Florida Senate - 2019                        COMMITTEE AMENDMENT
       Bill No. SB 250
       
       
       
       
       
       
                                Ì745668YÎ745668                         
       
                              LEGISLATIVE ACTION                        
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       The Committee on Community Affairs (Flores) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (cc) is added to subsection (8) of
    6  section 213.053, Florida Statutes, to read:
    7         213.053 Confidentiality and information sharing.—
    8         (8) Notwithstanding any other provision of this section,
    9  the department may provide:
   10         (cc) Information relating to tax credits taken under s.
   11  624.51056 to the Florida Housing Finance Corporation.
   12  
   13  Disclosure of information under this subsection shall be
   14  pursuant to a written agreement between the executive director
   15  and the agency. Such agencies, governmental or nongovernmental,
   16  shall be bound by the same requirements of confidentiality as
   17  the Department of Revenue. Breach of confidentiality is a
   18  misdemeanor of the first degree, punishable as provided by s.
   19  775.082 or s. 775.083.
   20         Section 2. Subsection (8) of section 220.02, Florida
   21  Statutes, is amended to read:
   22         220.02 Legislative intent.—
   23         (8) It is the intent of the Legislature that credits
   24  against either the corporate income tax or the franchise tax be
   25  applied in the following order: those enumerated in s. 631.828,
   26  those enumerated in s. 220.191, those enumerated in s. 220.181,
   27  those enumerated in s. 220.183, those enumerated in s. 220.182,
   28  those enumerated in s. 220.1895, those enumerated in s. 220.195,
   29  those enumerated in s. 220.184, those enumerated in s. 220.186,
   30  those enumerated in s. 220.1845, those enumerated in s. 220.19,
   31  those enumerated in s. 220.185, those enumerated in s. 220.1875,
   32  those enumerated in s. 220.192, those enumerated in s. 220.193,
   33  those enumerated in s. 288.9916, those enumerated in s.
   34  220.1899, those enumerated in s. 220.194, and those enumerated
   35  in s. 220.196.
   36         Section 3. Paragraph (a) of subsection (1) of section
   37  220.13, Florida Statutes, is amended to read:
   38         220.13 “Adjusted federal income” defined.—
   39         (1) The term “adjusted federal income” means an amount
   40  equal to the taxpayer’s taxable income as defined in subsection
   41  (2), or such taxable income of more than one taxpayer as
   42  provided in s. 220.131, for the taxable year, adjusted as
   43  follows:
   44         (a) Additions.—There shall be added to such taxable income:
   45         1.a. The amount of any tax upon or measured by income,
   46  excluding taxes based on gross receipts or revenues, paid or
   47  accrued as a liability to the District of Columbia or any state
   48  of the United States which is deductible from gross income in
   49  the computation of taxable income for the taxable year.
   50         b. Notwithstanding sub-subparagraph a., if a credit taken
   51  under s. 220.1875 is added to taxable income in a previous
   52  taxable year under subparagraph 10. 11. and is taken as a
   53  deduction for federal tax purposes in the current taxable year,
   54  the amount of the deduction allowed shall not be added to
   55  taxable income in the current year. The exception in this sub
   56  subparagraph is intended to ensure that the credit under s.
   57  220.1875 is added in the applicable taxable year and does not
   58  result in a duplicate addition in a subsequent year.
   59         2. The amount of interest which is excluded from taxable
   60  income under s. 103(a) of the Internal Revenue Code or any other
   61  federal law, less the associated expenses disallowed in the
   62  computation of taxable income under s. 265 of the Internal
   63  Revenue Code or any other law, excluding 60 percent of any
   64  amounts included in alternative minimum taxable income, as
   65  defined in s. 55(b)(2) of the Internal Revenue Code, if the
   66  taxpayer pays tax under s. 220.11(3).
   67         3. In the case of a regulated investment company or real
   68  estate investment trust, an amount equal to the excess of the
   69  net long-term capital gain for the taxable year over the amount
   70  of the capital gain dividends attributable to the taxable year.
