CS/CS/HB 293

1
A bill to be entitled
2An act relating to corporate income tax credits; creating
3part XIII of ch. 288, F.S., consisting of s. 288.991,
4F.S.; creating the New Markets Tax Credit Program;
5providing a purpose; providing definitions; authorizing
6the Office of Tourism, Trade, and Economic Development to
7qualify certain equity investments as eligible for tax
8credits; requiring the office to designate a comprehensive
9list of certain industries to be used to direct program
10investments; providing industry requirements; authorizing
11the office to waive the requirement under certain
12circumstances; providing an application process; providing
13for the certification of an investment; providing for
14notice to the applicant and the Department of Revenue;
15providing for a limit on the amount of investments the
16office may certify; requiring the certified equity
17investments to be issued within a certain timeframe;
18providing that a taxpayer who holds a qualified equity
19investment in a qualified low-income business on the
20credit allowance date of the investment is entitled to a
21nonrefundable, nontransferable tax credit for the taxable
22year in which the credit allowance date falls; providing
23how the amount of tax credits available to the taxpayer
24will be calculated; limiting the amount of the tax credit
25that may be redeemed in a fiscal year; authorizing a
26taxpayer to carry over any amount of the tax credit that
27the taxpayer is prohibited from redeeming in a taxable
28year to a subsequent taxable year; providing for the
29redemption of tax credits earned by certain business
30entities and by the partners, members, or shareholders of
31those entities; specifying how tax credits may be claimed
32by insurance companies; requiring the calculations to be
33certified and accompanied by audited financial statements
34and notarized affidavits; requiring the department to
35recapture tax credits from certain taxpayers under certain
36circumstances; requiring notice; requiring community
37development entities that have certified investments to
38report certain information to the office; requiring the
39office to prepare annual reports on low-income community
40investments made in this state; authorizing the department
41to conduct examinations to verify receipt and application
42of tax credits; authorizing the department to pursue
43recovery of certain funds; authorizing the office to
44revoke or modify certain decisions relating to eligibility
45for tax credits under certain circumstances; providing for
46applicant liability for costs and fees relating to
47investigations of fraudulent claims; providing for
48taxpayer liability for reimbursement of fraudulently
49claimed tax credits; providing a penalty; authorizing the
50office and the department to adopt rules; providing for
51future repeal of the tax credit program; amending s.
52220.02, F.S.; revising legislative intent with respect to
53the order of tax credits to include the New Markets Tax
54Credit; amending s. 220.13, F.S.; revising a definition;
55amending s. 213.053, F.S.; authorizing the Department of
56Revenue to share confidential taxpayer information with
57the Office of Tourism, Trade, and Economic Development;
58providing for application of the tax credit; providing an
59effective date.
60
61Be It Enacted by the Legislature of the State of Florida:
62
63     Section 1.  Part XIII of chapter 288, Florida Statutes,
64consisting of section 288.991, is created to read:
65     288.991  New Markets Tax Credit.--
66     (1)  PURPOSE.--The New Markets Tax Credit Program is
67established to encourage capital investment in rural and urban
68low-income communities by allowing state taxpayers to receive
69future credit against specified state taxes by investing in
70community development entities that make quality equity
71investments in qualified active low-income community businesses
72that create jobs by leveraging credit available from the federal
73New Markets Tax Credit Program.
74     (2)  DEFINITIONS.--As used in this section, the term:
75     (a)  "Adjusted purchase price" means the product of the
76amount paid at issuance for a qualified equity investment and a
77fraction of which:
78     1.  The numerator is the dollar amount of qualified
79low-income community investments made in this state from the
80issuance of a qualified equity investment held by a qualified
81community development entity on the applicable credit allowance
82date; and
83     2.  The denominator is the total dollar amount of qualified
84low-income community investments made from the issuance of a
85qualified equity investment held by a qualified community
86development entity on the applicable credit allowance date.
