Senate Bill 0074c2
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Florida Senate - 2000 CS for CS for SB 74
By the Committees on Fiscal Resource, Education and Senator
Sebesta
314-2065-00
1 A bill to be entitled
2 An act relating to the State University System;
3 creating s. 240.6065, F.S.; establishing the
4 industrial partnership professorship program
5 within the State University System; providing
6 that certain professorships shall be
7 established by contract; providing for
8 contribution by sponsoring corporations;
9 specifying percentage of such contribution;
10 providing for credit against the corporate
11 income tax for contributions made by a
12 sponsoring corporation; creating s. 220.192,
13 F.S.; providing a credit against the corporate
14 income tax for contributions made by a
15 corporation sponsoring an industrial
16 partnership professorship; providing for
17 carryover of the credit; providing for
18 reduction of credit under certain
19 circumstances; authorizing rules; amending s.
20 220.02, F.S.; providing order of credits
21 against the tax; providing for future repeal of
22 ss. 240.6065, 220.192, F.S.; amending s.
23 220.13, F.S.; providing an addition to adjusted
24 federal income; providing an effective date.
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26 Be It Enacted by the Legislature of the State of Florida:
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28 Section 1. Section 240.6065, Florida Statutes, is
29 created to read:
30 240.6065 Industrial partnership professorships.--
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Florida Senate - 2000 CS for CS for SB 74
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1 (1) LEGISLATIVE INTENT.--The Legislature recognizes
2 that while mastery of a formal knowledge base within academic
3 disciplines is critical to the success of today's university
4 graduates, there are practical components of many disciplines
5 which can best and most effectively be transmitted by persons
6 possessing significant expertise in a particular field gained
7 through years of practical experience. The Legislature also
8 recognizes that this is particularly true in the case of
9 disciplines in which the rapid pace of technological
10 development quickly renders even the most recent texts and
11 research outdated, and that the availability to students of
12 instructors whose primary vocation is as a practitioner,
13 rather than an academic, can be invaluable.
14 (2) INDUSTRIAL PARTNERSHIP PROFESSORSHIP
15 PROGRAM.--There is established within the State University
16 System an Industrial Partnership Professorship Program. A
17 maximum of 15 professorships may be established by the Board
18 of Regents for the purpose of bringing into a university
19 setting instructional or research personnel whose formal
20 training and experiential backgrounds are not primarily those
21 required of traditional university faculty or instructional
22 personnel.
23 (a) Industrial partnership professorships shall be
24 established at any university within the State University
25 System by means of a contract between the university and a
26 corporation or corporations agreeing to sponsor the
27 professorship. A contract for an industrial partnership
28 professorship shall be for a sponsorship minimum of 1 year and
29 may be renewed for additional periods. The contract must
30 include the terms and conditions of employment of an
31 industrial partnership professor and the amount the sponsoring
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Florida Senate - 2000 CS for CS for SB 74
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1 corporation or corporations are to contribute on a yearly
2 basis to the establishment and maintenance of the
3 professorship. The sponsoring corporation shall provide
4 two-thirds of the costs of each professorship and the State
5 University System shall provide one-third.
6 (b) Total expenditures by the State University System
7 for the Industrial Partnership Professorship Program may not
8 exceed $500,000 in any fiscal year.
9 (c) The university may use existing personnel
10 classifications as appropriate for the duties of the
11 industrial partnership professor.
12 (d) In consideration for sponsoring an industrial
13 partnership professorship, the corporation or corporations
14 sponsoring the professorship shall be allowed an annual credit
15 against the corporate income tax, as provided in s. 220.192,
16 for one-half of the amount contributed to the establishment
17 and maintenance of an industrial partnership professorship
18 during the corporate tax year.
19 (3) The Department of Revenue may adopt rules to
20 administer this section.
21 Section 2. Section 220.192, Florida Statutes, is
22 created to read:
23 220.192 Industrial partnership professorship tax
24 credit.--
25 (1) A credit against the tax imposed by this chapter
26 shall be allowed to any corporation that enters into a
27 contract with a university within the State University System
28 for the establishment of an industrial partnership
29 professorship as provided in s. 240.6065, which credit shall
30 be equal to one-half of the amount of such corporation's
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1 contribution during its tax year to the establishment and
2 maintenance of an industrial partnership professorship.
