Florida Senate - 2021                             CS for SB 1246
       
       
        
       By the Committee on Finance and Tax; and Senator Rodrigues
       
       
       
       
       
       593-04160-21                                          20211246c1
    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; authorizing the Department of
    7         Revenue to adopt emergency rules; providing for
    8         expiration of such authority; providing effective
    9         dates.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Subsection (9) is added to section 220.191,
   14  Florida Statutes, to read:
   15         220.191 Capital investment tax credit.—
   16         (9) In addition to any methods authorized to carry forward
   17  unused tax credits in this section and for taxable years
   18  beginning in 2020 only, any qualifying business whose primary
   19  business activity is within the standard industrial
   20  classification codes of 4724 or 7514 which ended the taxable
   21  year beginning in 2020 with unused tax credits as otherwise
   22  authorized under this section, and whose total gross receipts
   23  between April 1, 2020, and December 31, 2020, were 50 percent
   24  less when compared to the same period in 2019, may use up to 50
   25  percent of the unused tax credits in the tax year beginning
   26  January 1, 2021, by:
   27         (a) Transferring its unused tax credits to another business
   28  subject to the tax imposed under this chapter, as long as the
   29  business receiving the transferred credits uses the credits only
   30  in the year received;
   31         (b) Using its unused tax credits against amounts payable to
   32  the department, either as consumer or dealer, for sales or use
   33  taxes imposed under chapter 212; or
   34         (c) Applying its unused tax credits against its corporate
   35  income tax payments for a single taxable year or a combination
   36  of taxable years beginning after January 1, 2021, and ending
   37  before December 31, 2025.
   38         Section 2. (1) The Department of Revenue is authorized, and
   39  all conditions are deemed met, to adopt emergency rules pursuant
   40  to s. 120.54(4), Florida Statutes, for the purpose of
   41  administering this act.
   42         (2) Notwithstanding any other law, emergency rules adopted
   43  pursuant to subsection (1) are effective for 6 months after
   44  adoption and may be renewed during the pendency of procedures to
   45  adopt permanent rules addressing the subject of the emergency
   46  rules.
   47         (3) This section shall take effect upon this act becoming a
   48  law and expires July 1, 2023.
   49         Section 3. Except as otherwise expressly provided in this
   50  act and except for this section, which shall take effect upon
   51  this act becoming a law, this act shall take effect July 1,
   52  2021.