Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
CHAMBER ACTION
Senate House
.
.
1 .
.
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on Government Efficiency Appropriations
12 (Haridopolos) recommended the following amendment:
13
14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
16
17 and insert:
18 Section 1. Paragraph (q) of subsection (5) of section
19 212.08, Florida Statutes, is amended to read:
20 212.08 Sales, rental, use, consumption, distribution,
21 and storage tax; specified exemptions.--The sale at retail,
22 the rental, the use, the consumption, the distribution, and
23 the storage to be used or consumed in this state of the
24 following are hereby specifically exempt from the tax imposed
25 by this chapter.
26 (5) EXEMPTIONS; ACCOUNT OF USE.--
27 (q) Community contribution tax credit for donations.--
28 1. Authorization.--Beginning July 1, 2001, persons who
29 are registered with the department under s. 212.18 to collect
30 or remit sales or use tax and who make donations to eligible
31 sponsors are eligible for tax credits against their state
1
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 sales and use tax liabilities as provided in this paragraph:
2 a. The credit shall be computed as 50 percent of the
3 person's approved annual community contribution;
4 b. The credit shall be granted as a refund against
5 state sales and use taxes reported on returns and remitted in
6 the 12 months preceding the date of application to the
7 department for the credit as required in sub-subparagraph 3.c.
8 If the annual credit is not fully used through such refund
9 because of insufficient tax payments during the applicable
10 12-month period, the unused amount may be included in an
11 application for a refund made pursuant to sub-subparagraph
12 3.c. in subsequent years against the total tax payments made
13 for such year. Carryover credits may be applied for a 3-year
14 period without regard to any time limitation that would
15 otherwise apply under s. 215.26;
16 c. A No person may not shall receive more than
17 $200,000 in annual tax credits for all approved community
18 contributions made in any one year;
19 d. All proposals for the granting of the tax credit
20 shall require the prior approval of the Office of Tourism,
21 Trade, and Economic Development;
22 e. The total amount of tax credits which may be
23 granted for all programs approved under this paragraph, s.
24 220.183, and s. 624.5105 is $12 $10 million annually; and
25 f. A person who is eligible to receive the credit
26 provided for in this paragraph, s. 220.183, or s. 624.5105 may
27 receive the credit only under the one section of the person's
28 choice.
29 2. Eligibility requirements.--
30 a. A community contribution by a person must be in the
31 following form:
2
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 (I) Cash or other liquid assets;
2 (II) Real property;
3 (III) Goods or inventory; or
4 (IV) Other physical resources as identified by the
5 Office of Tourism, Trade, and Economic Development.
6 b. All community contributions must be reserved
7 exclusively for use in a project. As used in this
8 sub-subparagraph, the term "project" means any activity
9 undertaken by an eligible sponsor which is designed to
10 construct, improve, or substantially rehabilitate housing that
11 is affordable to low-income or very-low-income households as
12 defined in s. 420.9071(19) and (28); designed to provide
13 commercial, industrial, or public resources and facilities; or
14 designed to improve entrepreneurial and job-development
15 opportunities for low-income persons. A project may be the
16 investment necessary to increase access to high-speed
17 broadband capability in rural communities with enterprise
18 zones, including projects that result in improvements to
19 communications assets that are owned by a business. A project
20 may include the provision of museum educational programs and
21 materials that are directly related to any project approved
22 between January 1, 1996, and December 31, 1999, and located in
23 an enterprise zone as referenced in s. 290.00675. This
24 paragraph does not preclude projects that propose to construct
25 or rehabilitate housing for low-income or very-low-income
26 households on scattered sites. The Office of Tourism, Trade,
27 and Economic Development may reserve up to 50 percent of the
28 available annual tax credits for housing for very-low-income
29 households pursuant to s. 420.9071(28) for the first 6 months
30 of the fiscal year. With respect to housing, contributions may
31 be used to pay the following eligible low-income and
3
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 very-low-income housing-related activities:
2 (I) Project development impact and management fees for
3 low-income or very-low-income housing projects;
4 (II) Down payment and closing costs for eligible
5 persons, as defined in s. 420.9071(19) and (28);
6 (III) Administrative costs, including housing
7 counseling and marketing fees, not to exceed 10 percent of the
8 community contribution, directly related to low-income or
9 very-low-income projects; and
10 (IV) Removal of liens recorded against residential
11 property by municipal, county, or special district local
12 governments when satisfaction of the lien is a necessary
13 precedent to the transfer of the property to an eligible
14 person, as defined in s. 420.9071(19) and (28), for the
15 purpose of promoting home ownership. Contributions for lien
16 removal must be received from a nonrelated third party.
