Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 1444
                              LEGISLATIVE ACTION                        
                    Senate             .             House              

       The Committee on Finance and Tax (Wright) recommended the
    1         Senate Amendment 
    3         Delete lines 198 - 225
    4  and insert:
    5  whose affidavit was included in the application;
    6         2.Collect direct or indirect equity investments from
    7  affiliates of the relief fund, including employees, officers,
    8  and directors of such affiliates, equal to at least 10 percent
    9  of the relief fund’s investment authority; and
   10         3.For each investor seeking a tax credit certificate,
   11  provide the department with the investor’s federal employer
   12  identification number, if a business, or the investor’s social
   13  security number, if an individual.
   14         (g)Within 35 days after receiving certification under
   15  paragraph (e), a relief fund must send documentation to the
   16  department which proves the relief fund has collected the
   17  amounts required under paragraph (f). If the relief fund fails
   18  to comply with this paragraph, the department shall revoke the
   19  relief fund’s certification.
   20         (h)After a relief fund satisfies the requirement under
   21  paragraph (g), the department shall issue to each investor or
   22  affiliate identified under paragraph (g) a notice of the amount
   23  and utilization schedule of the tax credit certificates
   24  allocated to the investor or affiliate as a result of the
   25  investor or affiliate’s relief contribution. The department
   26  shall provide the Department of Revenue, for each person who is
   27  allocated tax credit certificates, the person’s name, the amount
   28  of the credit allocation, the utilization schedule, the
   29  information required by subparagraph (f)3., and the closing date
   30  of the relief fund to which the person made a relief
   31  contribution.
   32         (i)If a relief fund’s certification is revoked under
   33  paragraph (g) or the relief fund has tax credits revoked under
   34  paragraph (5)(b), the corresponding relief investment authority
   35  and relief contributions do not count toward limits on total
   36  relief investment authority and relief contributions authorized
   37  under paragraph (b). The department shall first award lapsed or
   38  revoked relief investment authority and the corresponding relief
   39  contributions pro rata to each relief fund awarded less than the
   40  relief investment authority for which it applied pursuant to
   41  subparagraph (b)1. The department may award any remaining relief
   42  investment authority to new applicants. The department shall
   43  notify the Department of Revenue of lapsed or revoked relief
   44  investment authority.