House Bill hb0001E

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    Florida House of Representatives - 2002                 HB 1-E

        By Representative Andrews






  1                      A bill to be entitled

  2         An act relating to incentives to promote new

  3         product development; providing a short title;

  4         creating s. 288.1172, F.S.; providing

  5         definitions; providing for licensing of certain

  6         products or technologies by donor companies to

  7         receiving companies for production and

  8         marketing; providing duties of such companies

  9         and the Department of Revenue; providing

10         requirements for product development

11         agreements; providing that donor companies may

12         be granted a credit which may be used to fund

13         sponsored research at a state university, as

14         reimbursement for the purchase of machinery,

15         equipment, or building supplies used in a

16         Florida manufacturing facility, or as a

17         corporate income tax credit; requiring the

18         office to certify certain amounts to the

19         department; requiring the department to make

20         certain distributions; authorizing donor

21         companies to elect to change the type of

22         credit, payment, or reimbursement under certain

23         circumstances; providing requirements for such

24         election; creating s. 220.115, F.S.; requiring

25         receiving companies to file a corporate tax

26         return and remit to the state certain fees in

27         addition to any corporate income tax due;

28         relieving receiving companies of payments to

29         donor companies under certain circumstances;

30         providing remedies against a donor company when

31         a receiving company fails to remit funds;

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    Florida House of Representatives - 2002                 HB 1-E

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  1         providing for application of administrative and

  2         penalty provisions of ch. 220, F.S.; creating

  3         s. 220.1825, F.S.; providing for a credit

  4         against the corporate income tax for donor

  5         companies that so elect; providing for

  6         carryover of the credit; providing for rules;

  7         amending s. 220.02, F.S.; providing order of

  8         credits against the corporate income tax;

  9         amending s. 212.20, F.S.; requiring the

10         Department of Revenue to make certain

11         distributions within a time certain under

12         certain circumstances; providing effective

13         dates.

14

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

16

17         Section 1.  This act may be cited as the "New Product

18  Transfer Enhancement Act."

19         Section 2.  Section 288.1172, Florida Statutes, is

20  created to read:

21         288.1172  Licensing of products or technologies by

22  donor companies to receiving companies; credits and use

23  thereof.--

24         (1)  The purpose of this section is to promote economic

25  growth by providing an incentive for corporations which have

26  developed or patented products or technologies they do not

27  wish to develop further to license those items to companies

28  located in Florida for production and marketing.

29         (2)  As used in this section:

30         (a)  "Annual statement of donor credit" means the

31  statement produced by the Department of Revenue for each donor

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    Florida House of Representatives - 2002                 HB 1-E

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  1  company listing the total amount of credit available to the

  2  donor company for all of the product development agreements it

  3  has entered into. This statement shall also include any

  4  additional information specified in the product development

  5  agreement.

  6         (b)  "Annual statement of fees due" means the statement

  7  submitted by the receiving company to the Department of

  8  Revenue each year, which lists the amount of fees and

  9  royalties owed by it under the product development agreement

10  to the donor company for the preceding tax year which it has

11  paid to the department. This statement shall also contain any

12  additional information specified in the product development

13  agreement and shall contain a copy of the product development

14  agreement.

15         (c)  "Donor company" means an entity subject to the tax

16  imposed by chapter 220 which has developed or holds the patent

17  for a product or technology that it does not wish to develop

18  itself and which has entered into a product development

19  agreement.

20         (d)  "Product development agreement" means a contract

21  or series of contracts which provides the receiving company

22  with the right to produce and market a product or technology

23  which was developed or patented by the donor company.

24         (e)  "Receiving company" means a business operating in

25  this state which has entered into a product development

26  agreement for the purpose of obtaining the right to produce

27  and market a product or technology from a donor company.

28         (3)  To qualify under this section, a product

29  development agreement shall specify that a minimum of 75

30  percent of the jobs created by the production of the new

31  product or technology shall be located in this state. In

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    Florida House of Representatives - 2002                 HB 1-E

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  1  addition, the agreement shall specify the amount of

  2  compensation to be remitted by the receiving company for the

  3  license, and the type of credit the donor company has elected

  4  to receive. The agreement shall further provide for submission

  5  by the receiving company of an annual statement of fees due to

  6  the Department of Revenue and shall specify the information to

  7  be included in the statement.