17 c. The project must be undertaken by an "eligible
18 sponsor," which includes:
19 (I) A community action program;
20 (II) A nonprofit community-based development
21 organization whose mission is the provision of housing for
22 low-income or very-low-income households or increasing
23 entrepreneurial and job-development opportunities for
24 low-income persons;
25 (III) A neighborhood housing services corporation;
26 (IV) A local housing authority created under chapter
27 421;
28 (V) A community redevelopment agency created under s.
29 163.356;
30 (VI) The Florida Industrial Development Corporation;
31 (VII) A historic preservation district agency or
4
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 organization;
2 (VIII) A regional workforce board;
3 (IX) A direct-support organization as provided in s.
4 1009.983;
5 (X) An enterprise zone development agency created
6 under s. 290.0056;
7 (XI) A community-based organization incorporated under
8 chapter 617 which is recognized as educational, charitable, or
9 scientific pursuant to s. 501(c)(3) of the Internal Revenue
10 Code and whose bylaws and articles of incorporation include
11 affordable housing, economic development, or community
12 development as the primary mission of the corporation;
13 (XII) Units of local government;
14 (XIII) Units of state government; or
15 (XIV) Any other agency that the Office of Tourism,
16 Trade, and Economic Development designates by rule.
17
18 In no event may a contributing person have a financial
19 interest in the eligible sponsor.
20 d. The project must be located in an area designated
21 an enterprise zone or a Front Porch Florida Community pursuant
22 to s. 20.18(6), unless the project increases access to
23 high-speed broadband capability for rural communities with
24 enterprise zones but is physically located outside the
25 designated rural zone boundaries. Any project designed to
26 construct or rehabilitate housing for low-income or
27 very-low-income households as defined in s. 420.0971(19) and
28 (28) is exempt from the area requirement of this
29 sub-subparagraph.
30 e.(I) For the first 6 months of the fiscal year, the
31 Office of Tourism, Trade, and Economic Development shall
5
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 reserve 80 percent of the first $10 million in available
2 annual tax credits and 70 percent of any available annual tax
3 credits in excess of $10 million for donations made to
4 eligible sponsors for projects that provide homeownership
5 opportunities for low-income or very-low-income households as
6 defined in s. 420.9071(19) and (28). If any such reserved
7 annual tax credits remain after the first 6 months of the
8 fiscal year, the office may approve the balance of these
9 available credits for donations made to eligible sponsors for
10 projects other than those that provide homeownership
11 opportunities for low-income or very-low-income households.
12 (II) For the first 6 months of the fiscal year, the
13 office shall reserve 20 percent of the first $10 million in
14 available annual tax credits and 30 percent of any available
15 annual tax credits in excess of $10 million for donations made
16 to eligible sponsors for projects other than those that
17 provide homeownership opportunities for low-income or
18 very-low-income households as defined in s. 420.9071(19) and
19 (28). If any reserved annual tax credits remain after the
20 first 6 months of the fiscal year, the office may approve the
21 balance of these available credits for donations made to
22 eligible sponsors for projects that provide homeownership
23 opportunities for low-income or very-low-income households.
24 (III) If, during the first 10 business days of the
25 state fiscal year, eligible tax credit applications are
26 received for less than the available annual tax credits
27 reserved under sub-sub-subparagraph (I), the office shall
28 grant tax credits for those applications and shall grant
29 remaining tax credits on a first-come, first-served basis for
30 any subsequent eligible applications received before the end
31 of the first 6 months of the state fiscal year. If, during
6
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 the first 10 business days of the state fiscal year, eligible
2 tax credit applications are received for more than the
3 available annual tax credits reserved under
4 sub-sub-subparagraph (I), the office shall grant the tax
5 credits for the applications as follows:
6 (A) If tax credit applications submitted for approved
7 projects of an eligible sponsor do not exceed $200,000 in
8 total, the credits shall be granted in full if the tax credit
9 applications are approved, subject to sub-sub-subparagraph
10 (I).
11 (B) If tax credit applications submitted for approved
12 projects of an eligible sponsor exceed $200,000 in total, the
13 amount of tax credits granted pursuant to
14 sub-sub-sub-subparagraph (A) shall be subtracted from the
15 amount of available tax credits under sub-sub-subparagraph
16 (I), and the remaining credits shall be granted to each
17 approved tax credit application on a pro rata basis.