87     (b)  "Credit allowance date" means:
88     1.  The first anniversary of the date that a qualified
89equity investment is initially made; and
90     2.  Each of the six subsequent anniversaries of that date.
91     (c)  "Department" means the Department of Revenue.
92     (d)  "Long-term debt security" means a debt instrument
93issued by a qualified community development entity, at par value
94or a premium, having an original maturity date of at least 7
95years from the date of issuance, with no acceleration for
96repayment, amortization, or prepayment features before its
97original maturity date and having no distribution, payment, or
98interest features related to the profitability of the qualified
99community development entity or the performance of the entity's
100investment portfolio. This paragraph does not limit the holder's
101ability to accelerate payments on the debt instrument in
102situations where the qualified community development entity has
103defaulted on covenants designed to ensure compliance with this
104section or s. 45D of the Internal Revenue Code of 1986, as
105amended.
106     (e)  "Low-income community" means any population census
107tract within the state where:
108     1.  The federal individual poverty rate is at least 20
109percent; or
110     2.  In the case of a tract that is:
111     a.  Not located within a metropolitan area, the median
112family income does not exceed 80 percent of the statewide median
113family income; or
114     b.  Located within a metropolitan area, the median family
115income does not exceed 80 percent of the greater of the
116statewide median family income or the metropolitan area median
117income.
118     (f)  "Office" means the Office of Tourism, Trade, and
119Economic Development.
120     (g)  "Qualified active low-income community business" has
121the same meaning as in s. 45D of the Internal Revenue Code of
1221986, as amended, but excludes any trade or business:
123     1.  That derives or projects to derive 15 percent or more
124of its annual revenue from the rental or sale of real estate;
125     2.  That engages predominantly in the development or
126holding of intangibles for sale or license;
127     3.  That operates a private or commercial golf course,
128country club, massage parlor, hot tub facility, suntan facility,
129racetrack, or other facility used for gambling, or a store the
130principal business of which is the sale of alcoholic beverages
131for consumption off premises; or
132     4.  The principal activity of which is farming if the sum
133of the aggregate unadjusted bases or the fair market value of
134the assets owned by the business which are used in such trade or
135business, whichever is greater, and the aggregate value of the
136assets leased by the business used in such trade or business
137exceeds $500,000. For the purposes of this subparagraph, two or
138more trades or businesses are treated as a single trade or
139business.
140
141A business shall be considered a qualified active low-income
142community business for the duration of the qualified community
143development entity's investment in or loan to the business if
144the entity reasonably expects, at the time it makes the
145investment or loan that the business will continue to satisfy
146the requirements of being a qualified active low-income
147community business throughout the entire period of the
148investment or loan. The subsequent insolvency, including
149reorganization or liquidation in bankruptcy, receivership,
150winding up, or dissolution of a business does not disqualify the
151business from being a qualified active low-income community
152business if all other requirements of this section continue to
153be met.
154     (h)  "Qualified community development entity" means an
155entity that is certified as a qualified community development
156entity by the Community Development Financial Institutions Fund
157of the United States Department of the Treasury pursuant to s.
15845D of the Internal Revenue Code of 1986, as amended, and that
159has entered into an allocation agreement with the fund with
160respect to tax credits authorized by section 45D, and includes
161this state within the service area set forth in the agreement.
162     (i)  "Qualified equity investment" means an equity
163investment or long-term debt security issued by a qualified
164community development entity which:
165     1.  Is acquired on or after July 1, 2008, solely in
166exchange for cash at the time of its original issuance;
167     2.  Has at least 85 percent of its cash purchase price used
168by the qualified community development entity to make qualified
169low-income community investments within the 12-month period
170beginning on the date the cash is paid by the purchaser to the
171entity; and
172     3.  Is certified by the Office of Tourism, Trade, and
173Economic Development as a qualified equity investment pursuant
174to this section.
175     (j)  "Qualified low-income community investment" means a
176capital or equity investment in or loan to a qualified active
177low-income community business which is made after July 1, 2008.