   71         4. That portion of the wages or salaries paid or incurred
   72  for the taxable year which is equal to the amount of the credit
   73  allowable for the taxable year under s. 220.181. This
   74  subparagraph shall expire on the date specified in s. 290.016
   75  for the expiration of the Florida Enterprise Zone Act.
   76         5. That portion of the ad valorem school taxes paid or
   77  incurred for the taxable year which is equal to the amount of
   78  the credit allowable for the taxable year under s. 220.182. This
   79  subparagraph shall expire on the date specified in s. 290.016
   80  for the expiration of the Florida Enterprise Zone Act.
   81         6. The amount taken as a credit under s. 220.195 which is
   82  deductible from gross income in the computation of taxable
   83  income for the taxable year.
   84         7. That portion of assessments to fund a guaranty
   85  association incurred for the taxable year which is equal to the
   86  amount of the credit allowable for the taxable year.
   87         8. In the case of a nonprofit corporation which holds a
   88  pari-mutuel permit and which is exempt from federal income tax
   89  as a farmers’ cooperative, an amount equal to the excess of the
   90  gross income attributable to the pari-mutuel operations over the
   91  attributable expenses for the taxable year.
   92         9. The amount taken as a credit for the taxable year under
   93  s. 220.1895.
   94         10. Up to nine percent of the eligible basis of any
   95  designated project which is equal to the credit allowable for
   96  the taxable year under s. 220.185.
   97         10.11. The amount taken as a credit for the taxable year
   98  under s. 220.1875. The addition in this subparagraph is intended
   99  to ensure that the same amount is not allowed for the tax
  100  purposes of this state as both a deduction from income and a
  101  credit against the tax. This addition is not intended to result
  102  in adding the same expense back to income more than once.
  103         11.12. The amount taken as a credit for the taxable year
  104  under s. 220.192.
  105         12.13. The amount taken as a credit for the taxable year
  106  under s. 220.193.
  107         13.14. Any portion of a qualified investment, as defined in
  108  s. 288.9913, which is claimed as a deduction by the taxpayer and
  109  taken as a credit against income tax pursuant to s. 288.9916.
  110         14.15. The costs to acquire a tax credit pursuant to s.
  111  288.1254(5) that are deducted from or otherwise reduce federal
  112  taxable income for the taxable year.
  113         15.16. The amount taken as a credit for the taxable year
  114  pursuant to s. 220.194.
  115         16.17. The amount taken as a credit for the taxable year
  116  under s. 220.196. The addition in this subparagraph is intended
  117  to ensure that the same amount is not allowed for the tax
  118  purposes of this state as both a deduction from income and a
  119  credit against the tax. The addition is not intended to result
  120  in adding the same expense back to income more than once.
  121         Section 4. Section 220.185, Florida Statutes, is repealed.
  122         Section 5. Present subsections (5) through (8) of section
  123  420.502, Florida Statutes, are redesignated as subsections (6)
  124  through (9), respectively, and a new subsection (5) is added to
  125  that section, to read:
  126         420.502 Legislative findings.—It is hereby found and
  127  declared as follows:
  128         (5) It is necessary to create a state housing finance
  129  strategy to provide affordable workforce housing opportunities
  130  to essential services personnel. The lack of affordable
  131  workforce housing has been exacerbated by an increasing
  132  population, rising interest rates, surging median home values,
  133  and the shortage of lower-cost housing units. As this state’s
  134  population continues to grow, essential services personnel vital
  135  to this state’s economy are unable to live in the communities
  136  where they serve, creating transportation congestion and
  137  hindering their quality of life and community engagement.
  138         Section 6. Present subsections (18) through (42) of section
  139  420.503, Florida Statutes, are redesignated as subsections (19)
  140  through (43), respectively, a new subsection (18) is added to
  141  that section, and subsection (15) of that section is amended, to
  142  read:
  143         420.503 Definitions.—As used in this part, the term:
  144         (15) “Elderly” means persons 62 years of age or older;
  145  however, this definition does not prohibit housing from being
  146  deemed housing for the elderly as defined in subsection (20)
  147  (19) if such housing otherwise meets the requirements of
  148  subsection (20) (19).
