Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 2280
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CHAMBER ACTION
Senate House
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11 The Committee on Community Affairs (Wise) recommended the
12 following amendment:
13
14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
16
17 and insert:
18 Section 1. Part XII of chapter 288, Florida Statutes,
19 consisting of sections 288.991 and 288.992, is created to
20 read:
21 288.991 New Markets Tax Credit Act.--This part may be
22 cited as the "New Markets Tax Credit Act."
23 288.992 Qualified equity investments; tax credit.--
24 (1) DEFINITIONS.--As used in this section, the term:
25 (a) "Adjusted purchase price" means the product of the
26 amount paid at issuance for a qualified equity investment and
27 a fraction of which the numerator is the dollar amount of
28 qualified low-income community investments made in this state
29 with the proceeds from the issuance of a qualified equity
30 investment held by a qualified community development entity on
31 the applicable credit allowance date and the denominator of
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1 which is the total dollar amount of qualified low-income
2 community investments made with the proceeds from the issuance
3 of a qualified equity investment held by a qualified community
4 development entity on the applicable credit allowance date.
5 (b) "Credit allowance date" means:
6 1. The first anniversary of the date a qualified
7 equity investment is initially made; and
8 2. Each of the five subsequent anniversaries of such
9 date.
10 (c) "Long-term debt security" means any debt
11 instrument issued by a qualified community development entity,
12 at par value or a premium, having an original maturity date of
13 at least 7 years following the date of its issuance, with no
14 acceleration of repayment, amortization, or prepayment
15 features before its original maturity date and having no
16 distribution, payment, or interest features related to the
17 profitability of the qualified community development entity or
18 the performance of the entity's investment portfolio. This
19 paragraph does not limit the holder's ability to accelerate
20 payments on the debt instrument in situations in which the
21 qualified community development entity has defaulted on
22 covenants designed to ensure compliance with this section or
23 s. 45D of the Internal Revenue Code of 1986, as amended.
24 (d) "Low-income community" means any population census
25 tract within the state of Florida where:
26 1. The federal individual poverty rate is at least 20
27 percent; or
28 2. In the case of a tract:
29 a. Not located within a metropolitan area, the median
30 family income does not exceed 80 percent of the statewide
31 median family income; or
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1 b. Located within a metropolitan area, the median
2 family income does not exceed 80 percent of the greater of the
3 statewide median family income or the metropolitan area median
4 income.
5 (e) "Office" means the Office of Tourism, Trade, and
6 Economic Development.
7 (f) "Qualified active low-income community business"
8 has the same meaning as in s. 45D of the Internal Revenue Code
9 of 1986, as amended, but excludes any trade or business:
10 1. That derives or projects to derive 15 percent or
11 more of its annual revenue from the rental or sale of real
12 estate;
13 2. That consists predominantly of the development or
14 holding of intangibles for sale or license;
15 3. That consists of the operation of any private or
16 commercial golf course, country club, massage parlor, hot tub
17 facility, suntan facility, racetrack, or other facility used
18 for gambling, or any store the principal business of which is
19 the sale of alcoholic beverages for consumption off premises;
20 or
21 4. The principal activity of which is farming if the
22 sum of the aggregate unadjusted bases or, if greater, the fair
23 market value, of the assets owned by the business which are
24 used in such trade or business and the aggregate value of the
25 assets leased by the business used in such trade or business
26 exceeds $500,000. For the purposes of this subparagraph, two
27 or more trades or businesses are treated as a single trade or
28 business.
