Florida Senate - 2012                                     SB 684
       
       
       
       By Senator Ring
       
       
       
       
       32-00461A-12                                           2012684__
    1                        A bill to be entitled                      
    2         An act relating to economic development; requiring the
    3         Department of Economic Opportunity to designate a
    4         director of manufacturing; providing responsibilities
    5         for the director; amending s. 220.191, F.S., relating
    6         to a tax credit program for capital investment by
    7         certain qualifying businesses; removing the creation
    8         or retention of jobs as a criteria for a qualified
    9         project; requiring a capital investment of at least
   10         $10 million as a criteria for a qualified project;
   11         increasing the period authorized for a tax credit
   12         under the program; creating a new category of annual
   13         tax credit; providing additional annual credits for
   14         sales taxes and ad valorem taxes paid by certain
   15         qualifying businesses; providing tax credits for
   16         qualifying businesses that are located out of state;
   17         amending s. 288.106, F.S., relating to a tax refund
   18         program for qualified target industry businesses;
   19         providing legislative intent for the encouragement of
   20         capital investment; providing that a capital
   21         investment of a specified amount qualifies a target
   22         industry business for the tax refund; creating s.
   23         288.1084, F.S.; creating the Manufacturing Capital
   24         Investment Tax Refund Program within the Department of
   25         Economic Opportunity; providing legislative findings
   26         and declarations; providing definitions; providing for
   27         amounts of capital investments for certain
   28         manufacturing businesses that are eligible for tax
   29         refunds; providing for the application and approval
   30         process for qualified projects; authorizing the
   31         Division of Strategic Business Development in the
   32         Department of Economic Opportunity to adopt rules;
   33         providing an effective date.
   34  
   35  Be It Enacted by the Legislature of the State of Florida:
   36  
   37         Section 1. The Department of Economic Opportunity shall
   38  designate a director of manufacturing who shall:
   39         (1) Serve as the liaison between state, regional, and local
   40  agencies and manufacturers expanding in or relocating to the
   41  state;
   42         (2) Provide the manufacturers with permit applications for
   43  all potential state and regional permits that are needed; and
   44         (3) Facilitate the dissemination of information to
   45  manufacturers about opportunities available for expanding in or
   46  locating to this state.
   47         Section 2. Section 220.191, Florida Statutes, is amended to
   48  read:
   49         220.191 Capital investment tax credit.—
   50         (1) DEFINITIONS.—For purposes of this section:
   51         (a) “Commencement of operations” means the beginning of
   52  active operations by a qualifying business of the principal
   53  function for which a qualifying project was constructed.
   54         (b) “Cumulative capital investment” means the total capital
   55  investment in land, buildings, and equipment made in connection
   56  with a qualifying project during the period from the beginning
   57  of construction of the project to the commencement of
   58  operations.
   59         (c) “Eligible capital costs” means all expenses incurred by
   60  a qualifying business in connection with the acquisition,
   61  construction, installation, and equipping of a qualifying
   62  project during the period from the beginning of construction of
   63  the project to the commencement of operations, including, but
   64  not limited to:
   65         1. The costs of acquiring, constructing, installing,
   66  equipping, and financing a qualifying project, including all
   67  obligations incurred for labor and obligations to contractors,
   68  subcontractors, builders, and materialmen.
   69         2. The costs of acquiring land or rights to land and any
   70  cost incidental thereto, including recording fees.
   71         3. The costs of architectural and engineering services,
   72  including test borings, surveys, estimates, plans and
   73  specifications, preliminary investigations, environmental
   74  mitigation, and supervision of construction, as well as the
   75  performance of all duties required by or consequent to the
   76  acquisition, construction, installation, and equipping of a
   77  qualifying project.
   78         4. The costs associated with the installation of fixtures
   79  and equipment; surveys, including archaeological and
   80  environmental surveys; site tests and inspections; subsurface
   81  site work and excavation; removal of structures, roadways, and
   82  other surface obstructions; filling, grading, paving, and
   83  provisions for drainage, storm water retention, and installation
   84  of utilities, including water, sewer, sewage treatment, gas,
   85  electricity, communications, and similar facilities; and offsite
   86  construction of utility extensions to the boundaries of the
   87  property.
   88  
   89  Eligible capital costs do shall not include the cost of any
   90  property previously owned or leased by the qualifying business.