  149         (18) “Essential services personnel” means natural persons
  150  or families whose total annual household income is at or below
  151  120 percent of the area median income, adjusted for household
  152  size, and at least one of whom is employed as police and fire
  153  personnel, child care workers, teachers and education personnel,
  154  health care personnel, or service workers.
  155         Section 7. Section 420.5093, Florida Statutes, is amended
  156  to read:
  157         420.5093 State Workforce Housing Tax Credit Program.—
  158         (1) There is created the State Workforce Housing Tax Credit
  159  Program for the purpose purposes of stimulating creative private
  160  sector initiatives to increase the supply of workforce
  161  affordable housing in this state. The corporation shall
  162  administer the program. Tax credits must be awarded through
  163  competitive solicitation and may be awarded in conjunction with
  164  other corporation financing, including low-income housing tax
  165  credits, SAIL funding, or tax-exempt bonds urban areas,
  166  including specifically housing for the elderly, and to provide
  167  associated commercial facilities associated with such housing
  168  facilities.
  169         (2) As used in this section, the term:
  170         (a) “Annual credit amount” means an amount equal to one
  171  tenth of a preliminary or final agency award to an eligible
  172  workforce housing development which may be claimed by the
  173  eligible workforce housing development in each year of the
  174  credit period.
  175         (b) “Applicable fraction” means a fraction, the numerator
  176  of which is the number of workforce housing units in the
  177  eligible workforce housing development and the denominator of
  178  which is the number of residential rental units in the eligible
  179  workforce housing development.
  180         (c) “Area median income” means the most recent calculation
  181  of median family income for the relevant geographic area as
  182  published by the United States Department of Housing and Urban
  183  Development.
  184         (d) “Compliance period” means, with respect to any building
  185  that is, or is part of, an eligible workforce housing
  186  development, the period of 10 calendar years beginning with the
  187  first calendar year of the credit period.
  188         (e) “Credit period” means, with respect to any building
  189  that is, or is part of, an eligible workforce housing
  190  development, the period of 10 calendar years beginning with the
  191  calendar year in which each eligible workforce housing
  192  residential building is placed in service.
  193         (f) “Eligibility statement” means a statement issued by the
  194  corporation which certifies that a workforce housing residential
  195  building is an eligible workforce housing development. A
  196  separate eligibility statement must be issued for each building
  197  in a multiple building project. Each eligibility statement must
  198  provide:
  199         1. The calendar year in which the workforce housing
  200  residential building in the eligible workforce housing
  201  development was placed in service;
  202         2. The credit amount of the final agency award to the
  203  eligible workforce housing building;
  204         3. The maximum qualified basis taken into account in
  205  determining the credit amount;
  206         4. Sufficient information to identify the eligible
  207  workforce housing building and the owner of the eligible
  208  workforce housing development; and
  209         5. Such other information as the corporation, in
  210  consultation with the Department of Revenue, determines is
  211  necessary or desirable.
  212         (g) “Eligible basis” of an eligible workforce housing
  213  development means the total of the adjusted basis of each
  214  building of such eligible workforce housing development as of
  215  the close of the first year of the credit period for each
  216  building.
  217         (h) “Eligible workforce housing development” means a
  218  building or group of buildings located in this state in which at
  219  least 60 percent of the residential units in the building are
  220  rent-restricted workforce housing units.
  221         (i) “Final agency award” means the allocation of a 10-year
  222  stream of state workforce housing tax credits to an eligible
  223  workforce housing development by the corporation, as stated on
  224  the eligibility statement or on an amended eligibility
  225  statement. A final agency award cannot exceed the preliminary
  226  agency award.
