Senate Bill sb2062

    Florida Senate - 2003                                  SB 2062

    By Senator Lee





    10-1064-03

  1                      A bill to be entitled

  2         An act relating to scholarship funding tax

  3         credits; amending s. 220.187, F.S.; increasing

  4         the total amount of tax credit which may be

  5         granted each state fiscal year; providing for

  6         the scholarship amounts awarded to be annually

  7         adjusted based on the percentage change in the

  8         Consumer Price Index; providing an effective

  9         date.

10  

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

12  

13         Section 1.  Paragraph (b) of subsection (3) and

14  paragraph (c) of subsection (4) of section 220.187, Florida

15  Statutes, are amended to read:

16         220.187  Credits for contributions to nonprofit

17  scholarship-funding organizations.--

18         (3)  AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX

19  CREDITS; LIMITATIONS ON INDIVIDUAL AND TOTAL CREDITS.--

20         (b)  The total amount of tax credit which may be

21  granted each state fiscal year under this section is $75 $50

22  million.

23         (4)  OBLIGATIONS OF ELIGIBLE NONPROFIT

24  SCHOLARSHIP-FUNDING ORGANIZATIONS.--

25         (c)  The amount of a scholarship provided to any child

26  for any single school year by all eligible nonprofit

27  scholarship-funding organizations from eligible contributions

28  shall not exceed the following annual limits:

29         1.  Beginning in the 2003-2004 school year, $3,500

30  Three thousand five hundred dollars for a scholarship awarded

31  to a student enrolled in an eligible nonpublic school. The

                                  1

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






    Florida Senate - 2003                                  SB 2062
    10-1064-03




 1  amount of the scholarship shall be adjusted annually based on

 2  the percentage change in the Consumer Price Index for the

 3  prior year.

 4         2.  Beginning in the 2003-2004 school year, $500 Five

 5  hundred dollars for a scholarship awarded to a student

 6  enrolled in a Florida public school that is located outside

 7  the district in which the student resides. The amount of the

 8  scholarship shall be adjusted annually based on the percentage

 9  change in the Consumer Price Index for the prior year.

10         Section 2.  This act shall take effect July 1, 2003.

11  

12            *****************************************

13                          SENATE SUMMARY

14    Increases from $50 million to $75 million the total
      amount of tax credit which may be granted each state
15    fiscal year for contributions to nonprofit
      scholarship-funding organizations. Requires that the
16    scholarship amounts be annually adjusted based on the
      percentage change in the Consumer Price Index.
17  

18  

19  

20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  2

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