Senate Bill 2252

    Florida Senate - 1999                                  SB 2252

    By Senator Latvala





    19-1538B-99

  1                      A bill to be entitled

  2         An act relating to certified capital companies;

  3         amending s. 288.99, F.S.; redefining the term

  4         "transferee" for purposes of allocating unused

  5         premium tax credits; providing an effective

  6         date.

  7

  8  Be It Enacted by the Legislature of the State of Florida:

  9

10         Section 1.  Subsection (11) of section 288.99, Florida

11  Statutes, 1998 Supplement, is amended to read:

12         288.99  Certified Capital Company Act.--

13         (11)  TRANSFERABILITY.--The claim of a transferee of a

14  certified investor's unused premium tax credit shall be

15  permitted in the same manner and subject to the same

16  provisions and limitations of this act as the original

17  certified investor.  The term "transferee" means any person

18  who:

19         (a)  Through the voluntary sale, assignment, or other

20  transfer of the business or control of the business of the

21  certified investor, including the sale or other transfer of

22  stock or assets by merger, consolidation, or dissolution,

23  succeeds to all or substantially all of the business and

24  property of the certified investor;

25         (b)  Becomes by operation of law or otherwise the

26  parent company of the certified investor; or

27         (c)  Directly or indirectly owns, whether through

28  rights, options, convertible interests, or otherwise,

29  controls, or holds power to vote 10 percent or more of the

30  outstanding voting securities or other ownership interest of

31  the certified investor; or.

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1999                                  SB 2252
    19-1538B-99




  1         (d)  Is a subsidiary of the certified investor or 10

  2  percent or more of whose outstanding voting securities or

  3  other ownership interest are directly or indirectly owned,

  4  whether through rights, options, convertible interests, or

  5  otherwise, by the certified investor.

  6         Section 2.  This act shall take effect upon becoming a

  7  law.

  8

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10                          SENATE SUMMARY

11    Redefines the term "transferee" for purposes of
      allocating unused premium tax credits.
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