Florida Senate - 2016                             CS for SB 1272
       By the Committee on Finance and Tax; and Senator Hukill
       593-03182-16                                          20161272c1
    1                        A bill to be entitled                      
    2         An act relating to the Florida renewable energy
    3         production credit; amending s. 220.193, F.S.; deleting
    4         the time limit for the renewable energy production
    5         credit against the corporate income tax; revising the
    6         total amount of tax credits which may be granted to
    7         taxpayers per state fiscal year; revising the
    8         permissible use of certain unallocated credit amounts;
    9         authorizing the Department of Agriculture and Consumer
   10         Services to conduct onsite monitoring; deleting an
   11         obsolete provision relating to applicability;
   12         providing an effective date.
   14  Be It Enacted by the Legislature of the State of Florida:
   16         Section 1. Paragraphs (b) and (g) of subsection (3),
   17  paragraph (a) of subsection (5), and subsection (8) of section
   18  220.193, Florida Statutes, are amended to read:
   19         220.193 Florida renewable energy production credit.—
   20         (3) An annual credit against the tax imposed by this
   21  section shall be allowed to a taxpayer, based on the taxpayer’s
   22  production and sale of electricity from a new or expanded
   23  Florida renewable energy facility. For a new facility, the
   24  credit shall be based on the taxpayer’s sale of the facility’s
   25  entire electrical production. For an expanded facility, the
   26  credit shall be based on the increases in the facility’s
   27  electrical production that are achieved after May 1, 2012.
   28         (b) The credit may be claimed for electricity produced and
   29  sold on or after January 1, 2013. Beginning in 2014 and
   30  continuing until 2017, Each taxpayer claiming a credit under
   31  this section must apply to the Department of Agriculture and
   32  Consumer Services by the date established by the Department of
   33  Agriculture and Consumer Services for an allocation of available
   34  credits for that year. The application form shall be adopted by
   35  rule of the Department of Agriculture and Consumer Services in
   36  consultation with the commission. The application form shall, at
   37  a minimum, require a sworn affidavit from each taxpayer
   38  certifying the increase in production and sales that form the
   39  basis of the application and certifying that all information
   40  contained in the application is true and correct.
   41         (g) Notwithstanding any other provision of this section,
   42  credits for the production and sale of electricity from a new or
   43  expanded Florida renewable energy facility may be earned between
   44  January 1, 2013, and June 30, 2016. The combined total amount of
   45  tax credits which may be granted for all taxpayers under this
   46  section is limited to $15 million per state fiscal year $5
   47  million in state fiscal year 2012-2013 and $10 million per state
   48  fiscal year in state fiscal years 2013-2014 through 2016-2017.
   49  If the annual tax credit authorization amount is not exhausted
   50  by allocations of credits within that particular state fiscal
   51  year, any authorized but unallocated credit amounts may be
   52  carried forward used to grant credits that were earned pursuant
   53  to s. 220.192 but unallocated due to a lack of authorized funds.
   54         (5)(a) In addition to its existing audit and investigation
   55  authority, the Department of Revenue may perform any additional
   56  financial and technical audits and investigations, including
   57  examining the accounts, books, and records of the tax credit
   58  applicant, which are necessary to verify the information
   59  included in the tax credit return and to ensure compliance with
   60  this section. The Department of Agriculture and Consumer
   61  Services may conduct on-site monitoring visits to renewable
   62  energy facilities that received certification under this section
   63  to verify that the information contained in their application
   64  was true and correct, and shall provide technical assistance
   65  when requested by the Department of Revenue on any technical
   66  audits or examinations performed pursuant to this section.
   67         (8) This section shall take effect upon becoming law and
   68  shall apply to tax years beginning on and after January 1, 2013.
   69         Section 2. This act shall take effect July 1, 2016.