  227         (j) “Imputed income limitation applicable to the unit”
  228  means the income limitation that applies to individuals
  229  occupying the unit if the number of individuals occupying the
  230  unit is:
  231         1. In the case of a unit that does not have a separate
  232  bedroom, one; or
  233         2. In the case of a unit that has one or more separate
  234  bedrooms, one and one half for each separate bedroom.
  235         (k) “Preliminary agency award” means the allocation of a
  236  10-year stream of state workforce housing tax credits to an
  237  eligible workforce housing development by the corporation’s
  238  board of directors as part of a competitive solicitation
  239  process.
  240         (l) “Qualified basis” of an eligible workforce housing
  241  development means the eligible basis multiplied by the
  242  applicable fraction.
  243         (m) “Rent-restricted” means that the gross rent for a
  244  residential unit may not exceed 30 percent of the imputed income
  245  limitation applicable to the unit.
  246         (n) “Workforce housing unit” means a residential unit in an
  247  eligible workforce housing development which is affordable to
  248  natural persons or families whose total annual household income
  249  is at or below 90 percent of the area median income, adjusted
  250  for household size; or is at or below 120 percent of the area
  251  median income, adjusted for household size, in:
  252         1. Areas of critical state concern designated under s.
  253  380.05, for which the Legislature has declared its intent to
  254  provide affordable housing; and
  255         2. Areas that were designated as areas of critical state
  256  concern for at least 20 consecutive years before removal of the
  257  designation.
  258         (3)(2) The Florida Housing Finance corporation shall
  259  determine those qualified projects which workforce housing
  260  developments are shall be considered designated projects under
  261  s. 220.185 and eligible for the insurance premium tax credit
  262  under s. 624.51056 corporate tax credit under that section. The
  263  corporation may exercise all powers necessary to administer the
  264  awarding of a preliminary and final agency award and the
  265  distribution of the tax credits. The corporation shall ensure
  266  that at least 50 percent of annual credits under this section
  267  are awarded to units that will only be income-restricted to
  268  natural persons or families whose total annual household income
  269  is below 90 percent of the area median income establish
  270  procedures necessary for proper allocation and distribution of
  271  state housing tax credits, including the establishment of
  272  criteria for any single-family or commercial component of a
  273  project, and may exercise all powers necessary to administer the
  274  allocation of such credits. The board of directors of the
  275  corporation shall administer the allocation procedures and
  276  determine allocations on behalf of the corporation. The
  277  corporation shall prepare a an annual plan, which must be
  278  approved by the Governor, containing general guidelines for
  279  preliminary and final agency awards to eligible workforce
  280  housing developments the allocation and distribution of credits
  281  to designated projects.
  282         (4)(3)The corporation may adopt rules necessary to
  283  administer this section. The corporation shall establish adopt
  284  allocation procedures for agency awards consistent with s.
  285  624.51056 and this section which that will ensure the maximum
  286  use of available tax credits in order to encourage development
  287  of workforce low-income housing and associated mixed-use
  288  projects in urban areas, taking into consideration the
  289  timeliness of the application, the location of the proposed
  290  project, the relative need in the area of revitalization and
  291  low-income housing and the availability of such housing, the
  292  economic feasibility of the project, and the ability of the
  293  applicant to proceed to completion of the project in the
  294  calendar year for which the credit is sought. To the extent
  295  practicable, these procedures must be similar to or consistent
  296  with the procedures established under s. 42 of the Internal
  297  Revenue Code relating to low-income housing tax credits. To the
  298  extent permitted under 42 U.S.C. ss. 3601-3619 and regulations
  299  promulgated thereunder, the corporation shall ensure that
  300  projects awarded credits under this section set aside at least
  301  30 percent of their units to be rented by families with
  302  essential services personnel as defined in s. 420.503(18).
  303         (5)(a)(4)(a) A taxpayer wishing who wishes to participate
  304  in the State Workforce Housing Tax Credit Program must submit to
  305  the corporation an application for a preliminary agency award
  306  tax credit to the corporation. The application must shall
  307  identify the proposed workforce housing development project and
  308  its location and must include evidence that the proposed
  309  development project is an eligible workforce housing development
  310  a qualified project as defined in s. 220.185. The corporation
  311  may request any information from an applicant which is necessary
  312  to allow enable the corporation to make a preliminary or final
  313  agency award under tax credit allocations according to the
  314  guidelines set forth in subsection (3).
