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A bill to be entitled |
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An act relating to credits for contributions to nonprofit |
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scholarship-funding organizations; amending s. 220.187, |
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F.S.; increasing the total amount of tax credit and |
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carryforward of tax credit which may be granted each state |
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fiscal year; requiring parental notification to the school |
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district; allowing tax credits to be carried forward; |
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providing procedures; providing for construction of the |
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act in pari materia with laws enacted during the 2003 |
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Regular Session of the Legislature; providing an effective |
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date. |
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Be It Enacted by the Legislature of the State of Florida: |
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Section 1. Paragraph (b) of subsection (3) and paragraphs |
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(a) and (d) of present subsection (6) of section 220.187, |
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Florida Statutes, are amended, present subsections (5), (6), and |
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(7) of that section are redesignated as subsections (6), (7), |
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and (8), respectively, and a new subsection (5) is added to that |
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section, to read: |
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220.187 Credits for contributions to nonprofit |
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scholarship-funding organizations.-- |
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(3) AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX |
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CREDITS; LIMITATIONS ON INDIVIDUAL AND TOTAL CREDITS.-- |
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(b) The total amount of tax credits and carryforward of |
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tax creditscreditwhich may be granted each state fiscal year |
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under this section is $88$50million. |
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(5) PARENT OBLIGATIONS.--As a condition for scholarship |
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payment pursuant to paragraph (4)(g), if the parent chooses for |
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his or her child to attend an eligible nonpublic school, the |
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parent must inform the child's school district within 15 days |
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after such decision.
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(7)(6)ADMINISTRATION; RULES.-- |
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(a) If the credit granted pursuant to this section is not |
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fully used in any one year because of insufficient tax liability |
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on the part of the corporation, the unused amount may notbe |
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carried forward for a period not to exceed 3 years; however, any |
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taxpayer that seeks to carry forward an unused amount of tax |
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credit must submit an application for allocation of tax credits |
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or carryforward credits as required in paragraph (d) in the year |
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that the taxpayer intends to use the carryforward. The total |
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amount of tax credits and carryforward of tax credits granted |
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each state fiscal year under this section is $88 million. This |
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carryforward applies to all approved contributions made after |
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January 1, 2002. A taxpayer may not convey, assign, or transfer |
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the credit authorized by this section to another entity unless |
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all of the assets of the taxpayer are conveyed, assigned, or |
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transferred in the same transaction. |
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(d) The department shall adopt rules necessary to |
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administer this section, including rules establishing |
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application forms and procedures and governing the allocation of |
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tax credits and carryforward creditsunder this section on a |
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first-come, first-served basis. |
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Section 2. If any law amended by this act was also amended |
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by a law enacted at the 2003 Regular Session of the Legislature, |
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such laws shall be construed as if they had been enacted at the |
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same session of the Legislature, and full effect shall be given |
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to each if possible. |
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Section 3. This act shall take effect July 1, 2003. |