   91         (d) “Income generated by or arising out of the qualifying
   92  project” means the qualifying project’s annual taxable income as
   93  determined by generally accepted accounting principles and under
   94  s. 220.13.
   95         (e) “Jobs” means full-time equivalent positions, as that
   96  term is consistent with terms used by the Department of Economic
   97  Opportunity and the United States Department of Labor for
   98  purposes of unemployment tax administration and employment
   99  estimation, resulting directly from a project in this state. The
  100  term does not include temporary construction jobs involved in
  101  the construction of the project facility.
  102         (e)(f) “Qualifying business” means a business that which
  103  establishes a qualifying project in this state and that which is
  104  certified by the Department of Economic Opportunity to receive
  105  tax credits pursuant to this section.
  106         (f)(g) “Qualifying project” means a facility in this state
  107  meeting one or more of the following criteria:
  108         1. A new or expanding facility in this state which is a
  109  manufacturing facility or creates at least 100 new jobs in this
  110  state and is in one of the high-impact sectors identified by
  111  Enterprise Florida, Inc., and certified by the Department of
  112  Economic Opportunity pursuant to s. 288.108(6), including, but
  113  not limited to, aviation, aerospace, automotive, and silicon
  114  technology industries. However, between July 1, 2011, and June
  115  30, 2014, the requirement that a facility be in a high-impact
  116  sector is waived for any otherwise eligible business from
  117  another state which locates all or a portion of its business to
  118  a Disproportionally Affected County. For purposes of this
  119  section, the term “Disproportionally Affected County” means Bay
  120  County, Escambia County, Franklin County, Gulf County, Okaloosa
  121  County, Santa Rosa County, Walton County, or Wakulla County.
  122         2. A new or expanded facility in this state which is
  123  engaged in manufacturing and makes a capital investment of at
  124  least $10 million or a target industry designated pursuant to
  125  the procedure specified in s. 288.106(2) and which makes is
  126  induced by this credit to create or retain at least 1,000 jobs
  127  in this state, provided that at least 100 of those jobs are new,
  128  pay an annual average wage of at least 130 percent of the
  129  average private sector wage in the area as defined in s.
  130  288.106(2), and make a cumulative capital investment of at least
  131  $100 million on or after July 1, 2012. Jobs may be considered
  132  retained only if there is significant evidence that the loss of
  133  jobs is imminent. Notwithstanding subsection (2), annual credits
  134  against the tax imposed by this chapter may not exceed 50
  135  percent of the increased annual corporate income tax liability
  136  or the premium tax liability generated by or arising out of a
  137  project qualifying under this subparagraph. A facility that
  138  qualifies under this subparagraph for an annual credit against
  139  the tax imposed by this chapter may take the tax credit for a
  140  period not to exceed 10 5 years.
  141         3. A new or expanded headquarters facility in this state
  142  which locates in an enterprise zone and brownfield area and is
  143  induced by this credit to make create at least 1,500 jobs which
  144  on average pay at least 200 percent of the statewide average
  145  annual private sector wage, as published by the Department of
  146  Economic Opportunity, and which new or expanded headquarters
  147  facility makes a cumulative capital investment in this state of
  148  at least $250 million.
  149         (2)(a) An annual credit against the tax imposed by this
  150  chapter shall be granted to any qualifying business in an amount
  151  equal to 5 percent of the eligible capital costs generated by a
  152  qualifying project, for a period not to exceed 20 years
  153  beginning with the commencement of operations of the project.
  154  Unless assigned as described in this subsection, the tax credit
  155  shall be granted against only the corporate income tax liability
  156  or the premium tax liability generated by or arising out of the
  157  qualifying project, and the sum of all tax credits provided
  158  pursuant to this section may shall not exceed 100 percent of the
  159  eligible capital costs of the project. A In no event may any
  160  credit granted under this section may not be carried forward or
  161  backward by any qualifying business with respect to a subsequent
  162  or prior year. The annual tax credit granted under this section
  163  may shall not exceed the following percentages of the annual
  164  corporate income tax liability or the premium tax liability
  165  generated by or arising out of a qualifying project:
  166         1. One hundred percent for a qualifying project that which
  167  results in a cumulative capital investment of at least $100
  168  million.
  169         2. Seventy-five percent for a qualifying project that which
  170  results in a cumulative capital investment of at least $50
  171  million but less than $100 million.