18 (C) If, after the first 6 months of the fiscal year,
19 additional credits become available under sub-sub-subparagraph
20 (II), the office shall grant the tax credits by first granting
21 to those who received a prorata reduction up to the full
22 amount of their request and, if there are remaining credits,
23 granting credits to those who applied on or after the 11th
24 business day of the state fiscal year on a first-come,
25 first-served basis.
26 (IV) If, during the first 10 business days of the
27 state fiscal year, eligible tax credit applications are
28 received for less than the available annual tax credits
29 reserved under sub-sub-subparagraph (II), the office shall
30 grant tax credits for those applications and shall grant
31 remaining tax credits on a first-come, first-served basis for
7
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 any subsequent eligible applications received before the end
2 of the first 6 months of the state fiscal year. If, during the
3 first 10 business days of the state fiscal year, eligible tax
4 credit applications are received for more than the available
5 annual tax credits reserved under sub-sub-subparagraph (II),
6 the office shall grant the tax credits for the applications on
7 a pro rata basis. If, after the first 6 months of the fiscal
8 year, additional credits become available under
9 sub-sub-subparagraph (I), the office shall grant the tax
10 credits by first granting to those who received a pro rata
11 reduction up to the full amount of their request and, if there
12 are remaining credits, granting credits to those who applied
13 on or after the 11th business day of the state fiscal year on
14 a first-come, first-served basis.
15 3. Application requirements.--
16 a. Any eligible sponsor seeking to participate in this
17 program must submit a proposal to the Office of Tourism,
18 Trade, and Economic Development which sets forth the name of
19 the sponsor, a description of the project, and the area in
20 which the project is located, together with such supporting
21 information as is prescribed by rule. The proposal must also
22 contain a resolution from the local governmental unit in which
23 the project is located certifying that the project is
24 consistent with local plans and regulations.
25 b. Any person seeking to participate in this program
26 must submit an application for tax credit to the Office of
27 Tourism, Trade, and Economic Development which sets forth the
28 name of the sponsor, a description of the project, and the
29 type, value, and purpose of the contribution. The sponsor
30 shall verify the terms of the application and indicate its
31 receipt of the contribution, which verification must be in
8
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 writing and accompany the application for tax credit. The
2 person must submit a separate tax credit application to the
3 office for each individual contribution that it makes to each
4 individual project.
5 c. Any person who has received notification from the
6 Office of Tourism, Trade, and Economic Development that a tax
7 credit has been approved must apply to the department to
8 receive the refund. Application must be made on the form
9 prescribed for claiming refunds of sales and use taxes and be
10 accompanied by a copy of the notification. A person may submit
11 only one application for refund to the department within any
12 12-month period.
13 4. Administration.--
14 a. The Office of Tourism, Trade, and Economic
15 Development may adopt rules pursuant to ss. 120.536(1) and
16 120.54 necessary to administer this paragraph, including rules
17 for the approval or disapproval of proposals by a person.
18 b. The decision of the Office of Tourism, Trade, and
19 Economic Development must be in writing, and, if approved, the
20 notification shall state the maximum credit allowable to the
21 person. Upon approval, the office shall transmit a copy of the
22 decision to the Department of Revenue.
23 c. The Office of Tourism, Trade, and Economic
24 Development shall periodically monitor all projects in a
25 manner consistent with available resources to ensure that
26 resources are used in accordance with this paragraph; however,
27 each project must be reviewed at least once every 2 years.
28 d. The Office of Tourism, Trade, and Economic
29 Development shall, in consultation with the Department of
30 Community Affairs, the Florida Housing Finance Corporation,
31 and the statewide and regional housing and financial
9
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 intermediaries, market the availability of the community
2 contribution tax credit program to community-based
3 organizations.
4 5. Expiration.--This paragraph expires June 30, 2015
5 2005; however, any accrued credit carryover that is unused on
6 that date may be used until the expiration of the 3-year
7 carryover period for such credit.
