1 | The Economic Development, Trade & Banking Committee recommends |
2 | the following: |
3 |
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4 | Council/Committee Substitute |
5 | Remove the entire bill and insert: |
6 | A bill to be entitled |
7 | An act relating to the community contribution tax credit |
8 | program; amending s. 212.08, F.S.; increasing the amount |
9 | of available annual community contribution tax credits; |
10 | requiring the Office of Tourism, Trade, and Economic |
11 | Development to reserve portions of certain annual tax |
12 | credits for donations made to eligible sponsors for |
13 | projects that provide homeownership opportunities for |
14 | certain households; providing requirements, criteria, and |
15 | limitations; extending an expiration date; amending s. |
16 | 220.03, F.S.; revising a definition to delete a provision |
17 | authorizing the office to reserve certain portions of |
18 | available annual tax credits for donations made to |
19 | eligible sponsors for projects that provide homeownership |
20 | opportunities for certain households; extending an |
21 | expiration date; amending s. 220.183, F.S.; increasing the |
22 | amount of available annual community contribution tax |
23 | credits; revising eligibility criteria; requiring the |
24 | Office of Tourism, Trade, and Economic Development to |
25 | reserve portions of certain annual tax credits for |
26 | donations made to eligible sponsors for projects that |
27 | provide homeownership opportunities for certain |
28 | households; providing requirements, criteria, and |
29 | limitations; extending an expiration date; amending s. |
30 | 624.5105, F.S.; increasing the amount of available annual |
31 | community contribution tax credits; limiting application |
32 | of certain retaliatory tax provisions under certain |
33 | circumstances; revising tax credit eligibility criteria; |
34 | requiring the Office of Tourism, Trade, and Economic |
35 | Development to reserve portions of certain annual tax |
36 | credits for donations made to eligible sponsors for |
37 | projects that provide homeownership opportunities for |
38 | certain households; providing requirements, criteria, and |
39 | limitations; extending an expiration date; providing an |
40 | effective date. |
41 |
|
42 | Be It Enacted by the Legislature of the State of Florida: |
43 |
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44 | Section 1. Paragraph (q) of subsection (5) of section |
45 | 212.08, Florida Statutes, is amended to read: |
46 | 212.08 Sales, rental, use, consumption, distribution, and |
47 | storage tax; specified exemptions.--The sale at retail, the |
48 | rental, the use, the consumption, the distribution, and the |
49 | storage to be used or consumed in this state of the following |
50 | are hereby specifically exempt from the tax imposed by this |
51 | chapter. |
52 | (5) EXEMPTIONS; ACCOUNT OF USE.-- |
53 | (q) Community contribution tax credit for donations.-- |
54 | 1. Authorization.--Beginning July 1, 2001, persons who are |
55 | registered with the department under s. 212.18 to collect or |
56 | remit sales or use tax and who make donations to eligible |
57 | sponsors are eligible for tax credits against their state sales |
58 | and use tax liabilities as provided in this paragraph: |
59 | a. The credit shall be computed as 50 percent of the |
60 | person's approved annual community contribution; |
61 | b. The credit shall be granted as a refund against state |
62 | sales and use taxes reported on returns and remitted in the 12 |
63 | months preceding the date of application to the department for |
64 | the credit as required in sub-subparagraph 3.c. If the annual |
65 | credit is not fully used through such refund because of |
66 | insufficient tax payments during the applicable 12-month period, |
67 | the unused amount may be included in an application for a refund |
68 | made pursuant to sub-subparagraph 3.c. in subsequent years |
69 | against the total tax payments made for such year. Carryover |
70 | credits may be applied for a 3-year period without regard to any |
71 | time limitation that would otherwise apply under s. 215.26; |
72 | c. No person shall receive more than $200,000 in annual |
73 | tax credits for all approved community contributions made in any |
74 | one year; |
75 | d. All proposals for the granting of the tax credit shall |
76 | require the prior approval of the Office of Tourism, Trade, and |
77 | Economic Development; |
78 | e. The total amount of tax credits which may be granted |
79 | for all programs approved under this paragraph, s. 220.183, and |
80 | s. 624.5105 is $15 $10 million annually; and |
81 | f. A person who is eligible to receive the credit provided |
82 | for in this paragraph, s. 220.183, or s. 624.5105 may receive |
83 | the credit only under the one section of the person's choice. |
84 | 2. Eligibility requirements.-- |
85 | a. A community contribution by a person must be in the |
86 | following form: |
87 | (I) Cash or other liquid assets; |
88 | (II) Real property; |
89 | (III) Goods or inventory; or |
90 | (IV) Other physical resources as identified by the Office |
91 | of Tourism, Trade, and Economic Development. |