  8         (4)  Each receiving company shall submit an annual

  9  statement of fees due to the Department of Revenue within 30

10  days after filing its corporate income tax return for this

11  state for the preceding tax year, in a format developed by the

12  department.  The department shall be responsible for producing

13  an annual statement of donor credit for each donor company

14  using the information contained in the statements. The donor

15  credit for each donor company shall equal 94.5 percent of the

16  total of the amounts specified in the annual statements of

17  fees due from all receiving companies with which it has

18  entered into a product development agreement. In any year the

19  total amount of credits granted under all annual statements of

20  donor credit shall not exceed 94.5 percent of the amount due

21  to the state under all annual statements of fees due.

22         (5)  The Department of Revenue shall send the annual

23  statement of donor credit to each donor company within 90 days

24  after the receipt of the annual statement of fees due. These

25  statements shall contain the information specified by the

26  product development agreement.  The department shall specify,

27  in a format developed by the department, the amount of credit

28  due to each donor company based upon the funds paid to the

29  department by the receiving company for the preceding tax

30  year, the identities of the receiving companies from which

31

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    Florida House of Representatives - 2002                 HB 1-E

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  1  those credits originated, and the type of credit the donor

  2  company has elected to receive.

  3         (6)  The donor company may elect to apply the amount

  4  specified in the annual statement of donor credit as a

  5  corporate income tax credit under s. 220.1825, as a payment to

  6  a state university's division of sponsored research under

  7  subsection (7), or as a purchase price refund under subsection

  8  (8).  In no case shall the combined benefits exceed the amount

  9  specified in the annual statement of donor credit.

10         (7)  A donor company which is providing funding for

11  sponsored research at a state university in this state may

12  elect to use its donor credit to fund such research.  If the

13  donor company elects to apply its donor credit in this manner,

14  it shall submit this request to the Department of Revenue on a

15  form approved by the department.  At a minimum, the form shall

16  specify the donor company, the research being sponsored, and

17  the state university at which the research is being conducted.

18  The Department of Revenue shall then request the Office of the

19  Comptroller to transfer to the appropriate university's

20  division of sponsored research the amount shown on the donor

21  company's annual statement of donor credit.  The Office of the

22  Comptroller and the Department of Revenue may adopt rules to

23  implement this subsection.

24         (8)  A donor company shall be eligible to receive a

25  reimbursement for the purchase price paid on the purchase of

26  machinery and equipment which is installed in a Florida

27  manufacturing facility, or for the building materials used in

28  the construction or rehabilitation of a Florida manufacturing

29  facility.  This reimbursement shall be limited to the amount

30  shown on the annual statement of donor credit which the donor

31  company has elected to apply as a purchase reimbursement.

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    Florida House of Representatives - 2002                 HB 1-E

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  1  Application for such reimbursement shall be made on a form

  2  approved by the Department of Revenue and accompanied by any

  3  supporting documentation required by the department.  The

  4  Department of Revenue may adopt rules to implement this

  5  subsection.

  6         Section 3.  Section 220.115, Florida Statutes, is

  7  created to read:

  8         220.115  Fees due from receiving companies pursuant to

  9  s. 288.1172.--In addition to the tax imposed by this chapter,

10  any company which has entered into a product development

11  agreement pursuant to s. 288.1172 as a receiving company shall

12  remit to the state the funds listed as paid to the state on

13  the annual statement of fees due which the company has

14  submitted to the Department of Revenue. Even if no tax is due

15  under this chapter and a return would not normally be

16  required, a Florida corporate income tax return shall be filed

17  by the receiving company, and the funds to be listed on the

18  annual statement of fees due shall be remitted to the

19  department, subject to all filing requirements, fines, and

20  penalties specified for returns and taxes due under this

21  chapter.  The department may adopt rules requiring the

22  information it considers necessary to ensure that the funds

23  due under this section are properly reported and paid,

24  including, but not limited to, rules relating to the methods,

25  forms which shall include returns to be filed by the receiving

26  companies, deadlines, and penalties for providing the

27  information required under this section.