  315         (b) The final agency award may not exceed 9 percent of the
  316  qualified basis of each residential building in an eligible
  317  workforce housing development. The credit amount of the final
  318  agency award to any residential building in an eligible
  319  workforce housing development may not exceed the amount that the
  320  corporation determines is necessary for the eligible workforce
  321  housing development’s financial feasibility and its viability as
  322  an eligible workforce housing development throughout the credit
  323  period. In determining the final agency award, the corporation
  324  shall specify the qualified basis that may be taken into account
  325  under this section with respect to each residential building in
  326  the eligible workforce housing development The corporation’s
  327  approval of an applicant as a designated project shall be in
  328  writing and shall include a statement of the maximum credit
  329  allowable to the applicant. A copy of this approval shall be
  330  transmitted to the executive director of the Department of
  331  Revenue, who shall apply the tax credit to the tax liability of
  332  the applicant.
  333         (c) The corporation shall establish procedures for the
  334  owner of an eligible workforce housing development to provide a
  335  cost certification demonstrating that the final agency award
  336  does not exceed 9 percent of the qualified basis of each
  337  residential building in the eligible workforce housing
  338  development. Once such cost certification is accepted and
  339  approved by the corporation, the corporation shall issue to the
  340  owner of the eligible workforce housing development an
  341  eligibility statement for each residential building. The
  342  corporation shall transmit a copy of the eligibility statement
  343  to the executive director of the Department of Revenue, who
  344  shall apply the annual credit amount to the tax liability of the
  345  owner of the eligible workforce housing development or its
  346  constituent taxpayers as specified in s. 624.51056.
  347         (d) A tax credit in the amount of the annual credit amount
  348  is not allowed for any year with respect to a residential
  349  building in an eligible workforce housing development unless an
  350  extended workforce housing commitment is in effect as of the end
  351  of the calendar year. As used in this paragraph, the term
  352  “extended workforce housing commitment” means an agreement
  353  between the taxpayer and the Florida Housing Finance Corporation
  354  which is substantially similar to the agreement specified in 26
  355  U.S.C. s. 42(h)(6)(B).
  356         (6) The corporation shall establish such procedures as it
  357  deems necessary for monitoring an eligible workforce housing
  358  development’s compliance with this section, including
  359  habitability standards, and for notifying the executive director
  360  of the Department of Revenue of any noncompliance of which it
  361  becomes aware.
  362         (5) For purposes of implementing this program and assessing
  363  the property for ad valorem taxation under s. 193.011, neither
  364  the tax credits nor financing generated by tax credits shall be
  365  considered as income to the property, and the actual rental
  366  income from rent-restricted units in a state housing tax credit
  367  development shall be recognized by the property appraiser. In
  368  considering or using the market or cost approaches under s.
  369  193.011, neither the costs paid for by tax credits nor the costs
  370  paid for by additional financing proceeds received because the
  371  property is in the program shall be included in the valuation.
  372         (6) For the further purpose of implementing this program in
  373  Florida and in assessing the property for ad valorem taxation
  374  under s. 193.011, any extended low income housing agreement and
  375  all amendments and supplements thereto which are recorded and
  376  filed in the official public records of the county where the
  377  property is located shall be deemed a land use regulation during
  378  the term of any such agreement, amendment, or supplement.
  379         (7) The corporation is authorized to expend fees received
  380  in conjunction with the allocation of state housing tax credits
  381  only for the purpose of administration of the program, including
  382  private legal services which relate to interpretation of s. 42
  383  of the Internal Revenue Code.
