The Florida Senate

¹220.188  Export finance corporation investment credit.--

(1)  There shall be allowed a credit against the tax imposed by this chapter to corporations, banks, and savings associations that make qualified investments in export finance corporations on or before June 30, 1992. The credit shall be computed as 20 percent of the qualified investment initially made by a taxpayer during the taxable year.

(2)  The amount allowed as a credit under this section shall not exceed 50 percent of the tax imposed on a corporation, bank, or savings association for the taxable year under this chapter. In addition, no corporation, bank, or savings association shall be allowed more than $500,000 in annual credits and credit carryforwards, as provided in subsection (4), for all taxable years.

(3)  The total amount of credit allowed under this section shall not exceed $5 million for all taxpayers in all taxable years. Based on the information submitted by the export finance corporation, pursuant to ²s. 288.753, in the order received by the department, the department shall notify the export finance corporation within 60 days of receipt whether the limitation in this subsection has been exceeded.

(4)  If the credit granted pursuant to this section is not fully used in any one year, the unused amount may be carried forward for a period not to exceed 7 years. The credit carryforward may be used in a subsequent year when the tax imposed by this chapter exceeds the credit for such year after applying the other credits and unused credit amounts in the order provided in s. 220.02(10).

(5)  When filing for a credit or a credit carryforward pursuant to this section in the taxable year following the purchase of a qualified investment and the 9 years thereafter, a taxpayer shall include with his or her return:

(a)  A copy of an annual certification from the export finance corporation in which a qualified investment has been made which indicates the amount of the qualified investment made and held by the taxpayer in said export finance corporation on December 31 of each taxable year.

(b)  A copy of the certificate issued by the Department of Banking and Finance pursuant to ²s. 288.753(3)(a) to the export finance corporation in which a taxpayer has made a qualified investment which indicates that said export finance corporation has complied with the provisions of part V of chapter 288 for the most recently ended fiscal year.

(6)  In the event a taxpayer disposes of a qualified investment in an export finance corporation within 10 years after the date in which the taxpayer acquired such qualified investment, in a transaction which gives rise to gain or loss under the Internal Revenue Code, then the tax imposed under this chapter for the taxable year in which said disposition occurs shall be increased by an amount equal to the amount allowed as a credit under this section in the year of the disposition and all prior years for the qualified investment in said export finance corporation, and any unused credit or credit carryforward amount for a qualified investment in said export finance corporation under this section shall be void.

(7)  In the event any export finance corporation fails for any two consecutive periodic examinations, pursuant to ²s. 288.753, to comply with the provisions of ²s. 288.746 during the 10 fiscal years immediately following the incorporation of said export development corporation pursuant to ²s. 288.744, then the tax imposed under this chapter on taxpayers who made qualified investments in said export development corporation shall be increased in the first taxable year which ends after the end of said second fiscal year by an amount equal to the amount allowed as a credit under this section for said taxable year and all prior taxable years for qualified investments in said export finance corporation, and any unused credit or credit carryforward amount for a qualified investment in said export finance corporation under this section shall be void.

(8)  In the event any export finance corporation dissolves pursuant to the provisions of ²s. 288.755 during the 10 fiscal years immediately following the incorporation of said export finance corporation pursuant to ²s. 288.744, then the tax imposed under this chapter on taxpayers who made qualified investments in said export finance corporation shall be increased in the first taxable year which ends after the date said export finance corporation dissolves by an amount equal to the amount allowed as a credit under this section, including any amount used as a result of credit carryforward, for said taxable year and all prior taxable years for qualified investments in said export finance corporation, and any unused credit or credit carryforward amount for a qualified investment in said export development corporation under this section shall be void. The provisions of this subsection shall not apply to an export finance corporation which dissolves as a result of bankruptcy pursuant to the Federal Bankruptcy Code.

(9)  In the event any export finance corporation violates the provisions of ²s. 288.747 or ²s. 288.751, during the 10 fiscal years immediately following the incorporation of said export finance corporation pursuant to ²s. 288.744, then the tax imposed under this chapter on all taxpayers who made qualified investments in said export finance corporation shall be increased in the first taxable year which ends after said fiscal year by an amount equal to the amount allowed as a credit under this section for said taxable year and all prior taxable years for qualified investments in said export finance corporation.

History.--s. 21, ch. 88-201; s. 1188, ch. 95-147; s. 40, ch. 96-397.

¹Note.--Expired June 30, 1999, pursuant to s. 21, ch. 88-201.

²Note.--Repealed by s. 60, ch. 93-187.