Senate Bill sb1828

    Florida Senate - 2003                                  SB 1828

    By Senator Fasano





    11-1126A-03

  1                      A bill to be entitled

  2         An act relating to community contribution tax

  3         credit; amending s. 220.183, F.S.; requiring

  4         that no more than 50 percent of the available

  5         annual tax credits may be granted for

  6         very-low-income households in order to be

  7         eligible for a community contribution tax

  8         credit; providing an effective date.

  9

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

11

12         Section 1.  Paragraph (b) of subsection (2) of section

13  220.183, Florida Statutes, is amended to read:

14         220.183  Community contribution tax credit.--

15         (2)  ELIGIBILITY REQUIREMENTS.--

16         (b)  All community contributions must be reserved

17  exclusively for use in projects as defined in s. 220.03(1)(t).

18  No more than 50 percent of the available annual tax credits

19  may be granted for very-low-income households under s.

20  420.9071(28). The Office of Tourism, Trade, and Economic

21  Development may reserve up to 50 percent of the available

22  annual tax credits for housing for very-low-income households

23  pursuant to s. 420.9071(28) for the first 6 months of the

24  fiscal year.

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

26  law.

27

28            *****************************************

29                          SENATE SUMMARY

30    Requires that no more than 50 percent of the available
      annual tax credits may be granted for very-low-income
31    households in order to be eligible for a community
      contribution tax credit.
                                  1

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