HB 0219 2004
1	A bill to be entitled
2	An act relating to the corporate income tax; creating s.
3	220.192, F.S.; providing legislative purpose; providing
4	definitions; providing a credit against the corporate
5	income tax for contributions to certain nonprofit cultural
6	organizations; providing limitations on individual
7	credits; providing for administration by the Department of
8	Revenue and the Division of Cultural Affairs of the
9	Department of State; requiring the department and the
10	division to adopt rules; providing an effective date.
11
12	Be It Enacted by the Legislature of the State of Florida:
13
14	Section 1. Section 220.192, Florida Statutes, is created
15	to read:
16	220.192 Credits for contributions to nonprofit cultural
17	organizations.--
18	(1) PURPOSE.--The purpose of this section is to encourage
19	private, voluntary contributions to organizations that promote
20	cultural activities, by encouraging the talents of creative
21	individuals or by helping to provide an audience for cultural
22	activities.
23	(2) DEFINITIONS.--As used in this section:
24	(a) "Cultural" means the disciplines of dance, music,
25	theater, visual arts, literature, and media arts,
26	interdisciplinary and multidisciplinary, and programs of
27	museums.
28	(b) "Department" means the Department of Revenue.
29	(c) "Eligible contribution" means a monetary contribution
30	from a taxpayer, subject to the restrictions provided in this
31	section, to an eligible cultural organization.
32	(d) "Eligible cultural organization" means a nonprofit
33	cultural organization that is exempt from federal income tax
34	under s. 501(c)(3) of the Internal Revenue Code of 1986, as
35	amended, and that is engaged in cultural activities.
36	(3) AUTHORIZATION TO GRANT CULTURAL ORGANIZATIONS TAX
37	CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS.--
38	(a) There is allowed a credit of 50 percent of the amount
39	of an eligible contribution, which contribution is in the amount
40	of $60,000 or more, against any tax due for a taxable year under
41	this chapter. However, such credit is inapplicable to any
42	corporation after the aggregate amount of the contributions to
43	such organizations given by such corporation in any single
44	taxable year exceeds $600,000.
45	(b) A taxpayer who files a Florida consolidated return as
46	a member of an affiliated group pursuant to s. 220.131(1) may be
47	allowed the credit on a consolidated return basis; however, the
48	total credit taken by the affiliated group is subject to the
49	limitation established under paragraph (a).
50	(4) ADMINISTRATION; RULES.--
51	(a) If the credit granted under this section is not fully
52	used in any single year, the unused amount may not be carried
53	forward. A taxpayer may not convey, assign, or transfer the
54	credit authorized by this section to another entity unless all
55	of the assets of the taxpayer are conveyed, assigned, or
56	transferred in the same transaction.
57	(b) An application for a tax credit pursuant to this
58	section shall be submitted to the department on forms
59	established by rule of the department.
60	(c) The department and the Division of Cultural Affairs of
61	the Department of State shall develop a cooperative agreement to
62	assist in the administration of this section.
63	(d)1 The department shall adopt rules necessary to
64	administer this section, including rules establishing
65	application forms and procedures.
66	2. The division shall adopt rules necessary to determine
67	the eligibility of nonprofit cultural organizations.
68	Section 2. This act shall take effect July 1, 2004.