29 (g) "Qualified community development entity" means any
30 entity that has been certified as a qualified community
31 development entity by the Community Development Financial
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1 Institutions Fund of the United States Treasury Department
2 pursuant to s. 45D of the Internal Revenue Code of 1986, as
3 amended, the certification of which has not been revoked, and
4 that has entered into an allocation agreement with the
5 Community Development Financial Institutions Fund with respect
6 to tax credits authorized by section 45D of the Internal
7 Revenue Code of 1986, as amended.
8 (h) "Qualified equity investment" means any equity
9 investment or long-term debt security issued by a qualified
10 community development entity that:
11 1. Is acquired on or after July 1, 2007, at its
12 original issuance solely in exchange for cash;
13 2. Has at least 85 percent of its cash purchase price
14 used by the qualified community development entity to make
15 qualified low-income community investments within the 12-month
16 period beginning on the date the cash is paid by the taxpayer
17 to the entity; and
18 3. Is certified by the Office of Tourism, Trade, and
19 Economic Development as a qualified equity investment pursuant
20 to this section.
21 (i) "Qualified low-income community investment" means
22 any capital or equity investment in or loan to any qualified
23 active low-income community business made after July 1, 2007.
24 With respect to any one qualified active low-income community
25 business, the maximum amount of debt or equity issued by it on
26 a collective basis with all of its affiliates which may be
27 included in the calculation of any numerator described in
28 paragraph (a) shall be $10 million, whether such investments
29 are issued to one or more qualified community development
30 entities.
31 (2) AUTHORIZATION OF TAX CREDITS.--
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1 (a) A taxpayer holding a qualified equity investment
2 issued by a community development entity on the credit
3 allowance date of the investment is entitled to a tax credit
4 against the taxes imposed by s. 220.11 or s. 624.509 during
5 the tax year that includes the credit allowance date. The tax
6 credit amount is equal to 8.33 percent of the adjusted
7 purchase price of the qualified equity investment.
8 (b) The taxpayer's cash investment in the qualified
9 equity investment received by the community development entity
10 is treated as invested in a qualified low-income community
11 investment only to the extent that the cash is invested within
12 the 12-month period beginning on the date the cash is paid by
13 the taxpayer to the community development entity.
14 (c) A taxpayer may not redeem any portion of a tax
15 credit in a tax year in which the tax credit exceeds the
16 taxpayer's state tax liability for such tax year. Any amount
17 of the tax credit that the taxpayer is prohibited from
18 redeeming may be carried forward for use in a subsequent tax
19 year; however, all unused tax credits expire on December 31,
20 2028.
21 (d) A tax credit authorized under this section is not
22 refundable or transferable. However, if a qualified equity
23 investment is transferred, the tax credits for future credit
24 allowance dates, if any, transfer with the investment. Credit
25 amounts, including any carryover amounts, from credit
26 allowance dates prior to the date of transfer do not transfer
27 with the qualified equity investment. Tax credits earned by a
28 partnership, limited liability company, S corporation, or
29 other "pass-through" entity may be allocated to the partners,
30 members, or shareholders of such entity for their direct
31 redemption in accordance with the provisions of any agreement
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1 among the partners, members, or shareholders.
2 (3) DESIGNATION OF QUALIFIED EQUITY INVESTMENTS.--
3 (a) Any qualified community development entity that
4 seeks to have an equity investment or long-term debt security
5 designated as a qualified equity investment and eligible for
6 tax credits under this section shall apply to the office. The
7 qualified community development entity shall submit an
8 application on a form that the office prescribes by rule, and
9 that includes, but need not be limited to:
10 1. The name, address, tax identification number of the
11 entity, and evidence of the entity's certification as a
12 qualified community development entity;
13 2. A copy of an allocation agreement executed by the
14 entity and the Community Development Financial Institutions
15 Fund with respect to the allocation of tax credits under s. 4D
16 of the Internal Revenue Code of 1986, as amended;
17 3. A certificate, executed by an executive officer of
18 the entity, attesting that such allocation agreement remains
19 in effect and has not been revoked or cancelled by the
20 Community Development Financial Institutions Fund;
21 4. A description of the proposed amount, structure,
22 and purchaser of the equity investment or long-term debt
23 security;
24 5. The name and tax identification number of any
25 person or entity that will be eligible to redeem tax credits
26 earned as a result of the issuance of the qualified equity
27 investment;
28 6. Information regarding the proposed use of proceeds
29 from the issuance of a qualified equity investment, which must
30 include the types of qualified active low-income community
31 businesses that will be funded and an estimate of the
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1 percentage of qualified low-income community investments that
2 will be made in Florida. In addition, the entity shall submit
3 a nonrefundable application fee of $1,000 to the office with
4 each application submitted; and
5 7. A statement setting forth the entity's plans for
6 the development of relationships with community-based
7 organizations, local community development offices and
8 organizations, and economic development organizations as well
9 as any steps the entity has taken to implement these
10 relationships.