28         Section 4.  Section 220.1825, Florida Statutes, is

29  created to read:

30         220.1825  Credit for donor companies pursuant to s.

31  288.1172.--A credit against the tax imposed by this chapter

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    Florida House of Representatives - 2002                 HB 1-E

    571-181D-02E






  1  shall be allowed to a donor company which has entered into a

  2  product development agreement pursuant to s. 288.1172, and

  3  which has elected to apply its donor credit as a corporate

  4  income tax credit.  Such credit shall be limited to 94.5

  5  percent of the amount stated in the annual statement of fees

  6  due submitted to the Department of Revenue by the receiving

  7  companies. If any credit granted under this section is not

  8  fully used in the first year for which it becomes available,

  9  the unused amount may be carried forward for a period not to

10  exceed 5 years.  The Department of Revenue may adopt rules

11  relating to the method of reporting and claiming this credit.

12         Section 5.  Subsection (8) of section 220.02, Florida

13  Statutes, is amended to read:

14         220.02  Legislative intent.--

15         (8)  It is the intent of the Legislature that credits

16  against either the corporate income tax or the franchise tax

17  be applied in the following order: those enumerated in s.

18  631.828, those enumerated in s. 220.191, those enumerated in

19  s. 220.181, those enumerated in s. 220.183, those enumerated

20  in s. 220.182, those enumerated in s. 220.1895, those

21  enumerated in s. 221.02, those enumerated in s. 220.184, those

22  enumerated in s. 220.186, those enumerated in s. 220.1845,

23  those enumerated in s. 220.19, those enumerated in s. 220.185,

24  and those enumerated in s. 220.187, and those enumerated in s.

25  220.1825.

26         Section 6.  Paragraph (d) of subsection (6) of section

27  212.20, Florida Statutes, is amended to read:

28         212.20  Funds collected, disposition; additional powers

29  of department; operational expense; refund of taxes

30  adjudicated unconstitutionally collected.--

31

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    Florida House of Representatives - 2002                 HB 1-E

    571-181D-02E






  1         (6)  Distribution of all proceeds under this chapter

  2  and s. 202.18(1)(b) and (2)(b) shall be as follows:

  3         (d)  The proceeds of all other taxes and fees imposed

  4  pursuant to this chapter or remitted pursuant to s.

  5  202.18(1)(b) and (2)(b) shall be distributed as follows:

  6         1.  In any fiscal year, the greater of $500 million,

  7  minus an amount equal to 4.6 percent of the proceeds of the

  8  taxes collected pursuant to chapter 201, or 5 percent of all

  9  other taxes and fees imposed pursuant to this chapter or

10  remitted pursuant to s. 202.18(1)(b) and (2)(b) shall be

11  deposited in monthly installments into the General Revenue

12  Fund.

13         2.  Two-tenths of one percent shall be transferred to

14  the Solid Waste Management Trust Fund.

15         3.  After the distribution under subparagraphs 1. and

16  2., 9.653 percent of the amount remitted by a sales tax dealer

17  located within a participating county pursuant to s. 218.61

18  shall be transferred into the Local Government Half-cent Sales

19  Tax Clearing Trust Fund.

20         4.  After the distribution under subparagraphs 1., 2.,

21  and 3., 0.065 percent shall be transferred to the Local

22  Government Half-cent Sales Tax Clearing Trust Fund and

23  distributed pursuant to s. 218.65.

24         5.  For proceeds received after July 1, 2000, and after

25  the distributions under subparagraphs 1., 2., 3., and 4., 2.25

26  percent of the available proceeds pursuant to this paragraph

27  shall be transferred monthly to the Revenue Sharing Trust Fund

28  for Counties pursuant to s. 218.215.

