Senate Bill 2252c1

    Florida Senate - 1999                           CS for SB 2252

    By the Committee on Fiscal Resource and Senator Latvala





    314-2076-99

  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:

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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;.

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






    Florida Senate - 1999                           CS for SB 2252
    314-2076-99




  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; or

  6         (e)  Directly or indirectly controls, is controlled by,

  7  or is under common control with the certified investor.

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

  9  law.

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11          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
12                             SB 2252

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14  The original bill amends s. 288.99(11), F.S., by expanding the
    definition of the term "transferee" to allow a subsidiary of
15  the certified investor to use tax credits authorized under the
    Certified Capital Company Act. The bill also allows such
16  credits to be transferred to an entity of 10 percent or more
    of whose outstanding voting securities are owned by the
17  certified investor.

18  The bill as amended further defines "transferee" to include an
    entity that directly or indirectly controls, is controlled by,
19  or is under common control with the certified investor.

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