  172         3. Fifty percent for a qualifying project that which
  173  results in a cumulative capital investment of at least $25
  174  million but less than $50 million.
  175         4. Twenty-five percent for a qualifying project that
  176  results in a cumulative capital investment of at least $25
  177  million, but less than $10 million.
  178         (b) A qualifying project that which results in a cumulative
  179  capital investment of less than $10 $25 million is not eligible
  180  for the capital investment tax credit. An insurance company
  181  claiming a credit against premium tax liability under this
  182  program is shall not be required to pay any additional
  183  retaliatory tax levied pursuant to s. 624.5091 as a result of
  184  claiming such credit. Because credits under this section are
  185  available to an insurance company, s. 624.5091 does not limit
  186  such credit in any manner.
  187         (c) A qualifying business that establishes a qualifying
  188  project that includes locating a new solar panel manufacturing
  189  facility in this state that generates a minimum of 400 jobs
  190  within 6 months after commencement of operations with an average
  191  salary of at least $50,000 may assign or transfer the annual
  192  credit, or any portion thereof, granted under this section to
  193  any other business. However, the amount of the tax credit that
  194  may be transferred in any year shall be the lesser of the
  195  qualifying business’s state corporate income tax liability for
  196  that year, as limited by the percentages applicable under
  197  paragraph (a) and as calculated prior to taking any credit
  198  pursuant to this section, or the credit amount granted for that
  199  year. A business receiving the transferred or assigned credits
  200  may use the credits only in the year received, and the credits
  201  may not be carried forward or backward. To perfect the transfer,
  202  the transferor shall provide the department with a written
  203  transfer statement notifying the department of the transferor’s
  204  intent to transfer the tax credits to the transferee; the date
  205  the transfer is effective; the transferee’s name, address, and
  206  federal taxpayer identification number; the tax period; and the
  207  amount of tax credits to be transferred. The department shall,
  208  upon receipt of a transfer statement conforming to the
  209  requirements of this paragraph, provide the transferee with a
  210  certificate reflecting the tax credit amounts transferred. A
  211  copy of the certificate must be attached to each tax return for
  212  which the transferee seeks to apply such tax credits.
  213         (d) If the credit granted under subparagraph (a)1. is not
  214  fully used in any one year because of insufficient tax liability
  215  on the part of the qualifying business, the unused amounts may
  216  be used in any one year or years beginning with the 21st year
  217  after the commencement of operations of the project and ending
  218  the 30th year after the commencement of operations of the
  219  project.
  220         (3)(a) Notwithstanding subsection (2), An annual credit
  221  against the tax imposed by this chapter or chapter 212 or ad
  222  valorem taxes paid as defined in s. 220.03(1) shall be granted
  223  to a qualifying business that which establishes a qualifying
  224  project pursuant to subparagraph (1)(f)3. (1)(g)3., in an amount
  225  equal to the lesser of $15 million or 5 percent of the eligible
  226  capital costs made in connection with a qualifying project, for
  227  a period not to exceed 20 years beginning with the commencement
  228  of operations of the project. The tax credit shall be granted
  229  against the corporate income tax liability of the qualifying
  230  business and as further provided in paragraph (c). The total tax
  231  credit provided pursuant to this subsection shall be equal to no
  232  more than 100 percent of the eligible capital costs of the
  233  qualifying project.
  234         (b) If the credit granted under this subsection is not
  235  fully used in any one year because of insufficient tax liability
  236  on the part of the qualifying business, the unused amount may be
  237  carried forward for a period not to exceed 20 years after the
  238  commencement of operations of the project. The carryover credit
  239  may be used in a subsequent year when the tax imposed by this
  240  chapter for that year exceeds the credit for which the
  241  qualifying business is eligible in that year under this
  242  subsection after applying the other credits and unused
  243  carryovers in the order provided by s. 220.02(8).
  244         (c) The credit granted under this subsection may be used in
  245  whole or in part by the qualifying business or any corporation
  246  that is either a member of that qualifying business’s affiliated
  247  group of corporations, is a related entity taxable as a
  248  cooperative under subchapter T of the Internal Revenue Code, or,
  249  if the qualifying business is an entity taxable as a cooperative
  250  under subchapter T of the Internal Revenue Code, is related to
  251  the qualifying business. Any entity related to the qualifying
  252  business may continue to file as a member of a Florida-nexus
  253  consolidated group pursuant to a prior election made under s.