29         6.  For proceeds received after July 1, 2000, and after

30  the distributions under subparagraphs 1., 2., 3., and 4.,

31  1.0715 percent of the available proceeds pursuant to this

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    Florida House of Representatives - 2002                 HB 1-E

    571-181D-02E






  1  paragraph shall be transferred monthly to the Revenue Sharing

  2  Trust Fund for Municipalities pursuant to s. 218.215. If the

  3  total revenue to be distributed pursuant to this subparagraph

  4  is at least as great as the amount due from the Revenue

  5  Sharing Trust Fund for Municipalities and the Municipal

  6  Financial Assistance Trust Fund in state fiscal year

  7  1999-2000, no municipality shall receive less than the amount

  8  due from the Revenue Sharing Trust Fund for Municipalities and

  9  the Municipal Financial Assistance Trust Fund in state fiscal

10  year 1999-2000. If the total proceeds to be distributed are

11  less than the amount received in combination from the Revenue

12  Sharing Trust Fund for Municipalities and the Municipal

13  Financial Assistance Trust Fund in state fiscal year

14  1999-2000, each municipality shall receive an amount

15  proportionate to the amount it was due in state fiscal year

16  1999-2000.

17         7.  Of the remaining proceeds:

18         a.  Beginning July 1, 2000, and in each fiscal year

19  thereafter, the sum of $29,915,500 shall be divided into as

20  many equal parts as there are counties in the state, and one

21  part shall be distributed to each county.  The distribution

22  among the several counties shall begin each fiscal year on or

23  before January 5th and shall continue monthly for a total of 4

24  months.  If a local or special law required that any moneys

25  accruing to a county in fiscal year 1999-2000 under the

26  then-existing provisions of s. 550.135 be paid directly to the

27  district school board, special district, or a municipal

28  government, such payment shall continue until such time that

29  the local or special law is amended or repealed.  The state

30  covenants with holders of bonds or other instruments of

31  indebtedness issued by local governments, special districts,

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    Florida House of Representatives - 2002                 HB 1-E

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  1  or district school boards prior to July 1, 2000, that it is

  2  not the intent of this subparagraph to adversely affect the

  3  rights of those holders or relieve local governments, special

  4  districts, or district school boards of the duty to meet their

  5  obligations as a result of previous pledges or assignments or

  6  trusts entered into which obligated funds received from the

  7  distribution to county governments under then-existing s.

  8  550.135.  This distribution specifically is in lieu of funds

  9  distributed under s. 550.135 prior to July 1, 2000.

10         b.  The department shall distribute $166,667 monthly

11  pursuant to s. 288.1162 to each applicant that has been

12  certified as a "facility for a new professional sports

13  franchise" or a "facility for a retained professional sports

14  franchise" pursuant to s. 288.1162. Up to $41,667 shall be

15  distributed monthly by the department to each applicant that

16  has been certified as a "facility for a retained spring

17  training franchise" pursuant to s. 288.1162; however, not more

18  than $208,335 may be distributed monthly in the aggregate to

19  all certified facilities for a retained spring training

20  franchise. Distributions shall begin 60 days following such

21  certification and shall continue for not more than 30 years.

22  Nothing contained in this paragraph shall be construed to

23  allow an applicant certified pursuant to s. 288.1162 to

24  receive more in distributions than actually expended by the

25  applicant for the public purposes provided for in s.

26  288.1162(6). However, a certified applicant is entitled to

27  receive distributions up to the maximum amount allowable and

28  undistributed under this section for additional renovations

29  and improvements to the facility for the franchise without

30  additional certification.

31

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    Florida House of Representatives - 2002                 HB 1-E

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  1         c.  Beginning 30 days after notice by the Office of

  2  Tourism, Trade, and Economic Development to the Department of

  3  Revenue that an applicant has been certified as the

  4  professional golf hall of fame pursuant to s. 288.1168 and is

  5  open to the public, $166,667 shall be distributed monthly, for

  6  up to 300 months, to the applicant.

  7         d.  Beginning 30 days after notice by the Office of

  8  Tourism, Trade, and Economic Development to the Department of

  9  Revenue that the applicant has been certified as the

10  International Game Fish Association World Center facility

11  pursuant to s. 288.1169, and the facility is open to the

12  public, $83,333 shall be distributed monthly, for up to 168

13  months, to the applicant. This distribution is subject to

14  reduction pursuant to s. 288.1169.  A lump sum payment of

15  $999,996 shall be made, after certification and before July 1,

16  2000.

