| 1 | Representative(s) Sobel and Richardson offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Remove line(s) 666-700 and insert: |
| 5 | (5)(3) AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX |
| 6 | CREDITS; LIMITATIONS ON INDIVIDUAL AND TOTAL CREDITS.-- |
| 7 | (a) There is allowed a credit of 100 percent of an |
| 8 | eligible contribution against any tax due for a taxable year |
| 9 | under this chapter. However, such a credit may not exceed 75 |
| 10 | percent of the tax due under this chapter for the taxable year, |
| 11 | after the application of any other allowable credits by the |
| 12 | taxpayer. However, at least 5 percent of the total statewide |
| 13 | amount authorized for the tax credit shall be reserved for |
| 14 | taxpayers who meet the definition of a small business provided |
| 15 | in s. 288.703(1) at the time of application. The credit granted |
| 16 | by this section shall be reduced by the difference between the |
| 17 | amount of federal corporate income tax taking into account the |
| 18 | credit granted by this section and the amount of federal |
| 19 | corporate income tax without application of the credit granted |
| 20 | by this section. |
| 21 | (b) The total amount of tax credits and carryforward of |
| 22 | tax credits which may be granted each state fiscal year under |
| 23 | this section is $88 million. |
| 24 |
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| 25 | ================ T I T L E A M E N D M E N T ============= |
| 26 | Remove line(s) 36-39 and insert: |
| 27 | scholarship and restricting eligibility therefor; providing for |
| 28 | rescindment of tax credit |