  254  220.131(1), Florida Statutes (1985), even if the parent of the
  255  group changes due to a direct or indirect acquisition of the
  256  former common parent of the group. Any credit can be used by any
  257  of the affiliated companies or related entities referenced in
  258  this paragraph to the same extent as it could have been used by
  259  the qualifying business. However, any such use does shall not
  260  operate to increase the amount of the credit or extend the
  261  period within which the credit must be used.
  262         (4) Prior to receiving tax credits pursuant to this
  263  section, a qualifying business must achieve and maintain the
  264  minimum employment goals beginning with the commencement of
  265  operations at a qualifying project and continuing each year
  266  thereafter during which tax credits are available pursuant to
  267  this section.
  268         (4)(5) Applications shall be reviewed and certified
  269  pursuant to s. 288.061. The Department of Economic Opportunity,
  270  upon a recommendation by Enterprise Florida, Inc., shall first
  271  certify a business as eligible to receive tax credits pursuant
  272  to this section before prior to the commencement of operations
  273  of a qualifying project, and such certification shall be
  274  transmitted to the Department of Revenue. Upon receipt of the
  275  certification, the Department of Revenue shall enter into a
  276  written agreement with the qualifying business specifying, at a
  277  minimum, the method by which income generated by or arising out
  278  of the qualifying project will be determined.
  279         (5)(6) The Department of Economic Opportunity, in
  280  consultation with Enterprise Florida, Inc., may is authorized to
  281  develop the necessary guidelines and application materials for
  282  the certification process described in subsection (4) (5).
  283         (6)(7)The qualifying business shall It shall be the
  284  responsibility of the qualifying business to affirmatively
  285  demonstrate to the satisfaction of the Department of Revenue
  286  that the such business meets the job creation and capital
  287  investment requirements of this section.
  288         (7) Qualifying businesses, including corporations that are
  289  not domiciled in this state, subchapter S corporations under the
  290  Internal Revenue Code, limited liability companies, sole
  291  proprietorships, or partnerships, may take credits pursuant to
  292  this chapter against taxes paid pursuant to chapter 212 or ad
  293  valorem taxes paid as defined in s. 220.03(1).
  294         (8) The Department of Revenue may specify by rule the
  295  methods by which a project’s pro forma annual taxable income is
  296  determined.
  297         Section 3. Subsection (1) and paragraph (e) of subsection
  298  (6) of section 288.106, Florida Statutes, are amended to read:
  299         288.106 Tax refund program for qualified target industry
  300  businesses.—
  301         (1) LEGISLATIVE FINDINGS AND DECLARATIONS.—The Legislature
  302  finds that retaining and expanding existing businesses in the
  303  state, encouraging the creation of new businesses in the state,
  304  attracting new businesses from outside the state, and generally
  305  providing conditions favorable for the growth of target
  306  industries creates high-quality, high-wage employment
  307  opportunities for residents of the state and strengthens the
  308  state’s economic foundation. The Legislature also finds that
  309  incentives narrowly focused in application and scope tend to be
  310  more effective in achieving the state’s economic development
  311  goals. The Legislature further finds that higher-wage jobs
  312  reduce the state’s share of hidden costs, such as public
  313  assistance and subsidized health care associated with low-wage
  314  jobs. Therefore, the Legislature declares that it is the policy
  315  of the state to encourage capital investment, the growth of
  316  higher-wage jobs, and a diverse economic base by providing state
  317  tax refunds to qualified target industry businesses that
  318  originate or expand in the state or that relocate to the state,
  319  regardless of the legal structure of those businesses.
  320         (6) ANNUAL CLAIM FOR REFUND.—
  321         (e) A prorated tax refund, less a 5 percent 5-percent
  322  penalty, shall be approved for a qualified target industry
  323  business if all other applicable requirements have been
  324  satisfied and the business proves to the satisfaction of the
  325  office that:
  326         1. It has achieved at least 80 percent of its projected
  327  employment; and
  328         2. The average wage paid by the business is at least 90
  329  percent of the average wage specified in the tax refund
  330  agreement, but in no case less than 115 percent of the average
  331  private sector wage in the area available at the time of
  332  certification, or 150 percent or 200 percent of the average
  333  private sector wage if the business requested the additional
  334  per-job tax refund authorized in paragraph (3)(b) for wages
  335  above those levels. The prorated tax refund shall be calculated
  336  by multiplying the tax refund amount for which the qualified
  337  target industry business would have been eligible, if all
  338  applicable requirements had been satisfied, by the percentage of
  339  the average employment specified in the tax refund agreement
  340  which was achieved, and by the percentage of the average wages
  341  specified in the tax refund agreement which was achieved.