  384         Section 8. Subsection (7) of section 624.509, Florida
  385  Statutes, is amended to read:
  386         624.509 Premium tax; rate and computation.—
  387         (7) Credits and deductions against the tax imposed by this
  388  section shall be taken in the following order: deductions for
  389  assessments made pursuant to s. 440.51; credits for taxes paid
  390  under ss. 175.101 and 185.08; credits for income taxes paid
  391  under chapter 220 and the credit allowed under subsection (5),
  392  as these credits are limited by subsection (6); the credit
  393  allowed under s. 624.51055; the credit allowed under s.
  394  624.51056; all other available credits and deductions.
  395         Section 9. Section 624.51056, Florida Statutes, is created
  396  to read:
  397         624.51056 State workforce housing tax credit.
  398         (1)AUTHORIZATION TO GRANT STATE WORKFORCE HOUSING TAX
  399  CREDITS; LIMITATIONS.—
  400         (a)A taxpayer owning an interest in one or more eligible
  401  workforce housing developments who receives an eligibility
  402  statement from the Florida Housing Finance Corporation pursuant
  403  to s. 420.5093 may claim a tax credit against any tax due under
  404  s. 624.509(1) or s. 624.5091 after deducting from the tax the
  405  deductions for assessments made pursuant to s. 440.51; the
  406  credits for taxes paid under ss. 175.101 and 185.08; the credits
  407  for income taxes paid under chapter 220; the credit allowed
  408  under s. 624.509(5), as such credit is limited by s. 624.509(6);
  409  and the credit allowed under s. 624.51055. The tax credits
  410  issued pursuant to the eligibility statement may be claimed in
  411  each year of the credit period only in amounts equal to the
  412  annual credit amount, unless carried forward pursuant to
  413  paragraph (d). The amount of the final agency award and each
  414  annual credit amount must be stated on the eligibility
  415  statement. A copy of the eligibility statement must be attached
  416  to each tax return for which the taxpayer seeks to apply a tax
  417  credit.
  418         (b)The Florida Housing Finance Corporation shall make
  419  preliminary agency awards in calendar year 2020, calendar year
  420  2021, or calendar year 2022 as set forth in this paragraph. A
  421  preliminary agency award may not be made after 2022. The maximum
  422  aggregate credit amount of preliminary agency awards to eligible
  423  workforce housing developments is $50 million in 2020, $50
  424  million in 2021, and $50 million in 2022. The limitation in this
  425  paragraph on preliminary agency awards does not apply to the
  426  annual credit amount claimed with respect to an eligible
  427  workforce housing development for each year of the credit
  428  period.
  429         (c)If an owner of an eligible workforce housing
  430  development which receives an eligibility statement is a
  431  partnership, limited liability company, or corporation, the
  432  owner may distribute the annual credit amount among its
  433  partners, shareholders, members, or other constituent taxpayers
  434  in any manner agreed to by such partners, shareholders, members,
  435  or other constituent taxpayers with an insurance premium tax
  436  liability. Each year of the credit period, the owner shall
  437  certify to the Department of Revenue the portion of the annual
  438  credit amount distributed to each partner, shareholder, member,
  439  or other constituent taxpayer as well as the name, address, and
  440  federal taxpayer identification number of each partner,
  441  shareholder, member, or other constituent taxpayer. Each
  442  partner, shareholder, member, or other constituent taxpayer is
  443  allowed to claim such portion of the annual credit amount
  444  subject to the restrictions in this section. A copy of the
  445  allocation of annual credit certification must be attached to
  446  each tax return for which the partner, shareholder, member, or
  447  other constituent taxpayer seeks to apply its allocated portion
  448  of the owner’s annual credit.
  449         (d)Any amount of credit which exceeds the tax due for any
  450  year may be carried forward as a tax credit against subsequent
  451  years’ insurance premium tax liability for up to 11 tax years
  452  after the year in which the annual credit amount was available
  453  to the taxpayer pursuant to paragraph (a). Such credit must be
  454  applied first to the earliest years possible. Any amount of the
  455  credit which is not used may not be refunded to the taxpayer.
  456         (e)An insurer claiming a credit against premium tax
  457  liability under this section is not required to pay any
  458  additional retaliatory tax levied pursuant to s. 624.5091 as a
  459  result of claiming such credit, and that section does not limit
  460  such credit.