178The maximum amount of debt or equity issued by any one qualified
179active low-income community business on a collective basis with
180all of its affiliates, which may be included in the calculation
181of the numerator described in paragraph (a), is $10 million,
182whether the investment is issued to one or more qualified
183community development entities.
184     (3)  QUALIFIED EQUITY INVESTMENTS.--
185     (a)  The office shall designate a comprehensive list of
186industries using the North American Industry Classification
187System, in consultation with Enterprise Florida, Inc., that will
188be used to direct investments for the program. The industries
189listed should lead to strong positive impacts on or benefits to
190the state, regional, and local economies. The office shall
191submit a copy of the list to the President of the Senate and the
192Speaker of the House of Representatives upon completion of the
193list and any further modifications. The office may waive this
194requirement if the office determines an investment would have a
195positive impact on a community.
196     (b)  A qualified community development entity that seeks to
197have an equity investment or long-term debt security designated
198as a qualified equity investment and eligible for tax credits
199under this section shall apply to the office. The qualified
200community development entity must submit an application on a
201form that the office provides, and that includes, but need not
202be limited to:
203     1.  The name, address, tax identification number of the
204entity, and evidence of the entity's certification as a
205qualified community development entity.
206     2.  A copy of the allocation agreement executed by the
207entity and the Community Development Financial Institutions
208Fund.
209     3.  A certificate executed by an executive officer of the
210entity attesting that the allocation agreement remains in effect
211and has not been revoked or cancelled by the Community
212Development Financial Institutions Fund.
213     4.  A description of the proposed amount, structure, and
214purchaser of the equity investment or long-term debt security.
215     5.  The name and tax identification number of any taxpayer
216eligible to redeem tax credits earned as a result of the
217issuance of the qualified equity investment.
218     6.  Information regarding the proposed use of proceeds from
219the issuance of a qualified equity investment, which must
220include the types of qualified active low-income community
221businesses that will be funded and an estimate of the percentage
222of qualified low-income community investments that will be made
223statewide.
224     7.  A statement setting forth the entity's plans to invest
225in only those entities engaged in industries identified for the
226program by the office.
227     8.  A statement setting forth the entity's plans for the
228development of relationships with community-based organizations,
229local community development offices and organizations, and
230economic development organizations, as well as any steps the
231entity has taken to implement these relationships.
232     9.  A statement setting forth that jobs created will pay an
233average wage no less than 115 percent of the federal poverty
234guideline for a family of four as defined by the Federal
235Register of the United States Department of Health and Human
236Services.
237     (c)  Within 30 days after receipt of a completed
238application containing the information necessary for the office
239to certify a potential qualified equity investment, the office
240shall grant or deny the application in full or in part. If the
241office denies any part of the application, it shall inform the
242qualified community development entity of the grounds for the
243denial. If the qualified community development entity provides
244any additional information required by the office or otherwise
245completes its application within 15 days after the notice of
246denial, the application shall be considered completed as of the
247original date of submission. If the qualified community
248development entity fails to provide the information or complete
249its application within the 15-day period, the application
250remains denied and must be resubmitted in full with a new
251submission date.
252     (d)  If an application is deemed complete, the office may
253certify the proposed equity investment or long-term debt
254security as a qualified equity investment and eligible for tax
255credits under this section. The office shall provide written
256notice of the certification to the qualified community
257development entity and the department. The notice must include
258the maximum amount of tax credits that may be earned from the
259issuance of the qualified equity investment, which shall be
260calculated with reference to the estimate of the percentage of
261qualified low-income community investments made in this state by
262the qualified community development entity included in the
263application, and the names of those taxpayers who are eligible
264to redeem the credits and their respective credit amounts. The
265office shall certify qualified equity investments in the order
266applications are received. Applications received on the same day
267shall be deemed to have been received simultaneously. For
268applications received on the same day and deemed complete, the
269office shall certify, consistent with remaining tax credit
270authority, qualified equity investments in proportionate
271percentages based upon the amount of qualified equity investment
272requested to be certified in each investment.