  342         Section 4. Section 288.1084, Florida Statutes, is created
  343  to read:
  344         288.1084Manufacturing Capital Investment Tax Refund
  345  Program.—
  346         (1) LEGISLATIVE FINDINGS AND DECLARATIONS.—The Legislature
  347  finds that attracting and expanding manufacturing businesses in
  348  this state will accelerate capital investment, increase exports,
  349  and provide high-quality, high-wage employment opportunities for
  350  residents, and will enhance overall the state’s economy. To meet
  351  the needs of these manufacturing businesses, programs are needed
  352  which provide incentives for significant capital investment.
  353  Therefore, the Legislature declares that it is the policy of the
  354  state to encourage the location and expansion of manufacturing
  355  businesses in this state by providing state tax refunds for
  356  capital investment.
  357         (2) DEFINITIONS.—As used in this section, the term:
  358         (a) “Business” means an employing unit, as defined in s.
  359  443.036, which is registered for unemployment compensation
  360  purposes with the state agency providing unemployment tax
  361  collection services.
  362         (b) “Capital investment” means the total capital investment
  363  in land, buildings, and equipment in this state made in
  364  connection with a qualifying project for no longer than the 3
  365  years following the beginning of construction, initiation of the
  366  project, or the purchase of machinery and equipment and until
  367  the commencement of operations.
  368         (c) “Division” means the Division of Strategic Business
  369  Development in the Department of Economic Opportunity.
  370         (d) “Economic benefits” means the gains in state or local
  371  tax revenue as a percentage of the state or local investment.
  372  The state or local investment includes state grants, tax
  373  exemptions, tax refunds, tax credits, and other state or local
  374  incentives. The economic-benefits calculation may be expressed
  375  as a ratio of the increase in state or local revenues as
  376  compared to the state or local investment.
  377         (e) “Eligible capital costs” means all expenses incurred by
  378  a qualifying business in connection with the acquisition,
  379  construction, installation, and equipping of a qualifying
  380  project for no longer than the 3-year period following the
  381  beginning of construction, initiation of the project, or
  382  purchase of machinery and equipment, and until the commencement
  383  of operations, including, but not limited to:
  384         1. The costs of acquiring, constructing, installing,
  385  equipping, and financing a qualifying project, including all
  386  obligations incurred for labor and obligations to contractors,
  387  subcontractors, builders, and materialmen.
  388         2. The costs of acquiring land or rights to land and any
  389  cost incidental thereto, including recording fees.
  390         3. The costs of architectural and engineering services,
  391  including test borings, surveys, estimates, plans and
  392  specifications, preliminary investigations, environmental
  393  mitigation, and supervision of construction, as well as the
  394  performance of all duties required by or consequent to the
  395  acquisition, construction, installation, and reequipping of a
  396  qualifying project.
  397         4. The costs associated with the installation of fixtures
  398  and equipment; surveys, including archaeological and
  399  environmental surveys; site tests and inspections; subsurface
  400  site work and excavation; removal of structures, roadways, and
  401  other surface obstructions; filling, grading, paving, and
  402  provisions for drainage, storm water retention, and installation
  403  of utilities, including water, sewer, sewage treatment, gas,
  404  electricity, communications, and similar facilities; and offsite
  405  construction for utility extensions to the boundaries of the
  406  property.
  407  
  408  Eligible capital costs do not include the cost of any property
  409  previously owned or leased by the qualifying business.
  410         (f) “Expansion of an existing business” means the expansion
  411  of an existing business in this state by or through additions to
  412  real or personal property, resulting in a net increase in new
  413  capital investment of at least $10 million.
  414         (g) “Fiscal year” means the fiscal year of the state.
  415         (h) “Manufacturing” means a business in NAICS Codes 31, 32,
  416  or 33.
  417         (i) “NAICS” means those classifications contained in the
  418  North American Industry Classification System, as published in
  419  2007 by the Office of Management and Budget, Executive Office of
  420  the President, and updated periodically.