  461         (2) CREDIT RECAPTURE.—
  462         (a) As of the close of any year in the compliance period,
  463  if the amount of the qualified basis of any building with
  464  respect to the taxpayer is less than the amount of the qualified
  465  basis as of the close of the preceding year, the Florida Housing
  466  Finance Corporation shall proportionally reduce the credit
  467  allowable with respect to such year by the percentage reduction
  468  in the qualified basis. The Florida Housing Finance Corporation
  469  shall notify the taxpayer in writing of any modification of the
  470  credit and transmit a copy of such notification to the executive
  471  director of the Department of Revenue.
  472         (b) In addition to its existing audit and investigation
  473  authority, the Department of Revenue may perform any additional
  474  financial and technical audits and investigations, including
  475  examining the accounts, books, and records of the tax credit
  476  applicant, which are necessary to verify the accuracy of the
  477  return and to ensure compliance with this section. If requested
  478  by the Department of Revenue, the Florida Housing Finance
  479  Corporation must provide technical assistance for any technical
  480  audits or examinations performed under this subsection.
  481         (c) If the Department of Revenue determines as a result of
  482  an audit or examination, or from information received from the
  483  Florida Housing Finance Corporation, that a taxpayer received
  484  tax credits pursuant to this section to which the taxpayer was
  485  not entitled, the previously claimed and received tax credits
  486  are subject to forfeiture.
  487         (d) The Florida Housing Finance Corporation may revoke or
  488  modify any eligibility statement or agency award granting
  489  eligibility for tax credits under this section if it is
  490  discovered that the tax credit applicant submitted any false
  491  statement, representation, or certification in any application,
  492  record, report, plan, or other document filed in an attempt to
  493  receive tax credits under this section. The Florida Housing
  494  Finance Corporation shall immediately notify the Department of
  495  Revenue of any revoked or modified orders affecting a previously
  496  issued eligibility statement. Additionally, the taxpayer must
  497  notify the Department of Revenue of any change in its tax credit
  498  claimed.
  499         (e) The taxpayer shall file with the Department of Revenue
  500  an amended return or such other report as the Department of
  501  Revenue prescribes by rule and shall pay any required tax and
  502  interest within 60 days after the taxpayer received notification
  503  from the Florida Housing Finance Corporation that previously
  504  approved tax credits have been revoked or modified. If the
  505  revocation or modification order is contested, the taxpayer must
  506  file an amended return or other report as provided in this
  507  paragraph within 60 days after a final order is issued after
  508  proceedings.
  509         (f) A notice of deficiency may be issued by the Department
  510  of Revenue at any time within 3 years after the taxpayer
  511  receives formal notification from the Florida Housing Finance
  512  Corporation that previously approved tax credits have been
  513  revoked or modified. If a taxpayer fails to notify the
  514  Department of Revenue of any changes to its tax credit claimed,
  515  a notice of deficiency may be issued at any time.
  516         (3)APPLICABILITY.—This section applies to tax years
  517  beginning on or after January 1, 2020.
  518         Section 10. For the purpose of incorporating the amendment
  519  made by this act to section 624.509, Florida Statutes, in a
  520  reference thereto, paragraph (a) of subsection (1) of section
  521  624.5091, Florida Statutes, is reenacted to read:
  522         624.5091 Retaliatory provision, insurers.—
  523         (1)(a) When by or pursuant to the laws of any other state
  524  or foreign country any taxes, licenses, and other fees, in the
  525  aggregate, and any fines, penalties, deposit requirements, or
  526  other material obligations, prohibitions, or restrictions are or
  527  would be imposed upon Florida insurers or upon the agents or
  528  representatives of such insurers, which are in excess of such
  529  taxes, licenses, and other fees, in the aggregate, or which are
  530  in excess of the fines, penalties, deposit requirements, or
  531  other obligations, prohibitions, or restrictions directly
  532  imposed upon similar insurers, or upon the agents or
  533  representatives of such insurers, of such other state or country
  534  under the statutes of this state, so long as such laws of such
  535  other state or country continue in force or are so applied, the
  536  same taxes, licenses, and other fees, in the aggregate, or
  537  fines, penalties, deposit requirements, or other material
  538  obligations, prohibitions, or restrictions of whatever kind
  539  shall be imposed by the Department of Revenue upon the insurers,
  540  or upon the agents or representatives of such insurers, of such
  541  other state or country doing business or seeking to do business
  542  in this state. In determining the taxes to be imposed under this
  543  section, 80 percent and a portion of the remaining 20 percent as
  544  provided in paragraph (b) of the credit provided by s.