273     (e)  Once the office has certified qualified equity
274investments that are eligible for tax credits on or after June
27530, 2015, the office may not certify any more qualified equity
276investments. Tax credits are subject to appropriations in any
277year and must be approved and enacted by the Legislature. If a
278pending request cannot be fully certified, the office shall
279certify the portion that may be certified unless the qualified
280community development entity elects to withdraw its request
281rather than receive partial credit.
282     (f)  Within 30 days after receiving notice of
283certification, the qualified community development entity shall
284issue the qualified equity investment and receive cash in the
285amount of the certified amount. The qualified community
286development entity must provide the office with evidence of the
287receipt of the cash investment within 10 business days after
288receipt. If the qualified community development entity does not
289receive the cash investment and issue the qualified equity
290investment within 30 days following receipt of the certification
291notice, the certification lapses and the entity may not issue
292the qualified equity investment without reapplying to the office
293for certification. A certification that lapses reverts back to
294the office and must be reissued in accordance with the
295application process outlined in this subsection.
296     (4)  TAX CREDITS.--
297     (a)  A taxpayer that makes a qualified equity investment
298earns a vested tax credit against taxes imposed by s. 220.11 or
299s. 624.509. The taxpayer or a subsequent holder of the qualified
300equity investment on the credit allowance date of the qualified
301equity investment may use a portion of the vested tax credit
302equal to 6.5 percent of the adjusted purchase price of the
303qualified equity investment during the calendar year in which
304the credit allowance date falls.
305     (b)  A taxpayer's cash investment in a qualified equity
306investment is considered a qualified low-income community
307investment only to the extent that the cash is invested within
308the 12-month period beginning on the date the cash is paid by
309the taxpayer to the community development entity.
310     (c)  A taxpayer may not redeem any portion of a tax credit
311in a tax year in which the tax credit exceeds the taxpayer's
312state tax liability for the tax year. Such portion may be
313carried forward for use in a subsequent tax year; however, all
314unused tax credits expire on December 31, 2021.
315     (d)  A tax credit authorized under this section is not
316refundable or transferable. However, if a qualified equity
317investment is transferred, any unused tax credits transfer with
318the investment. Tax credit amounts, including any carryover
319amounts, from credit allowance dates before the date of transfer
320do not transfer with the qualified equity investment. Tax
321credits earned by a partnership, limited liability company, S
322corporation, or other pass-through entity may be allocated to
323the partners, members, or shareholders of such entity for direct
324redemption in accordance with any agreement between the
325partners, members, or shareholders.
326     (e)  Tax credits for taxpayers who are insurance companies
327subject to the insurance premium tax under s. 624.509 must be
328claimed against the insurance premium tax. An insurance company
329claiming a credit against the insurance premium tax is not
330required to pay any additional retaliatory tax levied pursuant
331to s. 624.5091. Because credits under this section are available
332to an insurance company, s. 624.5091 does not limit such credit
333in any manner.
