Florida Senate - 2021                                    SB 1246
       
       
        
       By Senator Rodrigues
       
       
       
       
       
       27-01848-21                                           20211246__
    1                        A bill to be entitled                      
    2         An act relating to capital investment tax credit;
    3         amending s. 220.191, F.S.; authorizing passenger car
    4         rental companies and travel agencies that meet certain
    5         criteria in a specified year to use unused tax credits
    6         for certain purposes; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (9) is added to section 220.191,
   11  Florida Statutes, to read:
   12         220.191 Capital investment tax credit.—
   13         (9) In addition to any methods authorized to carry forward
   14  unused tax credits in this section and for the 2020 calendar
   15  year only, any qualifying business that operated a company
   16  within the standard industrial classification codes of 4724 or
   17  7514 which ended the year with unused tax credits as otherwise
   18  authorized under this section, and whose total gross receipts
   19  between April 1, 2020, and December 31, 2020, were 50 percent
   20  less when compared to the same period in 2019, may use up to 50
   21  percent of the unused tax credits in the tax year beginning
   22  January 1, 2021, by:
   23         (a) Transferring its unused tax credits to another taxpayer
   24  subject to the tax imposed under this chapter;
   25         (b) Using its unused tax credits against amounts payable to
   26  the department, either as consumer or dealer, for sales or use
   27  taxes imposed under chapter 212; or
   28         (c) Applying its unused tax credits against corporate
   29  income tax payments for tax years beginning January 1, 2021, and
   30  ending December 31, 2025.
   31         Section 2. This act shall take effect July 1, 2021.