Florida Senate - 2020 SB 642 By Senator Powell 30-00261B-20 2020642__ 1 A bill to be entitled 2 An act relating to an internship tax credit program; 3 creating s. 220.198, F.S.; providing a short title; 4 defining terms; providing a corporate income tax 5 credit for qualified businesses employing degree 6 seeking student interns if certain criteria are met; 7 specifying the amount of the credit per student 8 intern; specifying a limit on the credit claimed per 9 taxable year; authorizing the Department of Revenue to 10 adopt certain rules; authorizing a qualified business 11 to carry forward unused credit for a certain time; 12 providing an effective date. 13 14 Be It Enacted by the Legislature of the State of Florida: 15 16 Section 1. Section 220.198, Florida Statutes, is created to 17 read: 18 220.198 Internship tax credit program.— 19 (1) This section may be cited as the “Florida Internship 20 Tax Credit Program.” 21 (2) As used in this section, the term: 22 (a) “Degree-seeking student intern” means a person who is a 23 senior at a state university, a Florida College System 24 institution, a career center operated by a school district under 25 s. 1001.44, or a charter technical career center, or any 26 graduate student enrolled at a state university. 27 (b) “Full time” means at least 40 hours per week. 28 (c) “Qualified business” means a business that has been 29 continuously operating for at least 3 years. 30 (3) For taxable years beginning on or after January 1, 31 2021, a qualified business shall be allowed a tax credit against 32 previously paid corporate income taxes imposed under this 33 chapter in the amount of $2,000 per student intern, if: 34 (a) During the degree-seeking student’s internship, the 35 student worked full time for at least 9 consecutive weeks; 36 (b) The qualified business provides documentation for the 37 current taxable year to show that at least 20 percent of its 38 full-time employees were previously employed as degree-seeking 39 student interns by that qualified business; 40 (c) The degree-seeking student intern had a minimum grade 41 point average of 2.0 at the start of the internship; and 42 (d) The state university, Florida College System 43 institution, career center operated by a school district under 44 s. 1001.44, or charter technical career center has provided 45 documentation attesting to the degree-seeking student intern’s 46 enrollment status. 47 (4) Notwithstanding paragraph (3)(b), a qualified business 48 that, for the prior 3 years on average, employed 10 or fewer 49 full-time employees shall be allowed the tax credit if it 50 provides documentation that it previously hired at least 1 51 degree-seeking student intern, and, for the current taxable 52 year, it employs on a full-time basis at least 1 employee who 53 was previously employed as a degree-seeking student intern by 54 that qualified business. 55 (5) A qualified business may not claim a tax credit of more 56 than $10,000 for previously paid corporate income taxes in any 1 57 taxable year. 58 (6) The department may adopt rules governing the manner and 59 form of applications for the tax credit and establishing 60 qualification requirements for the tax credit. 61 (7) A qualified business awarded a tax credit for 62 previously paid corporate income taxes under this section may 63 carry forward any unused portion of a tax credit for up to 2 64 taxable years. 65 Section 2. This act shall take effect July 1, 2020.