334     (5)  CALCULATION OF CREDIT.--
335     (a)  Within 30 days after each credit allowance date, each
336qualified community development entity shall submit to the
337office the following with respect to each qualified equity
338investment issued by the entity:
339     1.  A listing, certified by an executive officer of the
340entity, of all qualified low-income community investments made
341by the entity from the proceeds of a qualified equity investment
342and held as of the credit allowance date, which must include the
343name of each qualified active low-income community business
344funded, the location of the principal office of each such
345business, the type of business, the amount of the qualified low-
346income community investment in each business, and the total of
347qualified low-income community investments by all community
348development entities in each business;
349     2.  Bank records, records of wire transfers of funds, or
350other similar documents that reflect the investments listed
351above;
352     3.  A calculation, certified by the chief financial or
353accounting officer of the entity, of the amount of qualified
354low-income community investments made in this state using
355proceeds from the issuance of the qualified equity investment
356held by the entity as of the credit allowance date, and the
357total qualified low-income community investments made using
358proceeds of the issuance of the qualified equity investment held
359by the entity on the credit allowance date. In making this
360calculation, an investment shall be deemed to be held by a
361qualified community development entity even if the investment
362has been sold or repaid if the entity reinvests an amount equal
363to the capital returned to or recovered from the original
364investment, exclusive of any profits realized, in another
365qualified low-income community investment within 12 months after
366receipt of such capital. An entity is not required to reinvest
367capital returned from a qualified low-income community
368investment after the sixth anniversary of the issuance of the
369qualified equity investment for which the proceeds were used to
370make the qualified low-income community investment, and the
371qualified low-income community investment shall be deemed to be
372held by the entity through the seventh anniversary of the
373qualified equity investment's issuance;
374     4.  An attestation from the entity's chief financial or
375accounting officer that no redemption or principal payment was
376made with respect to the qualified equity investment since the
377previous credit allowance date; and
378     5.  Any information relating to the recapture of any
379federal tax credits available with respect to a qualified equity
380investment which the entity received since the prior credit
381allowance date.
382     (b)  Within 20 days after receipt of the information listed
383in paragraph (a), the office shall certify in writing to the
384qualified community development entity and to the department the
385amount of credit that is eligible for use for the credit
386allowance date. The notice must include a listing of those
387taxpayers that are eligible to redeem the tax credit for the
388credit allowance date.
389     (6)  AUDIT AND RECAPTURE.--
390     (a)  A qualified community development entity that receives
391an annual allocation of tax credits in an amount equal to or in
392excess of $500,000 shall be treated as a recipient and required
393to participate in a state single audit pursuant to s. 215.97.
394The office shall be deemed the state awarding agency and
395coordinating agency. In addition to the required financial
396reporting package, the audit must attest to the entity's
397adherence to the performance conditions enumerated in this
398section as they relate to the recapture of the tax credit under
399paragraph (c). Taxpayers that are not qualified community
400development entities may not be treated as subrecipients or
401otherwise required to participate in the state single audit
402program since such persons do not control adherence to the
403performance standards of this program.
404     (b)  The office shall disqualify a qualified community
405development entity from receiving additional Florida markets tax
406credits if more than 50 percent of qualified equity investments
407during the first 3 years of operation become insolvent,
408reorganized or liquidated in bankruptcy, receivership, or
409winding up, or dissolved. In addition, the office shall
410recapture 50 percent of all credits issued to such qualified
411community development entity.
412     (c)  The office shall order the department to recapture any
413tax credit authorized under this section with respect to a
414qualified equity investment if:
415     1.  Any amount of any federal tax credit which is eligible
416for a tax credit under this section is recaptured under s. 45D
417of the Internal Revenue Code of 1986, as amended;
418     2.  The qualified community development entity is not
419deemed to be a qualified community development entity under the
420federal New Markets Tax Credit Program;
421     3.  The qualified community development entity redeems or
422makes a principal repayment before the seventh anniversary of
423the issuance of the qualified equity investment;
424     4.  The qualified community development entity fails to
425make qualified low-income community investments in qualified
426active low-income community businesses;
427     5.  The qualified community development entity fails to
428maintain at least 85 percent of the proceeds of the qualified
429equity investment in qualified low-income community investments
430at any time before the seventh anniversary of the issuance of
431the qualified equity investment and remains in compliance with
432subparagraph (2)(i)2.;
433     6.  The qualified community development entity fails to
434provide to the office and the department any of the information
435or reports required by this section; or
436     7.  The office determines as a result of a state single
437audit or an examination by the office that a taxpayer received
438tax credits pursuant to this section to which the taxpayer was
439not entitled.
440     (d)  The office shall provide notice to the qualified
441community development entity and to the department of any
442proposed recapture of tax credits pursuant to this subsection.
443The entity shall have 90 days to cure any deficiency indicated
444in the office's original recapture notice and avoid such
445recapture. If the entity fails or is unable to cure such
446deficiency within the 90-day period, the office shall provide
447the entity and the department with a final order of recapture.