8 Section 2. Paragraph (t) of subsection (1) of section
9 220.03, Florida Statutes, is amended to read:
10 220.03 Definitions.--
11 (1) SPECIFIC TERMS.--When used in this code, and when
12 not otherwise distinctly expressed or manifestly incompatible
13 with the intent thereof, the following terms shall have the
14 following meanings:
15 (t) "Project" means any activity undertaken by an
16 eligible sponsor, as defined in s. 220.183(2)(c), which is
17 designed to construct, improve, or substantially rehabilitate
18 housing that is affordable to low-income or very-low-income
19 households as defined in s. 420.9071(19) and (28); designed to
20 provide commercial, industrial, or public resources and
21 facilities; or designed to improve entrepreneurial and
22 job-development opportunities for low-income persons. A
23 project may be the investment necessary to increase access to
24 high-speed broadband capability in rural communities with
25 enterprise zones, including projects that result in
26 improvements to communications assets that are owned by a
27 business. A project may include the provision of museum
28 educational programs and materials that are directly related
29 to any project approved between January 1, 1996, and December
30 31, 1999, and located in an enterprise zone as referenced in
31 s. 290.00675. This paragraph does not preclude projects that
10
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 propose to construct or rehabilitate low-income or
2 very-low-income housing on scattered sites. The Office of
3 Tourism, Trade, and Economic Development may reserve up to 50
4 percent of the available annual tax credits under s. 220.181
5 for housing for very-low-income households pursuant to s.
6 420.9071(28) for the first 6 months of the fiscal year. With
7 respect to housing, contributions may be used to pay the
8 following eligible project-related activities:
9 1. Project development, impact, and management fees
10 for low-income or very-low-income housing projects;
11 2. Down payment and closing costs for eligible
12 persons, as defined in s. 420.9071(19) and (28);
13 3. Administrative costs, including housing counseling
14 and marketing fees, not to exceed 10 percent of the community
15 contribution, directly related to low-income or
16 very-low-income projects; and
17 4. Removal of liens recorded against residential
18 property by municipal, county, or special-district local
19 governments when satisfaction of the lien is a necessary
20 precedent to the transfer of the property to an eligible
21 person, as defined in s. 420.9071(19) and (28), for the
22 purpose of promoting home ownership. Contributions for lien
23 removal must be received from a nonrelated third party.
24
25 The provisions of this paragraph shall expire and be void on
26 June 30, 2015 2005.
27 Section 3. Paragraph (c) of subsection (1), paragraph
28 (b) of subsection (2), and subsection (5) of section 220.183,
29 Florida Statutes, are amended to read:
30 220.183 Community contribution tax credit.--
31 (1) AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX
11
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM
2 SPENDING.--
3 (c) The total amount of tax credit which may be
4 granted for all programs approved under this section, s.
5 212.08(5)(q), and s. 624.5105 is $12 $10 million annually.
6 (2) ELIGIBILITY REQUIREMENTS.--
7 (b)1. All community contributions must be reserved
8 exclusively for use in projects as defined in s. 220.03(1)(t).
9 2. For the first 6 months of the fiscal year, the
10 Office of Tourism, Trade, and Economic Development shall may
11 reserve 80 up to 50 percent of the first $10 million in
12 available annual tax credits, and 70 percent of any available
13 annual tax credits in excess of $10 million, for housing for
14 donations made to eligible sponsors for projects that provide
15 home ownership opportunities for low-income or very-low-income
16 households as defined in pursuant to s. 420.9071(19) and (28)
17 for the first 6 months of the fiscal year. If any reserved
18 annual tax credits remain after the first 6 months of the
19 fiscal year, the office may approve the balance of these
20 available credits for donations made to eligible sponsors for
21 projects other than those that provide homeownership
22 opportunities for low-income or very-low-income households.
23 3. For the first 6 months of the fiscal year, the
24 office shall reserve 20 percent of the first $10 million in
25 available annual tax credits, and 30 per cent of any available
26 annual tax credits in excess of $10 million, for donations
27 made to eligible sponsors for projects other than those that
28 provide homeownership opportunities for low-income or
29 very-low-income households as defined in s. 420.9071(19) and
30 (28). If any reserved annual tax credits remain after the
31 first 6 months of the fiscal year, the office may approve the
12
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 balance of these available credits for donations made to
2 eligible sponsors for projects that provide homeownership
3 opportunities for low-income or very-low-income households.
4 4. If, during the first 10 business days of the state
5 fiscal year, eligible tax credit applications are received for
6 less than the available annual tax credits reserved under
7 subparagraph 2., the office shall grant tax credits for those
8 applications and shall grant remaining tax credits on a
9 first-come, first-served basis for any subsequent eligible
10 applications received before the end of the first 6 months of
11 the state fiscal year. If, during the first 10 business days
12 of the state fiscal year, eligible tax credit applications are
13 received for more than the available annual tax credits
14 reserved under subparagraph 2., the office shall grant the tax
15 credits for such applications as follows:
16 a. If tax credit applications submitted for approved
17 projects of an eligible sponsor do not exceed $200,000 in
18 total, the credit shall be granted in full if the tax credit
19 applications are approved, subject to the provisions of
20 subparagraph 2.
