Florida Senate - 2009                                    SB 2668
       
       
       
       By Senator Baker
       
       
       
       
       20-01834-09                                           20092668__
    1                        A bill to be entitled                      
    2         An act relating to corporate income tax credits for
    3         small business corporations; requiring the Department
    4         of Revenue to establish a corporate income tax credit
    5         program for certain small businesses; providing a
    6         definition; requiring the department to provide tax
    7         credit applications on its website; providing for
    8         department approval of tax credit applications;
    9         requiring the department to file copies of approved
   10         applications and send copies to applicants; providing
   11         criteria and requirements for and limitations on the
   12         tax credit; authorizing not-for-profit small business
   13         corporations to auction eligible tax credits to
   14         certain entities; specifying uses of proceeds of
   15         auctioned credits; requiring the department to develop
   16         a plan to auction tax credits; requiring the
   17         department to establish a workgroup for certain
   18         purposes; authorizing the department to adopt rules;
   19         requiring the Office of Program Policy Analysis and
   20         Government Accountability to review the program and
   21         report to the Legislature; providing an effective
   22         date.
   23  
   24  Be It Enacted by the Legislature of the State of Florida:
   25  
   26         Section 1. (1) The Department of Revenue shall establish a
   27  program to grant to small business corporations a credit against
   28  the tax imposed under chapter 220, Florida Statutes, as provided
   29  in this section.
   30         (2) For purposes of this section, the term “small business
   31  corporation” means a for-profit or not-for-profit corporation
   32  registered with the Department of State that employs fewer than
   33  250 employees and is doing business in this state.
   34         (3) The Department of Revenue shall make available on its
   35  website to small business corporations an application for the
   36  tax credit authorized by this section.
   37         (4) Upon receipt of a completed application from an
   38  eligible small business corporation that meets the requirements
   39  of this section for a credit, the department shall approve the
   40  application and shall place a copy of the approved application
   41  on file with the corporation’s tax file and send a copy of the
   42  approved application to the corporation seeking the credit.
   43         (5) Each small business corporation is eligible to receive
   44  a credit against the tax imposed under chapter 220, Florida
   45  Statutes, in an amount equal to 75 percent of each dollar the
   46  applicant can demonstrate, through methods acceptable and
   47  approved by the department, that the applicant invested in
   48  employee training, expansion of employment of up to 15 new
   49  positions, and investment in the purchase of new or used
   50  business equipment for the year in which the investment
   51  occurred.
   52         (6) The total amount of the tax credit available to any
   53  small business corporation is limited to $100,000 for each such
   54  corporation.
   55         (7)(a) A not-for-profit small business corporation may
   56  auction any tax credit the corporation is eligible to receive to
   57  any private investor and the funds generated from the sale of
   58  the tax credit shall be used by such corporation as matching
   59  funds for grants, Medicaid waivers, or investments in staff
   60  training, construction of new buildings or renovation of current
   61  buildings, purchase of new or used business equipment, or
   62  expansions of its workforce.
   63         (b) The purchase of a tax credit auctioned by a not-for
   64  profit small business corporation is limited to corporations
   65  registered in this state or individuals that operate or live in
   66  this state.
   67         (c) The department shall develop a plan for auctioning tax
   68  credits and shall make available on its website information as
   69  to how individuals or corporations can participate in the
   70  process.
   71         (8) The department shall create a workgroup of advocates,
   72  business leaders, and stakeholders to provide direction and
   73  assistance with the development of rules required to implement
   74  this program.
   75         (9) The department may any adopt rules necessary to
   76  implement the requirements of this section.
   77         (10) The Office of Program Policy Analysis and Government
   78  Accountability shall review the impact of the program on
   79  stimulating economic expansion and investment in equipment, not
   80  for-profits, and workforce development and provide a report to
   81  the President of the Senate and the Speaker of the House of
   82  Representatives no later than January 1, 2012.
   83         Section 2. This act shall take effect July 1, 2009.