448The qualified community development entity is responsible for
449providing copies of the final order of recapture to taxpayers
450owning the tax credits at issue.
451     (e)  Any tax credit for which a final recapture order has
452been issued shall be recaptured by the department from the
453taxpayer who claimed the tax credit on a tax return, or in the
454case of multiple succeeding entities, in the order of tax-credit
455succession, and such funds shall be paid into the General
456Revenue Fund. Such action by the department does not constitute
457an audit or otherwise alter the department's ability to audit
458the taxpayer.
459     (7)  ANNUAL REPORTING.--
460     (a)  Within 120 days after the end of a calendar year that
461includes a credit allowance date, each community development
462entity that has an equity investment or long-term debt security
463certified as a qualified equity investment under this section
464shall provide the office with:
465     1.  The entity's annual financial statements for the
466immediately preceding tax year, audited by an independent
467certified public accountant.
468     2.  Using the North American Industry Classification System
469Code, the types of businesses funded, the counties where the
470qualified active low-income community businesses are located,
471the dollars invested, and the number of jobs created and
472retained by qualified active low-income community businesses
473funded in a form satisfactory to the office.
474     3.  A statement describing the relationships that the
475entity has established with community-based organizations, local
476community development offices and organizations, and economic
477development organizations, and a summary of the outcomes
478resulting from those relationships.
479     4.  Other information as prescribed by the office and
480documentation to demonstrate continued certification by the
481federal program.
482     (b)  The office shall prepare an annual report of all
483qualified low-income community investments made in this state
484from the proceeds of qualified equity investments, which
485includes relevant statistics from the North American Industry
486Classification System Code, the county or counties where the
487qualified low-income community investments are located, the
488dollars invested, the number of jobs created and retained by
489business in which qualified low-income community investments
490have been made, and the value of applicable state tax credits
491claimed for the latest year for which such information is
492available. The office shall submit a copy to the Governor, the
493President of the Senate, and the Speaker of the House of
494Representatives each July 1, beginning in 2010, and may post the
495annual report on the office's website.
496     (8)  EXAMINATION.--
497     (a)  The office may conduct examinations to verify that tax
498credits under this section have been received and applied
499according to the requirements of this section and to verify
500information provided by qualified community development entities
501to the office.
502     (b)  The office may revoke or modify any written decision
503qualifying, certifying, or otherwise granting eligibility for
504tax credits under this section if it is discovered that the
505qualified community development entity submitted any false
506statement, representation, or certification in any application,
507record, report, plan, or other document filed in an attempt to
508receive the tax credits.
509     (c)  A qualified community development entity that submits
510information under this section which includes fraudulent
511information is liable for reimbursement of the reasonable costs
512and fees associated with the review, processing, investigation,
513and prosecution of the fraudulent claim plus a penalty in an
514amount double the credit amount certified and claimed by the
515holders of the entity's qualified equity investments, which
516penalty is in addition to any criminal penalty to which the
517taxpayer is liable for the same acts.
518     (9)  RULEMAKING AUTHORITY.--
519     (a)  The office may adopt rules pursuant to ss. 120.536(1)
520and 120.54 to administer this section.
521     (b)  The department may adopt rules pursuant to ss.
522120.536(1) and 120.54 to administer this section.
523     (10)  EXPIRATION.--This section expires December 31, 2021.
524     Section 2.  Subsection (8) of section 220.02, Florida
525Statutes, is amended to read:
526     220.02  Legislative intent.--
527     (8)  It is the intent of the Legislature that credits
528against either the corporate income tax or the franchise tax be
529applied in the following order: those enumerated in s. 631.828,
530those enumerated in s. 220.191, those enumerated in s. 220.181,
531those enumerated in s. 220.183, those enumerated in s. 220.182,
532those enumerated in s. 220.1895, those enumerated in s. 221.02,
533those enumerated in s. 220.184, those enumerated in s. 220.186,
534those enumerated in s. 220.1845, those enumerated in s. 220.19,
535those enumerated in s. 220.185, those enumerated in s. 220.187,
536those enumerated in s. 220.192, and those enumerated in s.