17         e.  Within 90 days after issuance of the annual

18  statement of donor credit by the Department of Revenue

19  certifying the amount to be paid to each corporation that is

20  due a purchase price refund or payment for sponsored research

21  pursuant to s. 288.1172, the department shall distribute such

22  amount to each corporation using proceeds as provided in this

23  subparagraph.

24         8.  All other proceeds shall remain with the General

25  Revenue Fund.

26         Section 7.  Effective July 1, 2003, paragraph (d) of

27  subsection (6) of section 212.20, Florida Statutes, as amended

28  by chapter 2002-   , Laws of Florida, is amended to read:

29         212.20  Funds collected, disposition; additional powers

30  of department; operational expense; refund of taxes

31  adjudicated unconstitutionally collected.--

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    Florida House of Representatives - 2002                 HB 1-E

    571-181D-02E






  1         (6)  Distribution of all proceeds under this chapter

  2  and s. 202.18(1)(b) and (2)(b) shall be as follows:

  3         (d)  The proceeds of all other taxes and fees imposed

  4  pursuant to this chapter or remitted pursuant to s.

  5  202.18(1)(b) and (2)(b) shall be distributed as follows:

  6         1.  In any fiscal year, the greater of $500 million,

  7  minus an amount equal to 4.6 percent of the proceeds of the

  8  taxes collected pursuant to chapter 201, or 5 percent of all

  9  other taxes and fees imposed pursuant to this chapter or

10  remitted pursuant to s. 202.18(1)(b) and (2)(b) shall be

11  deposited in monthly installments into the General Revenue

12  Fund.

13         2.  Two-tenths of one percent shall be transferred to

14  the Ecosystem Management and Restoration Trust Fund to be used

15  for water quality improvement and water restoration projects.

16         3.  After the distribution under subparagraphs 1. and

17  2., 9.653 percent of the amount remitted by a sales tax dealer

18  located within a participating county pursuant to s. 218.61

19  shall be transferred into the Local Government Half-cent Sales

20  Tax Clearing Trust Fund.

21         4.  After the distribution under subparagraphs 1., 2.,

22  and 3., 0.065 percent shall be transferred to the Local

23  Government Half-cent Sales Tax Clearing Trust Fund and

24  distributed pursuant to s. 218.65.

25         5.  For proceeds received after July 1, 2000, and after

26  the distributions under subparagraphs 1., 2., 3., and 4., 2.25

27  percent of the available proceeds pursuant to this paragraph

28  shall be transferred monthly to the Revenue Sharing Trust Fund

29  for Counties pursuant to s. 218.215.

30         6.  For proceeds received after July 1, 2000, and after

31  the distributions under subparagraphs 1., 2., 3., and 4.,

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    Florida House of Representatives - 2002                 HB 1-E

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  1  1.0715 percent of the available proceeds pursuant to this

  2  paragraph shall be transferred monthly to the Revenue Sharing

  3  Trust Fund for Municipalities pursuant to s. 218.215. If the

  4  total revenue to be distributed pursuant to this subparagraph

  5  is at least as great as the amount due from the Revenue

  6  Sharing Trust Fund for Municipalities and the Municipal

  7  Financial Assistance Trust Fund in state fiscal year

  8  1999-2000, no municipality shall receive less than the amount

  9  due from the Revenue Sharing Trust Fund for Municipalities and

10  the Municipal Financial Assistance Trust Fund in state fiscal

11  year 1999-2000. If the total proceeds to be distributed are

12  less than the amount received in combination from the Revenue

13  Sharing Trust Fund for Municipalities and the Municipal

14  Financial Assistance Trust Fund in state fiscal year

15  1999-2000, each municipality shall receive an amount

16  proportionate to the amount it was due in state fiscal year

17  1999-2000.