21 b. If tax credit applications submitted for approved
22 projects of an eligible sponsor exceed $200,000 in total, the
23 amount of tax credits granted under sub-subparagraph a. shall
24 be subtracted from the amount of available tax credits under
25 subparagraph 2., and the remaining credits shall be granted to
26 each approved tax credit application on a pro rata basis.
27 c. If, after the first 6 months of the fiscal year,
28 additional credits become available pursuant to subparagraph
29 3., the office shall grant the tax credits by first granting
30 to those who received a pro rata reduction up to the full
31 amount of their request and, if there are remaining credits,
13
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 granting credits to those who applied on or after the 11th
2 business day of the state fiscal year on a first-come,
3 first-served basis.
4 5. If, during the first 10 business days of the state
5 fiscal year, eligible tax credit applications are received for
6 less than the available annual tax credits reserved under
7 subparagraph 3., the office shall grant tax credits for those
8 applications and shall grant remaining tax credits on a
9 first-come, first-served basis for any subsequent eligible
10 applications received before the end of the first 6 months of
11 the state fiscal year. If, during the first 10 business days
12 of the state fiscal year, eligible tax credit applications are
13 received for more than the available annual tax credits
14 reserved under subparagraph 3., the office shall grant the tax
15 credits for such applications on a pro rata basis. If, after
16 the first 6 months of the fiscal year, additional credits
17 become available under subparagraph 2., the office shall grant
18 the tax credits by first granting to those who received a pro
19 rata reduction up to the full amount of their request and, if
20 there are remaining credits, granting credits to those who
21 applied on or after the 11th business day of the state fiscal
22 year on a first-come, first-served basis.
23 (5) EXPIRATION.--The provisions of this section,
24 except paragraph (1)(e), shall expire and be void on June 30,
25 2015 2005.
26 Section 4. Paragraph (c) of subsection (1) and
27 subsection (6) of section 624.5105, Florida Statutes, are
28 amended, paragraph (f) is added to subsection (1), and
29 paragraph (e) is added to subsection (2) of that section, to
30 read:
31 624.5105 Community contribution tax credit;
14
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 authorization; limitations; eligibility and application
2 requirements; administration; definitions; expiration.--
3 (1) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.--
4 (c) The total amount of tax credit which may be
5 granted for all programs approved under this section and ss.
6 212.08(5)(q) and s. 220.183 is $12 $10 million annually.
7 (f) An insurer that claims a credit against
8 premium-tax liability earned by making a community
9 contribution under this section need not pay any additional
10 retaliatory tax levied under s. 624.5091 as a result of
11 claiming such a credit. Section 624.5091 does not limit such a
12 credit in any manner.
13 (2) ELIGIBILITY REQUIREMENTS.--
14 (e)1. For the first 6 months of the fiscal year, the
15 Office of Tourism, Trade, and Economic Development shall
16 reserve 80 percent of the first $10 million in available
17 annual tax credits, and 70 percent of any available annual tax
18 credits in excess of $10 million, for donations made to
19 eligible sponsors for projects that provide homeownership
20 opportunities for low-income or very-low-income households as
21 defined in s. 420.9071(19) and (28). If any such reserved
22 annual tax credits remain after the first 6 months of the
23 fiscal year, the office may approve the balance of these
24 available credits for donations made to eligible sponsors for
25 projects other than those that provide homeownership
26 opportunities for low-income or very-low-income households.
27 2. For the first 6 months of the fiscal year, the
28 office shall reserve 20 percent of the first $10 million in
29 available annual tax credits, and 30 percent of any available
30 annual tax credits in excess of $10 million, for donations
31 made to eligible sponsors for projects other than those that
15
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 provide homeownership opportunities for low-income or
2 very-low-income households as defined in s. 420.9071(19) and
3 (28). If any reserved annual tax credits remain after the
4 first 6 months of the fiscal year, the office may approve the
5 balance of these available credits for donations made to
6 eligible sponsors for projects that provide homeownership
7 opportunities for low-income or very-low-income households.
