The Florida Senate

220.18  Gasohol development tax incentive credit.--

(1)  There shall be allowed a credit against the tax imposed by this chapter to any new or expanded business engaged in the distillation of ethyl alcohol for use in motor fuels or in the manufacture in this state of equipment for the processing and distillation of ethyl alcohol for use in motor fuel. In the case of a new business engaged solely in distillation or manufacturing of distillation equipment, the credit shall be computed annually as the full amount of the ad valorem taxes paid on the real or tangible personal property acquired for such distillation or manufacture. When an existing business is expanded to facilitate the distillation or the manufacture of equipment for the processing and distillation of ethyl alcohol for use in motor fuel, the credit shall be computed annually as the amount of additional ad valorem tax paid in this state resulting from assessments on additional real or tangible personal property acquired to facilitate such expansion, but not including any land or business thereon qualifying for or receiving preferential assessment or tax treatment or other tax credits in accordance with any state law.

(2)  The credit shall be available to a new business for a period not to exceed the year in which ad valorem taxes are first levied against it and the 7 years immediately thereafter. The credit shall be available to an expanded existing business for a period not to exceed the year in which ad valorem taxes are first levied on additional real or tangible personal property acquired to facilitate the expansion and the 7 years immediately thereafter.

(3)  The credit shall be available to new or expanded businesses first subject to Florida ad valorem taxes between January 1, 1981, and January 1, 1988.

(4)  To be eligible for a gasohol development tax incentive credit, an expanded business shall file a notice of expansion with the property appraiser of the county in which the business property is located. The notice shall be filed no later than April 1 of the year in which the additional real or tangible personal property acquired to facilitate such an expansion is first subject to assessment. The notice shall be made on a form prescribed by the department and shall include separate descriptions of:

(a)  Real and tangible personal property owned or leased by the business prior to expansion.

(b)  Net additional real and tangible personal property acquired to facilitate the expansion.

(5)  When filing for a gasohol development tax incentive credit as a new business, a new business shall include a copy of its receipt indicating payment of ad valorem taxes for the current year.

(6)  When filing for a gasohol development tax incentive credit as an expanded business, an expanded business shall include copies of its receipts indicating payment of ad valorem taxes for the current year for prior existing property and for expansion-related property.

(7)  The receipts described in subsections (5) and (6) shall indicate the assessed value of the property, taxes paid, a brief description of the property, and an indication, if applicable, that the property was separately assessed as expansion-related property.

(8)  The department shall promulgate rules to implement and administer this act.

(9)  It shall be the responsibility of the taxpayer to affirmatively demonstrate to the satisfaction of the department that he or she meets the requirements of this act.

History.--s. 7, ch. 80-77; s. 1187, ch. 95-147.