  545  624.509(5), as limited by s. 624.509(6) and further determined
  546  by s. 624.509(7), shall not be taken into consideration.
  547         Section 11. This act shall take effect July 1, 2019.
  548  
  549  ================= T I T L E  A M E N D M E N T ================
  550  And the title is amended as follows:
  551         Delete everything before the enacting clause
  552  and insert:
  553                        A bill to be entitled                      
  554         An act relating to state housing tax credits; amending
  555         s. 213.053, F.S.; authorizing the Department of
  556         Revenue to provide information on taken state
  557         workforce housing tax credits to the Florida Housing
  558         Finance Corporation; amending ss. 220.02 and 220.13,
  559         F.S.; conforming provisions to changes made by the
  560         act; repealing s. 220.185, F.S., relating to the state
  561         housing tax credit; amending s. 420.502, F.S.;
  562         providing legislative intent; amending s. 420.503,
  563         F.S.; defining the term “essential services
  564         personnel”; conforming a cross-reference; amending s.
  565         420.5093, F.S.; replacing provisions relating to the
  566         State Housing Tax Credit Program with provisions
  567         relating to the State Workforce Housing Tax Credit
  568         Program; providing the purpose of the program;
  569         providing for an insurance premium and retaliatory tax
  570         credit to certain workforce housing developments;
  571         requiring the corporation to administer the program;
  572         specifying requirements, procedures, and authorized
  573         actions of the corporation in determining eligibility
  574         for, and awarding, tax credits; defining terms;
  575         requiring the corporation to prepare a certain plan;
  576         authorizing the corporation to adopt rules; requiring
  577         the corporation to establish specified procedures for
  578         agency awards; specifying application requirements;
  579         specifying limits on, and criteria for determining,
  580         final agency awards; specifying requirements for cost
  581         certifications and eligibility statements; requiring
  582         the executive director of the Department of Revenue to
  583         apply annual credit amounts to tax liabilities in a
  584         certain manner; requiring that an extended workforce
  585         housing commitment be in effect, under certain
  586         circumstances, for a certain tax credit to be allowed;
  587         defining the term “extended workforce housing
  588         commitment”; requiring the corporation to establish
  589         certain procedures; amending s. 624.509, F.S.;
  590         specifying the order in which certain credits must be
  591         taken against the premium tax; creating s. 624.51056,
  592         F.S.; authorizing certain taxpayers to claim a credit
  593         against the premium tax and retaliatory tax;
  594         specifying a limitation on claiming the credit;
  595         providing requirements for the eligibility statement;
  596         requiring the corporation to make preliminary agency
  597         awards in certain years; specifying the limit on such
  598         awards; authorizing certain owners of eligible
  599         workforce housing developments to distribute credit
  600         amounts among its constituent taxpayers; specifying
  601         requirements for such owners; providing for the
  602         carryforward of unused tax credits for a specified
  603         period; providing that unused credits may not be
  604         refunded; providing that certain insurers are not
  605         required to pay additional retaliatory tax; specifying
  606         requirements and procedures for credit recapture;
  607         providing applicability; reenacting s. 624.5091(1)(a),
  608         F.S., relating to the retaliatory tax, to incorporate
  609         the amendment made to s. 624.509, F.S., in a reference
  610         thereto; providing an effective date.