Senate Bill sb0648

    Florida Senate - 2004                                   SB 648

    By Senator Fasano





    11-655-04

  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 - 2004                                   SB 648
    11-655-04




 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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10                          SENATE SUMMARY

11    Provides that no more than 50 percent of the available
      annual community contribution tax credits may be granted
12    for low-income and very-low-income households, under
      certain conditions, in order to be eligible for such a
13    tax credit.

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