11 (b) Within 30 days after receipt of a completed
12 application containing all the information necessary for the
13 office to certify a potential qualified equity investment,
14 including payment of the application fee, the office shall
15 grant or deny the application in full or in part. If the
16 office denies any part of the application, it shall inform the
17 qualified community development entity of the grounds for the
18 denial. If the qualified community development entity provides
19 any additional information required by the office or otherwise
20 completes its application within 15 days after the notice of
21 denial, the application shall be considered completed as of
22 the original date of submission. If the qualified community
23 development entity fails to provide such information or
24 complete its application within the 15-day period, the
25 application remains denied and must be resubmitted in full
26 with a new submission date.
27 (c) If an application is deemed complete by the
28 office, it shall certify the proposed equity investment or
29 long-term debt security as a qualified equity investment and
30 eligible for tax credits under this section. The office shall
31 provide written notice of the certification to the qualified
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1 community development entity and the Department of Revenue.
2 The written notice must include the maximum amount of tax
3 credits that may be earned as a result of the issuance of the
4 qualified equity investment, which shall be calculated with
5 reference to the percentage of qualified low-income community
6 investments estimated to be made in Florida by the qualified
7 community development entity in its application, and the names
8 of those taxpayers who are eligible to redeem the credits and
9 their respective credit amounts. The office shall certify
10 qualified equity investments in the order applications for
11 certification are received. Any applications received on the
12 same day shall be deemed to have been received simultaneously.
13 (d) Once the office has certified qualified equity
14 investments that, on a cumulative basis, are eligible for $105
15 million in tax credits, of which no more than $15 million may
16 be claimed per state fiscal year exclusive of tax credits
17 carried forward, and on or after June 30, 2014, the office may
18 not certify any more qualified equity investments. Tax credits
19 subject to appropriations in any year must be approved by the
20 Legislature. If a pending request for certification cannot be
21 fully certified under this section, the office shall certify
22 the portion that may be certified unless the qualified
23 community development entity elects to withdraw its request
24 rather than receive partial credits.
25 (e) Within 30 days after notice of certification from
26 the office, the qualified community development entity must
27 issue the qualified equity investment and receive cash in the
28 amount of the certified amount. The qualified community
29 development entity shall provide the office with evidence of
30 the receipt of the investment within 10 business days after
31 receipt. If the qualified community development entity does
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1 not issue the qualified equity investment and receive the cash
2 investment within the 30 days following receipt of the
3 certification notice, the certification shall lapse and the
4 entity may not issue the qualified equity investment without
5 reapplying to the office for certification. Any certification
6 that lapses reverts back to the office and may be reissued in
7 accordance with the application process outlined in this
8 section.
9 (f) On the date that a qualified equity investment is
10 initially made, the purchaser must make an election to apply
11 the credit against taxes due under chapter 220 or chapter 624
12 or against a stated combination of the two taxes, and shall
13 provide notice of such election to the office and Department
14 of Revenue. The purchaser or subsequent holder of the
15 qualified equity investment or a member, partner, or
16 shareholder of the holder who is eligible to take the credit
17 may not alter this election without prior notice to and
18 approval from the Department of Revenue.