  421         (j) “New or expanding business” means a business that
  422  applies for a tax refund under this section before beginning or
  423  expanding operations in this state and that is a legal entity
  424  separate from any other commercial or industrial operation owned
  425  by the same business. The business may be a company incorporated
  426  in any state or nation, a limited liability company, a sole
  427  proprietorship, a partnership, a subchapter S corporation, or
  428  any other legally accepted business entity.
  429         (k) “Project” means the creation of a new business or the
  430  expansion of an existing business for a period not to exceed 3
  431  years.
  432         (l) “Qualified project” means a proposal by a business that
  433  is designed to produce a positive economic benefit to the state
  434  consistent with the provisions of this chapter.
  435         (m) “Tax refund” means a refund against:
  436         1. Corporate income taxes imposed pursuant to chapter 220.
  437         2. Insurance premium tax imposed pursuant to s. 624.509.
  438         3. Sales, use, and other transactions imposed pursuant to
  439  chapter 212.
  440         4. Intangible personal property taxes imposed pursuant to
  441  chapter 199.
  442         5. Emergency excise taxes imposed pursuant to chapter 221.
  443         6. Excise taxes on documents imposed pursuant to chapter
  444  201.
  445         7. Ad valorem taxes paid as defined in s. 220.03(1).
  446         8. State communications services taxes imposed pursuant to
  447  chapter 202.
  448         9. State gross receipts tax for utility services imposed
  449  pursuant to chapter 203.
  450         10. State motor and other fuel taxes imposed pursuant to
  451  chapter 206.
  452         (3) TAX REFUND; ELIGIBLE AMOUNTS.—
  453         (a) A qualified project is allowed a refund from the
  454  Economic Development Incentives Account within the Economic
  455  Development Trust Fund, established under s. 288.095, for the
  456  amount of taxes paid for eligible capital costs certified by the
  457  division which were paid by the business.
  458         (b) A qualified project may receive tax refund payments
  459  equal to 10 percent of the capital investment made.
  460         (c) The amount of refunds made to all projects under this
  461  section and s. 288.106 may not exceed the amount of funds set
  462  aside for the Economic Development Incentives Account within the
  463  Economic Development Trust Fund.
  464         (d) A qualified project may not receive a refund under this
  465  section for any amount of credit, refund, or exemption
  466  previously granted to that business for any of the taxes listed
  467  in subsection (2).
  468         (e) Refunds made available under this section may not be
  469  expended in connection with the relocation of a business from
  470  one community in the state to another community unless the
  471  division determines that, without such relocation, the business
  472  will move outside the state or determines that the business has
  473  a compelling economic rationale for relocation which is
  474  consistent with the intent of this section.
  475         (f) A business that fraudulently claims a refund under this
  476  section:
  477         1.Is liable for the amount of refund, which shall be
  478  repaid and deposited into the Economic Development Incentives
  479  Account within the Economic Development Trust Fund, and a
  480  mandatory penalty in the amount of 200 percent of the tax
  481  refund, which shall be deposited into the General Revenue Fund.
  482         2.Commits a felony of the third degree, punishable as
  483  provided in s. 775.082, s. 775.083, or s. 775.084.
  484         (4)APPLICATION AND APPROVAL PROCESS.—To apply for
  485  certification as an eligible business under this section, the
  486  business must propose to make a $10 million or greater capital
  487  investment and file an application with the division before the
  488  business locates or expands existing operations in the state.
  489  The application must include, but need not be limited to:
  490         (a) The applicant’s federal employer identification number
  491  and, if applicable, state sales tax registration number.
  492         (b) The location of the applicant’s proposed permanent
  493  facility.
  494         (c) A description of the type of business activity or
  495  product covered by the project, including a minimum of a five
  496  digit NAICS code for all activities included in the project.
  497         (d) The proposed amount of capital investment to be made
  498  for each year of the project.
  499         (e) The anticipated commencement date of the project.
  500         (f) A brief statement explaining how the estimated tax
  501  refunds to be requested will affect the decision of the
  502  applicant to locate or expand in this state.
  503         (g) Any other information that the division determines is
  504  appropriate for a capital investment refund.
  505  
  506  The division shall annually certify those projects that qualify
  507  for refunds.
  508         (5)RULE DEVELOPMENT.—The division may adopt rules to
  509  administer this section.
  510         Section 5. This act shall take effect July 1, 2012.