CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. SB 1944, 1st Eng.
Amendment No. (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 Representative(s) Minton offered the following:
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13 Amendment (with title amendment)
14 On page 14, between lines 2 and 3 of the bill,
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16 insert:
17 Section 17. Subsection (10) of section 220.02, Florida
18 Statutes, is amended to read:
19 220.02 Legislative intent.--
20 (10) It is the intent of the Legislature that credits
21 against either the corporate income tax or the franchise tax
22 be applied in the following order: those enumerated in s.
23 220.68, those enumerated in s. 631.719(1), those enumerated in
24 s. 631.705, those enumerated in s. 220.18, those enumerated in
25 s. 631.828, those enumerated in s. 220.181, those enumerated
26 in s. 220.183, those enumerated in s. 220.182, those
27 enumerated in s. 220.1895, those enumerated in s. 221.02,
28 those enumerated in s. 220.184, those enumerated in s.
29 220.186, and those enumerated in s. 220.188, and those
30 enumerated in s. 220.1896.
31 Section 18. Paragraph (gg) is added to subsection (1)
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hag0009 02:06 pm 01944-0078-160795
HOUSE AMENDMENT
Bill No. SB 1944, 1st Eng.
Amendment No. (for drafter's use only)
1 of section 220.03, Florida Statutes, to read:
2 220.03 Definitions.--
3 (1) SPECIFIC TERMS.--When used in this code, and when
4 not otherwise distinctly expressed or manifestly incompatible
5 with the intent thereof, the following terms shall have the
6 following meanings:
7 (gg) "Florida Agriculture Center and Horse Park
8 contribution" means the grant of cash or other liquid assets
9 by a business firm to the Florida Agriculture Center and Horse
10 Park.
11 Section 19. Subparagraph 10. of paragraph (a) of
12 subsection (1) of section 220.13, Florida Statutes, is added
13 to read:
14 220.13 "Adjusted federal income" defined.--
15 (1) The term "adjusted federal income" means an amount
16 equal to the taxpayer's taxable income as defined in
17 subsection (2), or such taxable income of more than one
18 taxpayer as provided in s. 220.131, for the taxable year,
19 adjusted as follows:
20 (a) Additions.--There shall be added to such taxable
21 income:
22 10. The amount taken as a credit for the taxable year
23 under s. 220.1896.
24 Section 20. Section 220.1896, Florida Statutes, is
25 created to read:
26 220.1896 Florida Agriculture Center and Horse Park
27 contribution tax credit.--
28 (1) CREDITS.--
29 (a) There shall be allowed a credit of 100 percent of
30 a contribution against the tax imposed by this chapter to any
31 business that makes a qualified contribution to the Florida
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HOUSE AMENDMENT
Bill No. SB 1944, 1st Eng.
Amendment No. (for drafter's use only)
1 Agriculture Center and Horse Park.
2 (b) No business firm shall receive more than $200,000
3 in annual tax credits for all approved Florida Agriculture
4 Center and Horse Park contributions made in any one year.
5 (c) The total amount of tax credit which may be
6 granted for all contributions approved under this section is
7 $2 million annually.
8 (d) All applications for the tax credit shall require
9 the prior approval of the Department of Agriculture and
10 Consumer Services.
11 (e) If the credit granted pursuant to this section is
12 not fully used in any one year because of insufficient tax
13 liability on the part of the business firm, the unused amount
14 may be carried forward for a period not to exceed 5 years. The
15 carryover credit may be used in a subsequent year when the tax
16 imposed by this chapter for such year exceeds the credit for
17 such year under this section after applying the other credits
18 and unused credit carryovers in the order provided in s.
19 220.02(10).
20 (f) A taxpayer who files a Florida consolidated return
21 as a member of an affiliated group pursuant to s. 220.131(1)
22 may be allowed the credit on a consolidated return basis.
23 (2) ELIGIBILITY REQUIREMENTS.--
24 (a) All Florida Agriculture Center and Horse Park
25 contributions by a business firm shall be in the form
26 specified in s. 220.03(1)(gg).
27 (b) All Florida Agriculture Center and Horse Park
28 contributions must be reserved exclusively for use in Florida
29 Agriculture Center and Horse Park projects.
30 (3) APPLICATION REQUIREMENTS.--
31 (a) Any business wishing to make an eligible
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HOUSE AMENDMENT
Bill No. SB 1944, 1st Eng.
Amendment No. (for drafter's use only)
1 contribution to the Florida Agriculture Center and Horse Park
2 must submit an application for tax credit to the Department of
3 Agriculture and Consumer Services including such information
4 as may be prescribed by rule.
5 (b) The business firm must submit a separate
6 application for tax credit for each individual contribution it
7 proposes to contribute.
8 (4) ADMINISTRATION.--
9 (a) The Department of Agriculture and Consumer
10 Services is authorized to promulgate all rules necessary to
11 administer this section, including rules for the approval or
12 disapproval of contributions by business firms.
13 (b) The decision of the Department of Agriculture and
14 Consumer Services shall be in writing, and, if approved, the
15 proposal shall state the maximum credit allowable to the
16 business firm. A copy of the decision shall be transmitted to
17 the executive director of the Department of Revenue, who shall
18 apply such credit to the tax liability of the business firm.
19 (c) The Department of Agriculture and Consumer
20 Services shall periodically monitor the Florida Agriculture
21 Center and Horse Park in a manner consistent with available
22 resources to ensure that resources are utilized in accordance
23 with this section.
24 (d) The Department of Revenue shall promulgate any
25 rules necessary to ensure the orderly implementation and
26 administration of this section.
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29 ================ T I T L E A M E N D M E N T ===============
30 And the title is amended as follows:
31 On page 2, line 30 after the semicolon,
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hag0009 02:06 pm 01944-0078-160795
HOUSE AMENDMENT
Bill No. SB 1944, 1st Eng.
Amendment No. (for drafter's use only)
1 insert:
2 amending s. 220.03, F.S.; defining "Florida
3 Agriculture Center and Horse Park contribution"
4 for purposes of corporate income tax; creating
5 s. 220.1896, F.S.; providing a credit against
6 such tax for contributions to the center;
7 providing limitations; providing duties of the
8 Department of Agriculture and Consumer Services
9 and the Department of Revenue; providing
10 eligibility and application requirements;
11 providing for carryover of the credit;
12 providing for rules; amending s. 220.02, F.S.;
13 providing order of credits; amending s. 220.13,
14 F.S.; providing for addition of such credits to
15 taxable income in determining adjusted federal
16 income for corporate income tax purposes;
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File original & 9 copies 04/27/98
hag0009 02:06 pm 01944-0078-160795