19 (4) ANNUAL CALCULATION OF CREDIT.--
20 (a) Within 30 days after each credit allowance date,
21 each qualified community development entity shall submit to
22 the office the following with respect to each qualified equity
23 investment issued by it:
24 1. A listing, certified by an executive officer of the
25 qualified community development entity, of all qualified
26 low-income community investments made by the qualified
27 community development entity with the proceeds of a qualified
28 equity investment and held as of the credit allowance date,
29 which must include the name of each qualified active
30 low-income business funded, the location of the principal
31 office of each such business, the type of business, the amount
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1 of the qualified low-income community investment in each such
2 business, and the total of qualified low-income community
3 investments by all community development entities in each such
4 business;
5 2. Bank records, wire transfer records, or other
6 similar documents that reflect the investments listed above;
7 3. A calculation, certified by the chief financial or
8 accounting officer of the qualified community development
9 entity, of the amount of qualified low-income community
10 investments in Florida made with the proceeds of the issuance
11 of the qualified equity investment held by the entity as of
12 the credit allowance date, and the total qualified low-income
13 community investments made with the proceeds of the issuance
14 of the qualified equity investment held by the entity on the
15 credit allowance date. In making this calculation, an
16 investment in Florida shall be deemed to be held by a
17 qualified community development entity even if the investment
18 has been sold or repaid if the entity reinvests an amount
19 equal to the capital returned to or recovered from the
20 original investment, exclusive of any profits realized, in
21 another qualified low-income community investment in Florida
22 within 12 months after receipt of such capital. A qualified
23 community development entity is not required to reinvest
24 capital returned from qualified low-income community
25 investments after the sixth anniversary of the issuance of the
26 qualified equity investment for which the proceeds were used
27 to make the qualified low-income community investment. The
28 qualified low-income community investment shall be deemed to
29 be held by the qualified community development entity through
30 the seventh anniversary of the qualified equity investment's
31 issuance;
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1 4. An attestation from the qualified community
2 development entity's chief financial or accounting officer
3 that no redemption or principal payment was made with respect
4 to the qualified equity investment since the previous credit
5 allowance date; and
6 5. Any information with respect to a recapture of the
7 federal tax credits available with respect to a qualified
8 equity investment that the qualified community development
9 entity has received since the prior credit allowance date.
10 (b) Within 20 days after receipt of the information
11 listed in paragraph (a), the office shall certify in writing
12 to the qualified community development entity and to the
13 Department of Revenue the amount of credit that is eligible
14 for use for the credit allowance date. The notice must include
15 a listing of those taxpayers that are eligible to redeem the
16 tax credit for such credit allowance date.
17 (5) AUDIT AND RECAPTURE.--
18 (a) A qualified community development entity that
19 receives an annual allocation of tax credits in an amount
20 equal to or in excess of $500,000 shall be treated as a
21 recipient pursuant to s. 215.97(2) and required to participate
22 in a state single audit pursuant to s. 215.97. In addition to
23 the required financial reporting package, the audit must
24 attest to the qualified community development entity's
25 adherence to the performance conditions enumerated in this
26 section as they relate to the potential for recapture of the
27 tax credit required by subsection (b). The office shall be
28 deemed the state awarding agency and state coordinating agency
29 pursuant to s. 215.97. Taxpayers that are not qualified
30 community development entities shall not be treated as
31 subrecipients pursuant to s. 215.97(2) or otherwise required
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1 to participate in the state single audit program since such
2 persons do not control adherence to the performance standards
3 of this program.
4 (b) The office shall order recapture of any tax credit
5 allowed under this section with respect to a qualified equity
6 investment if:
7 1. Any amount of the federal tax credit available that
8 is eligible for a tax credit under this section is recaptured
9 under s. 45D of the Internal Revenue Code of 1986, as amended;
10 2. The qualified community development entity redeems
11 or makes any principal repayment before the seventh
12 anniversary of the issuance of the qualified equity
13 investment;
14 3. The qualified community development entity fails to
15 maintain at least 85 percent of the proceeds of the qualified
16 equity investment in qualified low-income community
17 investments at any time before the seventh anniversary of the
18 issuance of the qualified equity investment and remains in
19 compliance with subparagraph (1)(g)2.;
20 4. The qualified community development entity fails to
21 provide to the office and the Department of Revenue any of the
22 information or reports required by this section; or
23 5. The office determines as a result of a state single
24 audit or an examination by the office that a taxpayer received
25 tax credits pursuant to this section to which the taxpayer was
26 not entitled.