3 (2) If any credit granted pursuant to this section is
4 not fully used in the first year for which it becomes
5 available, the unused amount may be carried forward for a
6 period not to exceed 5 years. The carryover may be used in a
7 subsequent year when the tax imposed by this chapter for such
8 year exceeds the credit for such year under this section after
9 applying the other credits and unused credit carryovers in the
10 order provided in s. 220.02(10).
11 (3) The credit granted under this section shall be
12 reduced to the extent that the duties of the Industrial
13 Partnership Professorship include sponsored research
14 contracts, as defined in s. 220.15(2)(c).
15 (4) The Department of Revenue may adopt rules to
16 administer this section.
17 Section 3. 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.
23 220.18, those enumerated in s. 631.828, those enumerated in s.
24 220.191, those enumerated in s. 220.181, those enumerated in
25 s. 220.183, those enumerated in s. 220.182, those enumerated
26 in s. 220.1895, those enumerated in s. 221.02, those
27 enumerated in s. 220.184, those enumerated in s. 220.186,
28 those enumerated in s. 220.188, those enumerated in s.
29 220.1845, those enumerated in s. 220.19, and those enumerated
30 in s. 220.185, and those enumerated in s. 220.192.
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1 Section 4. Paragraph (a) of subsection (1) of s.
2 220.13, Florida Statutes, is amended to read:
3 220.13 "Adjusted federal income" defined.--
4 (1) The term "adjusted federal income" means an amount
5 equal to the taxpayer's taxable income as defined in
6 subsection (2), or such taxable income of more than one
7 taxpayer as provided in s. 220.131, for the taxable year,
8 adjusted as follows:
9 (a) Additions.--There shall be added to such taxable
10 income:
11 1. The amount of any tax upon or measured by income,
12 excluding taxes based on gross receipts or revenues, paid or
13 accrued as a liability to the District of Columbia or any
14 state of the United States which is deductible from gross
15 income in the computation of taxable income for the taxable
16 year.
17 2. The amount of interest which is excluded from
18 taxable income under s. 103(a) of the Internal Revenue Code or
19 any other federal law, less the associated expenses disallowed
20 in the computation of taxable income under s. 265 of the
21 Internal Revenue Code or any other law, excluding 60 percent
22 of any amounts included in alternative minimum taxable income,
23 as defined in s. 55(b)(2) of the Internal Revenue Code, if the
24 taxpayer pays tax under s. 220.11(3).
25 3. In the case of a regulated investment company or
26 real estate investment trust, an amount equal to the excess of
27 the net long-term capital gain for the taxable year over the
28 amount of the capital gain dividends attributable to the
29 taxable year.
30 4. That portion of the wages or salaries paid or
31 incurred for the taxable year which is equal to the amount of
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1 the credit allowable for the taxable year under s. 220.181.
2 The provisions of this subparagraph shall expire and be void
3 on June 30, 2005.
4 5. That portion of the ad valorem school taxes paid or
5 incurred for the taxable year which is equal to the amount of
6 the credit allowable for the taxable year under s. 220.182.
7 The provisions of this subparagraph shall expire and be void
8 on June 30, 2005.
9 6. The amount of emergency excise tax paid or accrued
10 as a liability to this state under chapter 221 which tax is
11 deductible from gross income in the computation of taxable
12 income for the taxable year.
13 7. That portion of assessments to fund a guaranty
14 association incurred for the taxable year which is equal to
15 the amount of the credit allowable for the taxable year.
16 8. In the case of a nonprofit corporation which holds
17 a pari-mutuel permit and which is exempt from federal income
18 tax as a farmers' cooperative, an amount equal to the excess
19 of the gross income attributable to the pari-mutuel operations
20 over the attributable expenses for the taxable year.
21 9. The amount taken as a credit for the taxable year
22 under s. 220.1895 and s. 220.192.
23 10. Up to nine percent of the eligible basis of any
24 designated project which is equal to the credit allowable for
25 the taxable year under s. 220.185.
26 Section 5. Sections 240.6065 and 220.192, Florida
27 Statutes, as created by this act, are repealed July 1, 2010.
28 Section 6. This act shall take effect July 1, 2000.
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Florida Senate - 2000 CS for CS for SB 74
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1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 CS/SB 74
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4 This committee substitute clarifies that the time period
applicable to claiming credits is the taxpayer's tax year.
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It clarifies that the same activity cannot receive credits
6 under the Industrial Partnership Professor program for work
done under sponsored research contracts.
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It provides for credits under the Industrial Partnership
8 Professor program to be added back to adjusted federal income.
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