Florida Senate - 2012 COMMITTEE AMENDMENT Bill No. SB 1150 Barcode 230942 LEGISLATIVE ACTION Senate . House Comm: FAV . 01/19/2012 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Commerce and Tourism (Dockery) recommended the following: 1 Senate Amendment (with title amendment) 2 3 4 Delete everything after the enacting clause 5 and insert: 6 Section 1. Paragraph (c) of subsection (3) of section 7 288.9914, Florida Statutes, is amended to read: 8 288.9914 Certification of qualified investments; investment 9 issuance reporting.— 10 (3) REVIEW.— 11 (c) The department may not approve a cumulative amount of 12 qualified investments that may result in the claim of more than 13 $195
$97.5million in tax credits during the existence of the 14 program or more than $40 $20million in tax credits in a single 15 state fiscal year. However, the potential for a taxpayer to 16 carry forward an unused tax credit may not be considered in 17 calculating the annual limit. 18 Section 2. Subsection (1) of section 288.9915, Florida 19 Statutes, is amended to read: 20 288.9915 Use of proceeds from qualified investments; 21 recordkeeping.— 22 (1) A qualified community development entity, before giving 23 effect to the interest expense of may not make cash interest24 payments ona long-term debt security that is a qualified 25 investment in excess of the entity’s cumulative operating 26 income, may not make cash interest payments on such security for 27 7 6years after following theissuance of such thesecurity. 28 Section 3. This act shall take effect July 1, 2012. 29 30 ================= T I T L E A M E N D M E N T ================ 31 And the title is amended as follows: 32 Delete everything before the enacting clause 33 and insert: 34 A bill to be entitled 35 An act relating to the New Markets Development 36 Program; amending s. 288.9914, F.S.; revising limits 37 on tax credits that may be claimed by qualified 38 community development entities under the program; 39 amending s. 288.9915, F.S.; revising restrictions on a 40 qualified community development entity’s making of 41 cash interest payments on certain long-term debt 42 securities; providing an effective date.