CODING: Words stricken are deletions; words underlined are additions.
SENATE AMENDMENT
Bill No. CS for CS for CS for SB 1406, 1st Eng.
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator Latvala moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 103, between lines 10 and 11,
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17 Section 35. Paragraph (h) of subsection (1) and
18 subsections (2) and (4) of section 220.191, Florida Statutes,
19 are amended to read:
20 220.191 Capital investment tax credit.--
21 (1) DEFINITIONS.--For purposes of this section:
22 (h) "Qualifying project" means a new or expanding
23 facility in this state which either:
24 1. Creates at least 100 new jobs in this state and is
25 in one of the high-impact sectors identified by Enterprise
26 Florida, Inc., and certified by the office pursuant to s.
27 288.108(6), including, but not limited to, aviation,
28 aerospace, automotive, and silicon technology industries;.
29 2. Creates at least 75 new jobs in this state, is in
30 one of the high-impact sectors identified by Enterprise
31 Florida, Inc., and certified by the office pursuant to s.
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SENATE AMENDMENT
Bill No. CS for CS for CS for SB 1406, 1st Eng.
Amendment No.
1 288.108(6) and is located in a brownfield area; or
2 3. Creates at least 1,500 new jobs, with an average
3 projected wage on the date of application of not less than 100
4 percent of the average private sector wage in the area, is in
5 one of the target industries sectors, commences operation in
6 this state after July 1, 1999, and is located in a county with
7 a population of fewer than 1 million which had an unemployment
8 rate in the previous calendar year of at least 20 percent
9 above the state unemployment rate according to the Department
10 of Labor and Employment Security. Notwithstanding the
11 provisions of subsection (2), the credit granted under this
12 subparagraph shall be available for three years.
13 (2) An annual credit against the tax imposed by this
14 chapter shall be granted to any qualifying business in an
15 amount equal to 5 percent of the eligible capital costs
16 generated by a qualifying project, for a period not to exceed
17 20 years beginning with the commencement of operations of the
18 project. The tax credit shall be granted against only the
19 corporate income tax liability or the premium tax liability
20 generated by or arising out of the qualifying project, and the
21 sum of all tax credits provided pursuant to this section shall
22 not exceed 100 percent of the eligible capital costs of the
23 project. In no event may any credit granted under this section
24 be carried forward or backward by any qualifying business with
25 respect to a subsequent or prior year. The annual tax credit
26 granted under this section shall not exceed the following
27 percentages of the annual corporate income tax liability or
28 the premium tax liability generated by or arising out of a
29 qualifying project:
30 (a) One hundred percent for a qualifying project which
31 results in a cumulative capital investment of at least $100
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SENATE AMENDMENT
Bill No. CS for CS for CS for SB 1406, 1st Eng.
Amendment No.
1 million.
2 (b) Seventy-five percent for a qualifying project
3 which results in a cumulative capital investment of at least
4 $50 million but less than $100 million.
5 (c) Fifty percent for a qualifying project which
6 results in a cumulative capital investment of at least $25
7 million but less than $50 million.
8 (d) Twenty-five percent for a qualifying project under
9 subparagraph (1)(h)3. which results in a cumulative capital
10 investment of at least $25 million but less than $50 million.
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12 A qualifying project which results in a cumulative capital
13 investment of less than $25 million is not eligible for the
14 capital investment tax credit. An insurance company claiming a
15 credit against premium tax liability under this program shall
16 not be required to pay any additional retaliatory tax levied
17 pursuant to s. 624.5091 as a result of claiming such credit.
18 Because credits under this section are available to an
19 insurance company, s. 624.5091 does not limit such credit in
20 any manner.
21 (4) The office, upon application by the business and
22 evaluation and a recommendation by Enterprise Florida, Inc.,
23 may shall first certify a business as eligible to receive tax
24 credits pursuant to this section prior to the commencement of
25 operations of a qualifying project, and such certification
26 shall be transmitted to the Department of Revenue. Upon
27 receipt of the certification, the Department of Revenue shall
28 enter into a written agreement with the qualifying business
29 specifying, at a minimum, the method by which income generated
30 by or arising out of the qualifying project will be
31 determined.
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SENATE AMENDMENT
Bill No. CS for CS for CS for SB 1406, 1st Eng.
Amendment No.
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2 (Redesignate subsequent sections.)
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6 And the title is amended as follows:
7 On page 5, line 23, following the semicolon
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9 insert:
10 amending s. 220.191, F.S.; redefining the term
11 "qualifying project" with respect to capital
12 investment tax credits; providing capital
13 investment tax credits for certain projects;
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