| 1 | Representative Coley offered the following: |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 804 and 805, insert: |
| 5 | Section 9. Subsection (2) of section 220.191, Florida |
| 6 | Statutes, is amended to read: |
| 7 | 220.191 Capital investment tax credit.-- |
| 8 | (2)(a) An annual credit against the tax imposed by this |
| 9 | chapter shall be granted to any qualifying business in an amount |
| 10 | equal to 5 percent of the eligible capital costs generated by a |
| 11 | qualifying project, for a period not to exceed 20 years |
| 12 | beginning with the commencement of operations of the project. |
| 13 | Unless assigned as described in this subsection, the tax credit |
| 14 | shall be granted against only the corporate income tax liability |
| 15 | or the premium tax liability generated by or arising out of the |
| 16 | qualifying project, and the sum of all tax credits provided |
| 17 | pursuant to this section shall not exceed 100 percent of the |
| 18 | eligible capital costs of the project. In no event may any |
| 19 | credit granted under this section be carried forward or backward |
| 20 | by any qualifying business with respect to a subsequent or prior |
| 21 | year. The annual tax credit granted under this section shall not |
| 22 | exceed the following percentages of the annual corporate income |
| 23 | tax liability or the premium tax liability generated by or |
| 24 | arising out of a qualifying project: |
| 25 | 1.(a) One hundred percent for a qualifying project which |
| 26 | results in a cumulative capital investment of at least $100 |
| 27 | million. |
| 28 | 2.(b) Seventy-five percent for a qualifying project which |
| 29 | results in a cumulative capital investment of at least $50 |
| 30 | million but less than $100 million. |
| 31 | 3.(c) Fifty percent for a qualifying project which results |
| 32 | in a cumulative capital investment of at least $25 million but |
| 33 | less than $50 million. |
| 34 | (b) A qualifying project which results in a cumulative |
| 35 | capital investment of less than $25 million is not eligible for |
| 36 | the capital investment tax credit. An insurance company claiming |
| 37 | a credit against premium tax liability under this program shall |
| 38 | not be required to pay any additional retaliatory tax levied |
| 39 | pursuant to s. 624.5091 as a result of claiming such credit. |
| 40 | Because credits under this section are available to an insurance |
| 41 | company, s. 624.5091 does not limit such credit in any manner. |
| 42 | (c) A qualifying business that establishes a qualifying |
| 43 | project that includes locating a new solar panel manufacturing |
| 44 | facility in this state that generates a minimum of 400 jobs |
| 45 | within 6 months after commencement of operations with an average |
| 46 | salary of at least $50,000 may assign or transfer the annual |
| 47 | credit, or any portion thereof, granted under this section to |
| 48 | any other business. However, the amount of the tax credit that |
| 49 | may be transferred in any year shall be the lesser of the |
| 50 | qualifying business's state corporate income tax liability for |
| 51 | that year, as limited by the percentages applicable under |
| 52 | paragraph (a) and as calculated prior to taking any credit |
| 53 | pursuant to this section, or the credit amount granted for that |
| 54 | year. A business receiving the transferred or assigned credits |
| 55 | may use the credits only in the year received, and the credits |
| 56 | may not be carried forward or backward. To perfect the transfer, |
| 57 | the transferor shall provide the department with a written |
| 58 | transfer statement notifying the department of the transferor's |
| 59 | intent to transfer the tax credits to the transferee; the date |
| 60 | the transfer is effective; the transferee's name, address, and |
| 61 | federal taxpayer identification number; the tax period; and the |
| 62 | amount of tax credits to be transferred. The department shall, |
| 63 | upon receipt of a transfer statement conforming to the |
| 64 | requirements of this paragraph, provide the transferee with a |
| 65 | certificate reflecting the tax credit amounts transferred. A |
| 66 | copy of the certificate must be attached to each tax return for |
| 67 | which the transferee seeks to apply such tax credits. |
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| 74 | T I T L E A M E N D M E N T |
| 75 | Remove line 40 and insert: |
| 76 | an application form for claiming a tax exemption; amending s. |
| 77 | 220.191, F.S.; providing that certain qualifying projects are |
| 78 | eligible to transfer capital investment tax credits to other |
| 79 | businesses under certain circumstances; providing limitations on |
| 80 | the use of such transferred credits; specifying requirements for |
| 81 | such transfers; amending |
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