27 (c) The office shall provide notice to the qualified
28 community development entity and to the Department of Revenue
29 of any proposed recapture of tax credits pursuant to this
30 section. The entity shall have 90 days to cure any deficiency
31 indicated in the office's original recapture notice and avoid
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1 such recapture. If the entity fails or is unable to cure such
2 deficiency within the 90-day period, the office shall provide
3 the entity and the Department of Revenue with a final order of
4 recapture. The qualified community development entity shall be
5 responsible for providing copies of the final order of
6 recapture to persons owning the tax credits at issue.
7 (d) Any tax credit for which a final recapture order
8 has been issued shall be recaptured by the Department of
9 Revenue from the taxpayer who claimed the tax credit on a tax
10 return, or in the case of multiple succeeding entities, in the
11 order of tax-credit succession, and such funds shall be paid
12 into the General Revenue Fund. Such action by the Department
13 of Revenue does not constitute an audit or otherwise alter the
14 Department of Revenue's ability to audit the taxpayer.
15 (6) ANNUAL REPORTING.--
16 (a) Within 120 days after the end of a calendar year
17 that includes a credit allowance date, each community
18 development entity that has an equity investment or long-term
19 debt security certified as a qualified equity investment under
20 this section shall provide the office with:
21 1. The entity's annual financial statements for the
22 immediately preceding calendar year, audited by an independent
23 certified public accountant;
24 2. Using the North American Industry Classification
25 System Code, the types of businesses funded, the counties
26 where the qualified active low-income community businesses are
27 located, the dollars invested, and the number of jobs created
28 and retained by qualified active low-income businesses funded
29 in a form satisfactory to the office; and
30 3. A statement detailing a description of the
31 relationships that the entity has established with
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1 community-based organizations, local community development
2 offices and organizations, and economic development
3 organizations, and a summary of the outcomes resulting from
4 those relationships.
5 (b) The office shall file an annual report of all
6 qualified low-income community investments made in this state
7 with the proceeds of qualified equity investments which
8 includes relevant statistics from the North American Industry
9 Classification System Code, the county or counties where the
10 qualified low-income community investments are located, the
11 dollars invested, the number of jobs created and retained by
12 business in which qualified low-income community investments
13 have been made, and the value of applicable state tax credits
14 claimed for the latest year for which such information is
15 available. The office shall submit a copy to the Governor, the
16 President of the Senate, and the Speaker of the House of
17 Representatives each July 1, beginning in 2009, and may post
18 the annual report on the office's website.
19 (7) EXAMINATION.--
20 (a) The office may conduct examinations to verify that
21 tax credits under this section have been received and applied
22 according to the requirements of this section and to verify
23 information provided by qualified community development
24 entities to the office.
25 (b) The office may revoke or modify any written
26 decision qualifying, certifying, or otherwise granting
27 eligibility for tax credits under this section if it is
28 discovered that the qualified community development entity
29 submitted any false statement, representation, or
30 certification in any application, record, report, plan, or
31 other document filed in an attempt to receive tax credits
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1 under this section.
2 (c) Any qualified community development entity that
3 submits information under this section which includes
4 fraudulent information is liable for reimbursement of the
5 reasonable costs and fees associated with the review,
6 processing, investigation, and prosecution of the fraudulent
7 claim plus a penalty in an amount double the credit amount
8 certified and claimed by the holders of the entity's qualified
9 equity investments, which penalty is in addition to any
10 criminal penalty to which the taxpayer is liable for the same
11 acts.
12 (8) APPLICATION.--This section does not apply for any
13 fiscal year unless funds to offset the tax credits to be
14 allocated by the Department of Revenue have been appropriated.
