Bill No. HB 7135
Amendment No. 895989
Senate House

1Representative Coley offered the following:
3     Amendment (with title amendment)
4     Between lines 804 and 805, insert:
5     Section 9.  Subsection (2) of section 220.191, Florida
6Statutes, is amended to read:
7     220.191  Capital investment tax credit.--
8     (2)(a)  An annual credit against the tax imposed by this
9chapter shall be granted to any qualifying business in an amount
10equal to 5 percent of the eligible capital costs generated by a
11qualifying project, for a period not to exceed 20 years
12beginning with the commencement of operations of the project.
13Unless assigned as described in this subsection, the tax credit
14shall be granted against only the corporate income tax liability
15or the premium tax liability generated by or arising out of the
16qualifying project, and the sum of all tax credits provided
17pursuant to this section shall not exceed 100 percent of the
18eligible capital costs of the project. In no event may any
19credit granted under this section be carried forward or backward
20by any qualifying business with respect to a subsequent or prior
21year. The annual tax credit granted under this section shall not
22exceed the following percentages of the annual corporate income
23tax liability or the premium tax liability generated by or
24arising out of a qualifying project:
25     1.(a)  One hundred percent for a qualifying project which
26results in a cumulative capital investment of at least $100
28     2.(b)  Seventy-five percent for a qualifying project which
29results in a cumulative capital investment of at least $50
30million but less than $100 million.
31     3.(c)  Fifty percent for a qualifying project which results
32in a cumulative capital investment of at least $25 million but
33less than $50 million.
34     (b)  A qualifying project which results in a cumulative
35capital investment of less than $25 million is not eligible for
36the capital investment tax credit. An insurance company claiming
37a credit against premium tax liability under this program shall
38not be required to pay any additional retaliatory tax levied
39pursuant to s. 624.5091 as a result of claiming such credit.
40Because credits under this section are available to an insurance
41company, s. 624.5091 does not limit such credit in any manner.
42     (c)  A qualifying business that establishes a qualifying
43project that includes locating a new solar panel manufacturing
44facility in this state that generates a minimum of 400 jobs
45within 6 months after commencement of operations with an average
46salary of at least $50,000 may assign or transfer the annual
47credit, or any portion thereof, granted under this section to
48any other business. However, the amount of the tax credit that
49may be transferred in any year shall be the lesser of the
50qualifying business's state corporate income tax liability for
51that year, as limited by the percentages applicable under
52paragraph (a) and as calculated prior to taking any credit
53pursuant to this section, or the credit amount granted for that
54year. A business receiving the transferred or assigned credits
55may use the credits only in the year received, and the credits
56may not be carried forward or backward. To perfect the transfer,
57the transferor shall provide the department with a written
58transfer statement notifying the department of the transferor's
59intent to transfer the tax credits to the transferee; the date
60the transfer is effective; the transferee's name, address, and
61federal taxpayer identification number; the tax period; and the
62amount of tax credits to be transferred. The department shall,
63upon receipt of a transfer statement conforming to the
64requirements of this paragraph, provide the transferee with a
65certificate reflecting the tax credit amounts transferred. A
66copy of the certificate must be attached to each tax return for
67which the transferee seeks to apply such tax credits.
T I T L E  A M E N D M E N T
75     Remove line 40 and insert:
76an application form for claiming a tax exemption; amending s.
77220.191, F.S.; providing that certain qualifying projects are
78eligible to transfer capital investment tax credits to other
79businesses under certain circumstances; providing limitations on
80the use of such transferred credits; specifying requirements for
81such transfers; amending

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