537220.193, and those enumerated in s. 288.991.
538     Section 3.  Paragraph (a) of subsection (1) of section
539220.13, Florida Statutes, is amended to read:
540     220.13  "Adjusted federal income" defined.--
541     (1)  The term "adjusted federal income" means an amount
542equal to the taxpayer's taxable income as defined in subsection
543(2), or such taxable income of more than one taxpayer as
544provided in s. 220.131, for the taxable year, adjusted as
545follows:
546     (a)  Additions.--There shall be added to such taxable
547income:
548     1.  The amount of any tax upon or measured by income,
549excluding taxes based on gross receipts or revenues, paid or
550accrued as a liability to the District of Columbia or any state
551of the United States which is deductible from gross income in
552the computation of taxable income for the taxable year.
553     2.  The amount of interest which is excluded from taxable
554income under s. 103(a) of the Internal Revenue Code or any other
555federal law, less the associated expenses disallowed in the
556computation of taxable income under s. 265 of the Internal
557Revenue Code or any other law, excluding 60 percent of any
558amounts included in alternative minimum taxable income, as
559defined in s. 55(b)(2) of the Internal Revenue Code, if the
560taxpayer pays tax under s. 220.11(3).
561     3.  In the case of a regulated investment company or real
562estate investment trust, an amount equal to the excess of the
563net long-term capital gain for the taxable year over the amount
564of the capital gain dividends attributable to the taxable year.
565     4.  That portion of the wages or salaries paid or incurred
566for the taxable year which is equal to the amount of the credit
567allowable for the taxable year under s. 220.181. This
568subparagraph shall expire on the date specified in s. 290.016
569for the expiration of the Florida Enterprise Zone Act.
570     5.  That portion of the ad valorem school taxes paid or
571incurred for the taxable year which is equal to the amount of
572the credit allowable for the taxable year under s. 220.182. This
573subparagraph shall expire on the date specified in s. 290.016
574for the expiration of the Florida Enterprise Zone Act.
575     6.  The amount of emergency excise tax paid or accrued as a
576liability to this state under chapter 221 which tax is
577deductible from gross income in the computation of taxable
578income for the taxable year.
579     7.  That portion of assessments to fund a guaranty
580association incurred for the taxable year which is equal to the
581amount of the credit allowable for the taxable year.
582     8.  In the case of a nonprofit corporation which holds a
583pari-mutuel permit and which is exempt from federal income tax
584as a farmers' cooperative, an amount equal to the excess of the
585gross income attributable to the pari-mutuel operations over the
586attributable expenses for the taxable year.
587     9.  The amount taken as a credit for the taxable year under
588s. 220.1895.
589     10.  Up to nine percent of the eligible basis of any
590designated project which is equal to the credit allowable for
591the taxable year under s. 220.185.
592     11.  The amount taken as a credit for the taxable year
593under s. 220.187.
594     12.  The amount taken as a credit for the taxable year
595under s. 220.192.
596     13.  The amount taken as a credit for the taxable year
597under s. 220.193.
598     14.  Any portion of a qualified equity investment, as
599defined in s. 288.991, which is claimed as a deduction by the
600taxpayer for the purpose of calculating the taxpayer's net
601income.
602     Section 4.  Subsection (19) is added to section 213.053,
603Florida Statutes, to read:
604     213.053  Confidentiality and information sharing.--
605     (19)  Information relative to tax credits taken by a
606taxpayer under s. 288.991 may be disclosed to the Office of
607Tourism, Trade, and Economic Development or its employees or
608agents that have been identified in writing by the office to the
609department for use in performance of their official duties. All
610information so obtained is subject to the same confidentiality
611as imposed on the department.
612     Section 5.  This act shall take effect July 1, 2008, and
613applies to tax years ending after December 31, 2008.


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