| 1 | Representative McInvale offered the following: |
| 2 |
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| 3 | Amendment (with title) |
| 4 | On page 54, between line(s) 2 and 3, insert: |
| 5 | Section 5. Section 220.1875, Florida Statutes, is created |
| 6 | to read: |
| 7 | 220.1875 Credits for contributions by public education |
| 8 | partners.-- |
| 9 | (1) PURPOSE.--The purpose of this section is to: |
| 10 | (a) Encourage private, voluntary contributions to public |
| 11 | schools to enhance educational opportunities for students. |
| 12 | (b) Encourage the formation of partnerships between |
| 13 | corporations and public schools. |
| 14 | (c) Enable public school students to achieve a greater |
| 15 | level of excellence in their education through contributions by |
| 16 | public education partners. |
| 17 | (2) DEFINITIONS.--As used in this section, the term: |
| 18 | (a) "Department" means the Department of Revenue. |
| 19 | (b) "Eligible contribution" means a monetary contribution |
| 20 | from a taxpayer to a public school, subject to the restrictions |
| 21 | provided in this section. The taxpayer making the contribution |
| 22 | may designate a specific public school or a specific program in |
| 23 | a public school as the beneficiary of the contribution. The |
| 24 | taxpayer may not contribute more than $5 million to any single |
| 25 | public school. |
| 26 | (3) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS ON |
| 27 | INDIVIDUAL AND TOTAL CREDITS.-- |
| 28 | (a) There is allowed a credit of 100 percent of an |
| 29 | eligible contribution against any tax due for a taxable year |
| 30 | under this chapter. However, such a credit may not exceed 75 |
| 31 | percent of the tax due under this chapter for the taxable year, |
| 32 | after the application of any other allowable credits by the |
| 33 | taxpayer. The credit granted by this section shall be reduced by |
| 34 | the difference between the amount of federal corporate income |
| 35 | tax taking into account the credit granted by this section and |
| 36 | the amount of federal corporate income tax without application |
| 37 | of the credit granted by this section. |
| 38 | (b) The total amount of tax credits and carryforward of |
| 39 | tax credits which may be granted each state fiscal year under |
| 40 | this section and s. 220.187 is $88 million, with an equal share |
| 41 | granted under each section. However, at least 1; percent of the |
| 42 | total statewide amount authorized for the tax credit shall be |
| 43 | reserved for taxpayers who meet the definition of a small |
| 44 | business provided in s. 288.703(1) at the time of application. |
| 45 | (c) 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) REQUIREMENTS.-- |
| 51 | (a) A public school that receives an eligible contribution |
| 52 | must spend 100 percent of the eligible contribution for the |
| 53 | purpose specified by the contributor. All interest accrued from |
| 54 | an eligible contribution must be used for the purpose specified |
| 55 | by the contributor. |
| 56 | (b) A public school that receives an eligible contribution |
| 57 | must maintain a separate account for the eligible contribution |
| 58 | and must annually provide to the district school board and the |
| 59 | Department of Education a financial accounting of the use of the |
| 60 | contribution. A public school shall budget wisely and use sound |
| 61 | financial practices in the use of an eligible contribution. |
| 62 | (c) Payment of an eligible contribution shall be made to a |
| 63 | public school through the district school board. |
| 64 | (d) An eligible contribution shall not replace, but shall |
| 65 | be supplemental to, funds provided by the state to public school |
| 66 | districts pursuant to chapter 1011. |
| 67 | (5) ADMINISTRATION; RULES.-- |
| 68 | (a) If the credit granted pursuant to this section is not |
| 69 | fully used in any one year because of insufficient tax liability |
| 70 | on the part of the corporation, the unused amount may be carried |
| 71 | forward for a period not to exceed 3 years; however, any |
| 72 | taxpayer that seeks to carry forward an unused amount of tax |
| 73 | credit must submit an application for allocation of tax credits |
| 74 | or carryforward credits as required in paragraph (b) in the year |
| 75 | that the taxpayer intends to use the carryforward. A taxpayer |
| 76 | may not convey, assign, or transfer the credit authorized by |
| 77 | this section to another entity unless all of the assets of the |
| 78 | taxpayer are conveyed, assigned, or transferred in the same |
| 79 | transaction. |
| 80 | (b) The department shall adopt rules pursuant to ss. |
| 81 | 120.536(1) and 120.54 for the administration of this section, |
| 82 | including rules establishing application forms and procedures |
| 83 | and rules governing the allocation of tax credits and |
| 84 | carryforward credits under this section. |
| 85 | (c) The State Board of Education shall adopt rules |
| 86 | pursuant to ss. 120.536(1) and 120.54 for the distribution and |
| 87 | use of contributions. |
| 88 | (d) The department and the Department of Education shall |
| 89 | develop a cooperative agreement to assist in the administration |
| 90 | of this section. |
| 91 |
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| 92 | ================= T I T L E A M E N D M E N T ================= |
| 93 | On page 10, line(s) 7, |
| 94 | After the semicolon, insert: |
| 95 | creating s. 220.1875, F.S.; providing purpose to encourage |
| 96 | contributions by corporations to public schools or public school |
| 97 | programs for which tax credit shall be given; providing |
| 98 | definitions; providing authorization to grant tax credits and |
| 99 | limitations on credits; providing public school requirements for |
| 100 | expenditure and accounting of funds; requiring eligible |
| 101 | contributions to be supplemental funds; providing for |
| 102 | administration and rulemaking; requiring a cooperative |
| 103 | agreement; |