18         7.  Of the remaining proceeds:

19         a.  Beginning July 1, 2000, and in each fiscal year

20  thereafter, the sum of $29,915,500 shall be divided into as

21  many equal parts as there are counties in the state, and one

22  part shall be distributed to each county.  The distribution

23  among the several counties shall begin each fiscal year on or

24  before January 5th and shall continue monthly for a total of 4

25  months.  If a local or special law required that any moneys

26  accruing to a county in fiscal year 1999-2000 under the

27  then-existing provisions of s. 550.135 be paid directly to the

28  district school board, special district, or a municipal

29  government, such payment shall continue until such time that

30  the local or special law is amended or repealed.  The state

31  covenants with holders of bonds or other instruments of

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    Florida House of Representatives - 2002                 HB 1-E

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  1  indebtedness issued by local governments, special districts,

  2  or district school boards prior to July 1, 2000, that it is

  3  not the intent of this subparagraph to adversely affect the

  4  rights of those holders or relieve local governments, special

  5  districts, or district school boards of the duty to meet their

  6  obligations as a result of previous pledges or assignments or

  7  trusts entered into which obligated funds received from the

  8  distribution to county governments under then-existing s.

  9  550.135.  This distribution specifically is in lieu of funds

10  distributed under s. 550.135 prior to July 1, 2000.

11         b.  The department shall distribute $166,667 monthly

12  pursuant to s. 288.1162 to each applicant that has been

13  certified as a "facility for a new professional sports

14  franchise" or a "facility for a retained professional sports

15  franchise" pursuant to s. 288.1162. Up to $41,667 shall be

16  distributed monthly by the department to each applicant that

17  has been certified as a "facility for a retained spring

18  training franchise" pursuant to s. 288.1162; however, not more

19  than $208,335 may be distributed monthly in the aggregate to

20  all certified facilities for a retained spring training

21  franchise. Distributions shall begin 60 days following such

22  certification and shall continue for not more than 30 years.

23  Nothing contained in this paragraph shall be construed to

24  allow an applicant certified pursuant to s. 288.1162 to

25  receive more in distributions than actually expended by the

26  applicant for the public purposes provided for in s.

27  288.1162(6). However, a certified applicant is entitled to

28  receive distributions up to the maximum amount allowable and

29  undistributed under this section for additional renovations

30  and improvements to the facility for the franchise without

31  additional certification.

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    Florida House of Representatives - 2002                 HB 1-E

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  1         c.  Beginning 30 days after notice by the Office of

  2  Tourism, Trade, and Economic Development to the Department of

  3  Revenue that an applicant has been certified as the

  4  professional golf hall of fame pursuant to s. 288.1168 and is

  5  open to the public, $166,667 shall be distributed monthly, for

  6  up to 300 months, to the applicant.

  7         d.  Beginning 30 days after notice by the Office of

  8  Tourism, Trade, and Economic Development to the Department of

  9  Revenue that the applicant has been certified as the

10  International Game Fish Association World Center facility

11  pursuant to s. 288.1169, and the facility is open to the

12  public, $83,333 shall be distributed monthly, for up to 168

13  months, to the applicant. This distribution is subject to

14  reduction pursuant to s. 288.1169.  A lump sum payment of

15  $999,996 shall be made, after certification and before July 1,

16  2000.

17         e.  Within 90 days after issuance of the annual

18  statement of donor credit by the Department of Revenue

19  certifying the amount to be paid to each corporation that is

20  due a purchase price refund or payment for sponsored research

21  pursuant to s. 288.1172, the department shall distribute such

22  amount to each corporation using proceeds as provided in this

23  subparagraph.

24         8.  All other proceeds shall remain with the General

25  Revenue Fund.

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

27  law.

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    Florida House of Representatives - 2002                 HB 1-E

    571-181D-02E






  1            *****************************************

  2                          HOUSE SUMMARY

  3
      Creates the New Product Transfer Enhancement Act.
  4    Provides for licensing of products or technologies by
      donor companies to receiving companies for production and
  5    marketing. Provides duties of such companies and the
      Department of Revenue. Provides that donor companies may
  6    be granted a credit which may be used to fund sponsored
      research at a state university, as reimbursement for the
  7    purchase of machinery, equipment, or building supplies
      used in a Florida manufacturing facility, or as a
  8    corporate income tax credit. Provides requirements for
      product development agreements. Requires receiving
  9    companies to file a corporate tax return and remit fees
      to the state in addition to any corporate income tax due.
10    Provides for application of administrative and penalty
      provisions of chapter 220, Florida Statutes.
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