8 3. If, during the first 10 business days of the state
9 fiscal year, eligible tax credit applications are received for
10 less than the available annual tax credits reserved under
11 subparagraph 1., the office shall grant tax credits for those
12 applications and shall grant remaining tax credits on a
13 first-come, first-served basis for any subsequent eligible
14 applications received before the end of the first 6 months of
15 the state fiscal year. If, during the first 10 business days
16 of the state fiscal year, eligible tax credit applications are
17 received for more than the available annual tax credits
18 reserved under subparagraph 1., the office shall grant the tax
19 credits for the applications as follows:
20 a. If tax credit applications submitted for approved
21 projects of an eligible sponsor do not exceed $200,000 in
22 total, the credits shall be granted in full if the tax credit
23 applications are approved, subject to subparagraph 1.
24 b. If tax credit applications submitted for approved
25 projects of an eligible sponsor exceed $200,000 in total, the
26 amount of tax credits granted under sub-subparagraph a. shall
27 be subtracted from the amount of available tax credits under
28 subparagraph 1., and the remaining credits shall be granted to
29 each approved tax credit application on a pro rata basis.
30 c. If, after the first 6 months of the fiscal year,
31 additional credits become available under subparagraph 2., the
16
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 office shall grant the tax credits by first granting to those
2 who received a pro-rata reduction up to the full amount of
3 their request and, if there are remaining credits, granting
4 credits to those who applied on or after the 11th business day
5 of the state fiscal year on a first-come, first-served basis.
6 4. If, during the first 10 business days of the state
7 fiscal year, eligible tax credit applications are received for
8 less than the available annual tax credits reserved under
9 subparagraph 2., the office shall grant tax credits for those
10 applications and shall grant remaining tax credits on a
11 first-come, first-served basis for any subsequent eligible
12 applications received before the end of the first 6 months of
13 the state fiscal year. If, during the first 10 business days
14 of the state fiscal year, eligible tax credit applications are
15 received for more than the available annual tax credits
16 reserved under subparagraph 2., the office shall grant the tax
17 credits for the applications on a pro rata basis. If, after
18 the first 6 months of the fiscal year, additional credits
19 become available under subparagraph 1., the office shall grant
20 the tax credits by first granting to those who received a pro
21 rata reduction up to the full amount of their request and, if
22 there are remaining credits, granting credits to those who
23 applied on or after the 11th business day of the state fiscal
24 year on a first-come, first-served basis.
25 (6) EXPIRATION.--The provisions of this section,
26 except paragraph (1)(e), shall expire and be void on June 30,
27 2015 2005.
28 Section 5. This act shall take effect July 1, 2005.
29
30
31
17
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 Delete everything before the enacting clause
4
5 and insert:
6 A bill to be entitled
7 An act relating to the community contribution
8 tax credit program; amending s. 212.08, F.S.;
9 requiring the Office of Tourism, Trade, and
10 Economic Development to reserve portions of
11 certain annual tax credits for donations made
12 to eligible sponsors for projects that provide
13 homeownership opportunities for certain
14 households; providing requirements, criteria,
15 and limitations; extending an expiration date;
16 amending s. 220.03, F.S.; revising a definition
17 to delete a provision authorizing the office to
18 reserve certain portions of available annual
19 tax credits for donations made to eligible
20 sponsors for projects that provide
21 homeownership opportunities for certain
22 households; extending an expiration date;
23 amending s. 220.183, F.S.; increasing the
24 amount of available annual community
25 contribution tax credits; revising eligibility
26 criteria; requiring the Office of Tourism,
27 Trade, and Economic Development to reserve
28 portions of certain annual tax credits for
29 donations made to eligible sponsors for
30 projects that provide homeownership
31 opportunities for certain households; providing
18
3:23 PM 04/20/05 s0202c1d-ge26-bz1
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. CS for SB 202
Barcode 231768
1 requirements, criteria, and limitations;
2 extending an expiration date; amending s.
3 624.5105, F.S.; increasing the amount of
4 available annual community contribution tax
5 credits; limiting application of certain
6 retaliatory tax provisions under certain
7 circumstances; revising tax credit eligibility
8 criteria; requiring the Office of Tourism,
9 Trade, and Economic Development to reserve
10 portions of certain annual tax credits for
11 donations made to eligible sponsors for
12 projects that provide homeownership
13 opportunities for certain households; providing
14 requirements, criteria, and limitations;
15 extending an expiration date; providing an
16 effective date.
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
19
3:23 PM 04/20/05 s0202c1d-ge26-bz1