15 (9) RULEMAKING AUTHORITY.--
16 (a) The office may adopt rules pursuant to ss.
17 120.536(1) and 120.54 to administer this section.
18 (b) The Department of Revenue may adopt rules pursuant
19 to ss. 120.536(1) and 120.54 to administer this section.
20 (10) EXPIRATION.--This section expires December 31,
21 2028.
22 Section 2. Subsection (8) of section 220.02, Florida
23 Statutes, is amended to read:
24 220.02 Legislative intent.--
25 (8) It is the intent of the Legislature that credits
26 against either the corporate income tax or the franchise tax
27 be applied in the following order: those enumerated in s.
28 631.828, those enumerated in s. 220.191, those enumerated in
29 s. 220.181, those enumerated in s. 220.183, those enumerated
30 in s. 220.182, those enumerated in s. 220.1895, those
31 enumerated in s. 221.02, those enumerated in s. 220.184, those
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1 enumerated in s. 220.186, those enumerated in s. 220.1845,
2 those enumerated in s. 220.19, those enumerated in s. 220.185,
3 those enumerated in s. 220.187, those enumerated in s.
4 220.192, and those enumerated in s. 220.193, and those
5 enumerated in s. 288.992.
6 Section 3. Paragraph (a) of subsection (1) of section
7 220.13, Florida Statutes, is amended to read:
8 220.13 "Adjusted federal income" defined.--
9 (1) The term "adjusted federal income" means an amount
10 equal to the taxpayer's taxable income as defined in
11 subsection (2), or such taxable income of more than one
12 taxpayer as provided in s. 220.131, for the taxable year,
13 adjusted as follows:
14 (a) Additions.--There shall be added to such taxable
15 income:
16 1. The amount of any tax upon or measured by income,
17 excluding taxes based on gross receipts or revenues, paid or
18 accrued as a liability to the District of Columbia or any
19 state of the United States which is deductible from gross
20 income in the computation of taxable income for the taxable
21 year.
22 2. The amount of interest which is excluded from
23 taxable income under s. 103(a) of the Internal Revenue Code or
24 any other federal law, less the associated expenses disallowed
25 in the computation of taxable income under s. 265 of the
26 Internal Revenue Code or any other law, excluding 60 percent
27 of any amounts included in alternative minimum taxable income,
28 as defined in s. 55(b)(2) of the Internal Revenue Code, if the
29 taxpayer pays tax under s. 220.11(3).
30 3. In the case of a regulated investment company or
31 real estate investment trust, an amount equal to the excess of
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1 the net long-term capital gain for the taxable year over the
2 amount of the capital gain dividends attributable to the
3 taxable year.
4 4. That portion of the wages or salaries paid or
5 incurred for the taxable year which is equal to the amount of
6 the credit allowable for the taxable year under s. 220.181.
7 This subparagraph shall expire on the date specified in s.
8 290.016 for the expiration of the Florida Enterprise Zone Act.
9 5. That portion of the ad valorem school taxes paid or
10 incurred for the taxable year which is equal to the amount of
11 the credit allowable for the taxable year under s. 220.182.
12 This subparagraph shall expire on the date specified in s.
13 290.016 for the expiration of the Florida Enterprise Zone Act.
14 6. The amount of emergency excise tax paid or accrued
15 as a liability to this state under chapter 221 which tax is
16 deductible from gross income in the computation of taxable
17 income for the taxable year.
18 7. That portion of assessments to fund a guaranty
19 association incurred for the taxable year which is equal to
20 the amount of the credit allowable for the taxable year.
21 8. In the case of a nonprofit corporation which holds
22 a pari-mutuel permit and which is exempt from federal income
23 tax as a farmers' cooperative, an amount equal to the excess
24 of the gross income attributable to the pari-mutuel operations
25 over the attributable expenses for the taxable year.
26 9. The amount taken as a credit for the taxable year
27 under s. 220.1895.
