Senate Bill sb1828c1

    Florida Senate - 2003                           CS for SB 1828

    By the Committee on Comprehensive Planning; and Senator Fasano





    316-2063-03

  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         low-income and very-low-income households,

  7         under certain conditions, in order to be

  8         eligible for a community contribution tax

  9         credit; providing an effective date.

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

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

14  220.183, Florida Statutes, is amended, to read:

15         220.183  Community contribution tax credit.--

16         (2)  ELIGIBILITY REQUIREMENTS.--

17         (b)1.  All community contributions must be reserved

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

19  The Office of Tourism, Trade, and Economic Development may

20  reserve up to 50 percent of the available annual tax credits

21  for housing for very-low-income households pursuant to s.

22  420.9071(28) for the first 6 months of the fiscal year.

23         2.  Within the first 6 months of the fiscal year, no

24  more than 50 percent of the annual tax credits may be approved

25  for donations made to approved sponsors for projects that

26  provide housing for low-income or very-low-income households

27  as defined in s. 420.9071(19) and (28).

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29  If less than 50 percent of the annual tax credits for

30  donations made to approved sponsors for projects other than

31  those for low-income or very-low-income households are

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    Florida Senate - 2003                           CS for SB 1828
    316-2063-03




 1  approved within the first 6 months of the fiscal year, the

 2  Office of Tourism, Trade, and Economic Development may approve

 3  the balance of tax credits for donations made to approved

 4  sponsors for projects that provide housing for low-income or

 5  very-low-income households.

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

 7  law.

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 9          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
10                         Senate Bill 1828

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12  The Committee Substitute differs from the bill as filed in
    that it requires that no more than 50 percent of available
13  community contribution tax credits may be granted to
    businesses contributing to qualified entities constructing or
14  rehabilitating low and very-low-income housing. However, if
    businesses contributing to qualified non-housing entities do
15  not claim the credits within the first 6 months of the fiscal
    year, the credits become available for businesses contributing
16  for qualified housing programs.

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