Florida Senate - 2012                             CS for SB 1150
       By the Committee on Commerce and Tourism; and Senators Richter
       and Bennett
       577-02064-12                                          20121150c1
    1                        A bill to be entitled                      
    2         An act relating to the New Markets Development
    3         Program; amending s. 288.9914, F.S.; revising limits
    4         on tax credits that may be claimed by qualified
    5         community development entities under the program;
    6         amending s. 288.9915, F.S.; revising restrictions on a
    7         qualified community development entity’s making of
    8         cash interest payments on certain long-term debt
    9         securities; providing an effective date.
   11  Be It Enacted by the Legislature of the State of Florida:
   13         Section 1. Paragraph (c) of subsection (3) of section
   14  288.9914, Florida Statutes, is amended to read:
   15         288.9914 Certification of qualified investments; investment
   16  issuance reporting.—
   17         (3) REVIEW.—
   18         (c) The department may not approve a cumulative amount of
   19  qualified investments that may result in the claim of more than
   20  $195 $97.5 million in tax credits during the existence of the
   21  program or more than $40 $20 million in tax credits in a single
   22  state fiscal year. However, the potential for a taxpayer to
   23  carry forward an unused tax credit may not be considered in
   24  calculating the annual limit.
   25         Section 2. Subsection (1) of section 288.9915, Florida
   26  Statutes, is amended to read:
   27         288.9915 Use of proceeds from qualified investments;
   28  recordkeeping.—
   29         (1) A qualified community development entity, before giving
   30  effect to the interest expense of may not make cash interest
   31  payments on a long-term debt security that is a qualified
   32  investment in excess of the entity’s cumulative operating
   33  income, may not make cash interest payments on such security for
   34  7 6 years after following the issuance of such the security.
   35         Section 3. This act shall take effect July 1, 2012.