the tax credit filings, audits, and
240	forfeiture of premium tax credits described in this section, and
241	for certified capital company payments under paragraph (9)(b).
242	(b)  The commission and the Office of Tourism, Trade, and
243	Economic Development may adopt any rules necessary to carry out
244	their respective duties, obligations, and powers related to the
245	administration, review, and reporting provisions of this section
246	and may perform any other acts necessary for the proper
247	administration and enforcement of such duties, obligations, and
248	powers.
249	(15)(a)  PUBLIC RECORDS EXEMPTION; CONFIDENTIALITY OF
250	INVESTIGATION AND REVIEW INFORMATION.--Except as otherwise
251	provided by this section, any information relating to an
252	investigation or office review of a certified capital company,
253	including any consumer complaint, is confidential and exempt
254	from the provisions of s. 119.07(1) and s. 24(a), Art. I of the
255	State Constitution until the investigation or review is complete
256	or ceases to be active. Such information shall remain
257	confidential and exempt from the provisions of s. 119.07(1) and
258	s. 24(a), Art. I of the State Constitution after the
259	investigation or review is complete or ceases to be active if
260	the information is submitted to any law enforcement or
261	administrative agency for further investigation, and shall
262	remain confidential and exempt from the provisions of s.
263	119.07(1) and s. 24(a), Art. I of the State Constitution until
264	that agency's investigation is complete or ceases to be active.
265	For purposes of this subsection, an investigation or review
266	shall be considered "active" so long as the office, a law
267	enforcement agency, or an administrative agency is proceeding
268	with reasonable dispatch and has a reasonable good faith belief
269	that the investigation may lead to the filing of an
270	administrative, civil, or criminal proceeding. This section
271	shall not be construed to prohibit disclosure of information
272	which is required by law to be filed with the office and which,
273	but for the investigation, would otherwise be subject to s.
274	119.07(1).
275	(b)  Except as necessary to enforce the provisions of this
276	chapter, a consumer complaint or information relating to an
277	investigation or review shall remain confidential and exempt
278	from s. 119.07(1) and s. 24(a), Art. I of the State Constitution
279	after an investigation or review is complete or ceases to be
280	active to the extent disclosure would:
281	1.  Reveal a trade secret as defined in s. 688.002 or s.
282	812.081.
283	2.  Jeopardize the integrity of another active
284	investigation or review.
285	3.  Disclose the identity of a confidential source. or
286	4.  Disclose investigative techniques or procedures.
287	(c)  Nothing in this section shall be construed to prohibit
288	the office from providing information to any law enforcement or
289	administrative agency. Any law enforcement or administrative
290	agency receiving such confidential and exempt information in
291	connection with its official duties shall maintain the
292	confidential and exempt status confidentiality of the
293	information so long as it would otherwise be confidential and
294	exempt from s. 119.07(1) and s. 24(a), Art. I of the State
295	Constitution.
296	(d)  In the event office personnel are or have been
297	involved in an investigation or review of such nature as to
298	endanger their lives or physical safety or that of their
299	families, the home addresses, telephone numbers, places of
300	employment, and photographs of such personnel, together with the
301	home addresses, telephone numbers, photographs, and places of
302	employment of spouses and children of such personnel and the
303	names and locations of schools and day care facilities attended
304	by the children of such personnel are confidential and exempt
305	from s. 119.07(1).
306	(e)  All information obtained by the office from any person
307	which is only made available to the office on a confidential or
308	similarly restricted basis shall be confidential and exempt from
309	s. 119.07(1). This exemption shall not be construed to prohibit
310	disclosure of information which is specifically required by law
311	to be filed with the office or which is otherwise subject to s.
312	119.07(1).
313	(f)  If information subject to this subsection is offered
314	in evidence in any administrative, civil, or criminal
315	proceeding, the presiding officer may, in his or her discretion,
316	prevent the disclosure of information which would be
317	confidential pursuant to paragraph (b).
318	(16)  CIVIL LIABILITY.--(g)  A privilege against civil
319	liability is granted to a person with regard to information or
320	evidence furnished to the office, unless such person acts in bad
321	faith or with malice in providing such information or evidence.
322	(17)  This section shall stand repealed December 31, 2010.
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326	Remove lines 19 through 36, and insert:
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328	"Program Two"; providing editorial and

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