28 10. Up to nine percent of the eligible basis of any
29 designated project which is equal to the credit allowable for
30 the taxable year under s. 220.185.
31 11. The amount taken as a credit for the taxable year
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1 under s. 220.187.
2 12. The amount taken as a credit for the taxable year
3 under s. 220.192.
4 13. The amount taken as a credit for the taxable year
5 under s. 220.193.
6 14. Any portion of a qualified equity investment, as
7 defined in s. 288.993, which has been claimed as a deduction
8 by the taxpayer for the purpose of calculating the taxpayer's
9 net income.
10 Section 4. Subsection (19) is added to section
11 213.053, Florida Statutes, to read:
12 213.053 Confidentiality and information sharing.--
13 (19) Information relative to tax credits taken by a
14 taxpayer under s. 288.991 may be disclosed to the Office of
15 Tourism, Trade, and Economic Development or its employees or
16 agents that have been identified in writing by the office to
17 the department for use in performance of their official
18 duties. All information so obtained by the office is subject
19 to the same confidentiality as imposed on the department.
20 Section 5. This act shall take effect July 1, 2007,
21 and applies to tax years ending after December 31, 2007.
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25 And the title is amended as follows:
26 Delete everything before the enacting clause
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28 and insert:
29 A bill to be entitled
30 An act relating to corporate income tax
31 credits; creating part XII of ch. 288, F.S.,
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Bill No. CS for SB 2280
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1 consisting of ss. 288.991 and 288.992, F.S.;
2 providing for the qualification and sale of
3 investments that provide tax credits; providing
4 definitions; providing that a taxpayer who
5 holds a qualified equity investment in a
6 qualified low-income business on the credit
7 allowance date of the investment is entitled to
8 a nonrefundable, nontransferable tax credit for
9 the taxable year in which the credit allowance
10 date falls; providing for calculating the
11 amount of the tax credit; limiting the amount
12 of the tax credit that may be redeemed in a
13 fiscal year; authorizing a taxpayer to carry
14 over any amount of the tax credit that the
15 taxpayer is prohibited from redeeming in a
16 taxable year to any subsequent taxable year;
17 providing for the redemption of tax credits
18 earned by certain business entities and by the
19 partners, members, or shareholders of those
20 entities; authorizing the Office of Tourism,
21 Trade, and Economic Development to qualify
22 equity investments as eligible for tax credits;
23 providing an application process; requiring a
24 fee; providing for the certification of the
25 investment; providing for notice to the
26 applicant and the Department of Revenue;
27 providing for a limit on the amount of
28 investments the office may certify; requiring
29 the certified equity investments to be issued
30 within a certain time frame; requiring the
31 taxpayer to elect how the credit will be
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Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 2280
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1 applied; providing how the amount of tax
2 credits available will be calculated; requiring
3 the calculations to be certified and
4 accompanied by audited financial statements and
5 notarized affidavits; requiring the department
6 to recapture tax credits from certain taxpayers
7 under certain circumstances; requiring notice;
8 requiring community development entities that
9 have certified investments to report certain
10 information to the department; requiring the
11 department to file annual reports on low-income
12 community investments made in this state;
13 authorizing the department to conduct
14 examinations to verify receipt and application
15 of tax credits; authorizing the department to
16 pursue recovery of certain funds; authorizing
17 the department to revoke or modify certain
18 decisions relating to eligibility for tax
19 credits under certain circumstances; providing
20 for applicant liability for costs and fees
21 relating to investigations of fraudulent
22 claims; providing for taxpayer liability for
23 reimbursement of fraudulently claimed tax
24 credits; providing a penalty; providing for
25 rules; providing for future repeal; amending s.
26 220.02, F.S.; revising legislative intent with
27 respect to the order of tax credits to conform;
28 amending s. 220.13, F.S.; revising a
29 definition; amending s. 213.053, F.S.;
30 authorizing the Department of Revenue to share
31 confidential taxpayer information with the
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Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 2280
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