Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1390
       
       
       
       
       
       
                                Ì275582<Î275582                         
       
                              LEGISLATIVE ACTION                        
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       The Committee on Finance and Tax (Gruters) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 38
    4  insert:
    5         Section 1. Section 220.197, Florida Statutes, is created to
    6  read:
    7         220.197 1031 exchange tax credit.—
    8         (1) As used in this section, the term “NAICS” means those
    9  classifications contained in the North American Industry
   10  Classification System, as published in 2007 by the Office of
   11  Management and Budget, Executive Office of the President.
   12         (2) A taxpayer is eligible for a $2 million credit against
   13  the tax imposed by this chapter for its 2018 taxable year if:
   14         (a) The taxpayer is classified under NAICS industry group
   15  code 53211;
   16         (b) The taxpayer deferred gains on the sale of personal
   17  property assets for federal income purposes under s. 1031 of the
   18  Internal Revenue Code during its taxable year beginning on or
   19  after August 1, 2016, and before August 1, 2017; and
   20         (c) The taxpayer’s final tax liability for its taxable year
   21  beginning on or after August 1, 2017, and before August 1, 2018,
   22  before application of the credit authorized by this section, is
   23  greater than $15 million and is at least 700 percent greater
   24  than its final tax liability for its taxable year beginning on
   25  or after August 1, 2016, and before August 1, 2017.
   26         (3) This section operates retroactively to January 1, 2018.
   27  
   28  ================= T I T L E  A M E N D M E N T ================
   29  And the title is amended as follows:
   30         Delete line 2
   31  and insert:
   32         An act relating to tax credits; creating s. 220.197,
   33         F.S.; defining the term “NAICS”; providing a credit
   34         against the corporate income tax, for a specified
   35         amount and for a specified taxable year, for taxpayers
   36         classified in the passenger car rental or leasing
   37         industry which meet certain criteria; providing for
   38         retroactive operation;