Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 1246
       
       
       
       
       
       
                                Ì945154*Î945154                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/14/2021           .                                
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       The Committee on Finance and Tax (Rodrigues) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (9) is added to section 220.191,
    6  Florida Statutes, to read:
    7         220.191 Capital investment tax credit.—
    8         (9)In addition to any methods authorized to carry forward
    9  unused tax credits in this section and for taxable years
   10  beginning in 2020 only, any qualifying business whose primary
   11  business activity is within the standard industrial
   12  classification codes of 4724 or 7514 which ended the taxable
   13  year beginning in 2020 with unused tax credits as otherwise
   14  authorized under this section, and whose total gross receipts
   15  between April 1, 2020, and December 31, 2020, were 50 percent
   16  less when compared to the same period in 2019, may use up to 50
   17  percent of the unused tax credits in the tax year beginning
   18  January 1, 2021, by:
   19         (a)Transferring its unused tax credits to another business
   20  subject to the tax imposed under this chapter, as long as the
   21  business receiving the transferred credits uses the credits only
   22  in the year received;
   23         (b)Using its unused tax credits against amounts payable to
   24  the department, either as consumer or dealer, for sales or use
   25  taxes imposed under chapter 212; or
   26         (c)Applying its unused tax credits against its corporate
   27  income tax payments for a single taxable year or a combination
   28  of taxable years beginning after January 1, 2021, and ending
   29  before December 31, 2025.
   30         Section 2.(1)The Department of Revenue is authorized, and
   31  all conditions are deemed met, to adopt emergency rules pursuant
   32  to s. 120.54(4), Florida Statutes, for the purpose of
   33  administering this act.
   34         (2)Notwithstanding any other law, emergency rules adopted
   35  pursuant to subsection (1) are effective for 6 months after
   36  adoption and may be renewed during the pendency of procedures to
   37  adopt permanent rules addressing the subject of the emergency
   38  rules.
   39         (3)This section shall take effect upon this act becoming a
   40  law and expires July 1, 2023.
   41         Section 3. Except as otherwise expressly provided in this
   42  act and except for this section, which shall take effect upon
   43  this act becoming a law, this act shall take effect July 1,
   44  2021.
   45  
   46  ================= T I T L E  A M E N D M E N T ================
   47  And the title is amended as follows:
   48         Delete everything before the enacting clause
   49  and insert:
   50                        A bill to be entitled                      
   51         An act relating to capital investment tax credit;
   52         amending s. 220.191, F.S.; authorizing passenger car
   53         rental companies and travel agencies that meet certain
   54         criteria in a specified year to use unused tax credits
   55         for certain purposes; authorizing the Department of
   56         Revenue to adopt emergency rules; providing for
   57         expiration of such authority; providing effective
   58         dates.