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, and is located in a
6 county with a population of fewer than 1 million which had an
7 unemployment rate in the previous calendar year of at least 20
8 percent above the state unemployment rate according to the
9 Department of Labor and Employment Security.
10 (2) An annual credit against the tax imposed by this
11 chapter shall be granted to any qualifying business in an
12 amount equal to 5 percent of the eligible capital costs
13 generated by a qualifying project, for a period not to exceed
14 20 years beginning with the commencement of operations of the
15 project. The tax credit shall be granted against only the
16 corporate income tax liability or the premium tax liability
17 generated by or arising out of the qualifying project, and the
18 sum of all tax credits provided pursuant to this section shall
19 not exceed 100 percent of the eligible capital costs of the
20 project. In no event may any credit granted under this section
21 be carried forward or backward by any qualifying business with
22 respect to a subsequent or prior year. The annual tax credit
23 granted under this section shall not exceed the following
24 percentages of the annual corporate income tax liability or
25 the premium tax liability generated by or arising out of a
26 qualifying project:
27 (a) One hundred percent for a qualifying project which
28 results in a cumulative capital investment of at least $100
29 million.
30 (b) Seventy-five percent for a qualifying project
31 which results in a cumulative capital investment of at least
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SENATE AMENDMENT
Bill No. CS for CS for CS for SB 1406, 1st Eng.
Amendment No.
1 $50 million but less than $100 million.
2 (c) Fifty percent for a qualifying project which
3 results in a cumulative capital investment of at least $25
4 million but less than $50 million.
5 (d) Twenty-five percent for a qualifying project under
6 subparagraph (1)(h)3. which results in a cumulative capital
7 investment of at least $25 million but less than $50 million.
8 For businesses seeking certification under this paragraph, the
9 office may receive an application at any time but may not
10 certify a business sooner than 18 months after the
11 commencement of operations.
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13 A qualifying project which results in a cumulative capital
14 investment of less than $25 million is not eligible for the
15 capital investment tax credit. An insurance company claiming a
16 credit against premium tax liability under this program shall
17 not be required to pay any additional retaliatory tax levied
18 pursuant to s. 624.5091 as a result of claiming such credit.
19 Because credits under this section are available to an
20 insurance company, s. 624.5091 does not limit such credit in
21 any manner.
22 (4) The office, upon application by the business and
23 evaluation and a recommendation by Enterprise Florida, Inc.,
24 may shall first certify a business as eligible to receive tax
25 credits pursuant to this section prior to the commencement of
26 operations of a qualifying project, and such certification
27 shall be transmitted to the Department of Revenue. Upon
28 receipt of the certification, the Department of Revenue shall
29 enter into a written agreement with the qualifying business
30 specifying, at a minimum, the method by which income generated
31 by or arising out of the qualifying project will be
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SENATE AMENDMENT
Bill No. CS for CS for CS for SB 1406, 1st Eng.
Amendment No.
1 determined.
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3 (Redesignate subsequent sections.)
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6 ================ T I T L E A M E N D M E N T ===============
7 And the title is amended as follows:
8 On page 5, line 23, following the semicolon
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11 amending s. 220.191, F.S.; redefining the term
12 "qualifying project" with respect to capital
13 investment tax credits; providing capital
14 investment tax credits for certain projects;
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