Senate Bill sb0668

    Florida Senate - 2004                                   SB 668

    By Senator Margolis





    35-254A-04

  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         creating s. 220.192, F.S.; providing a tax

  4         credit for donations to the Cultural

  5         Institutions Trust Fund; providing that the

  6         unused amount of a credit may not be carried

  7         forward; prohibiting conveying, assigning, or

  8         transferring the credit to another entity

  9         except as specified; providing application

10         procedures; providing for rulemaking by the

11         Department of Revenue; providing an effective

12         date.

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

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16         Section 1.  Section 220.192, Florida Statutes, is

17  created to read:

18         220.192  Cultural contributions tax credit.--

19         (1)  A credit in the amount of 50 percent of a

20  contribution to the Cultural Institutions Trust Fund is

21  allowed against any tax due for a taxable year under this

22  chapter.

23         (2)(a)  If the credit granted under this section is not

24  fully used in any one year, the unused amount may not be

25  carried forward. A taxpayer may not convey, assign, or

26  transfer the credit authorized by this section to another

27  entity unless all of the assets of the taxpayer are conveyed,

28  assigned, or transferred in the same transaction.

29         (b)  An application for a tax credit under this section

30  shall be submitted to the department on forms established by

31  rule of the department.

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    Florida Senate - 2004                                   SB 668
    35-254A-04




 1         (c)  The department shall adopt rules necessary to

 2  administer this section.

 3         Section 2.  This act shall take effect July 1, 2004.

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 6                          SENATE SUMMARY

 7    Creates the cultural contributions tax credit against the
      corporate income tax for donations to the Cultural
 8    Institutions Trust Fund. Provides that the unused amount
      of a credit may not be carried forward. Prohibits
 9    conveying, assigning, or transferring the credit to
      another entity except as specified. Provides application
10    procedures. Provides for rulemaking by the Department of
      Revenue.
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