92 | b. All community contributions must be reserved |
93 | exclusively for use in a project. As used in this sub- |
94 | subparagraph, the term "project" means any activity undertaken |
95 | by an eligible sponsor which is designed to construct, improve, |
96 | or substantially rehabilitate housing that is affordable to low- |
97 | income or very-low-income households as defined in s. |
98 | 420.9071(19) and (28); designed to provide commercial, |
99 | industrial, or public resources and facilities; or designed to |
100 | improve entrepreneurial and job-development opportunities for |
101 | low-income persons. A project may be the investment necessary to |
102 | increase access to high-speed broadband capability in rural |
103 | communities with enterprise zones, including projects that |
104 | result in improvements to communications assets that are owned |
105 | by a business. A project may include the provision of museum |
106 | educational programs and materials that are directly related to |
107 | any project approved between January 1, 1996, and December 31, |
108 | 1999, and located in an enterprise zone as referenced in s. |
109 | 290.00675. This paragraph does not preclude projects that |
110 | propose to construct or rehabilitate housing for low-income or |
111 | very-low-income households on scattered sites. The Office of |
112 | Tourism, Trade, and Economic Development may reserve up to 50 |
113 | percent of the available annual tax credits for housing for |
114 | very-low-income households pursuant to s. 420.9071(28) for the |
115 | first 6 months of the fiscal year. With respect to housing, |
116 | contributions may be used to pay the following eligible low- |
117 | income and very-low-income housing-related activities: |
118 | (I) Project development impact and management fees for |
119 | low-income or very-low-income housing projects; |
120 | (II) Down payment and closing costs for eligible persons, |
121 | as defined in s. 420.9071(19) and (28); |
122 | (III) Administrative costs, including housing counseling |
123 | and marketing fees, not to exceed 10 percent of the community |
124 | contribution, directly related to low-income or very-low-income |
125 | projects; and |
126 | (IV) Removal of liens recorded against residential |
127 | property by municipal, county, or special district local |
128 | governments when satisfaction of the lien is a necessary |
129 | precedent to the transfer of the property to an eligible person, |
130 | as defined in s. 420.9071(19) and (28), for the purpose of |
131 | promoting home ownership. Contributions for lien removal must be |
132 | received from a nonrelated third party. |
133 | c. The project must be undertaken by an "eligible |
134 | sponsor," which includes: |
135 | (I) A community action program; |
136 | (II) A nonprofit community-based development organization |
137 | whose mission is the provision of housing for low-income or |
138 | very-low-income households or increasing entrepreneurial and |
139 | job-development opportunities for low-income persons; |
140 | (III) A neighborhood housing services corporation; |
141 | (IV) A local housing authority created under chapter 421; |
142 | (V) A community redevelopment agency created under s. |
143 | 163.356; |
144 | (VI) The Florida Industrial Development Corporation; |
145 | (VII) A historic preservation district agency or |
146 | organization; |
147 | (VIII) A regional workforce board; |
148 | (IX) A direct-support organization as provided in s. |
149 | 1009.983; |
150 | (X) An enterprise zone development agency created under s. |
151 | 290.0056; |
152 | (XI) A community-based organization incorporated under |
153 | chapter 617 which is recognized as educational, charitable, or |
154 | scientific pursuant to s. 501(c)(3) of the Internal Revenue Code |
155 | and whose bylaws and articles of incorporation include |
156 | affordable housing, economic development, or community |
157 | development as the primary mission of the corporation; |
158 | (XII) Units of local government; |
159 | (XIII) Units of state government; or |
160 | (XIV) Any other agency that the Office of Tourism, Trade, |
161 | and Economic Development designates by rule. |
162 |
|
163 | In no event may a contributing person have a financial interest |
164 | in the eligible sponsor. |
165 | d. The project must be located in an area designated an |
166 | enterprise zone or a Front Porch Florida Community pursuant to |
167 | s. 20.18(6), unless the project increases access to high-speed |
168 | broadband capability for rural communities with enterprise zones |
169 | but is physically located outside the designated rural zone |
170 | boundaries. Any project designed to construct or rehabilitate |
171 | housing for low-income or very-low-income households as defined |
172 | in s. 420.0971(19) and (28) is exempt from the area requirement |
173 | of this sub-subparagraph. |
174 | e.(I) The Office of Tourism, Trade, and Economic |
175 | Development shall reserve 80 percent of the available annual tax |
176 | credits for donations made to eligible sponsors for projects |
177 | that provide homeownership opportunities for low-income or very- |
178 | low-income households as defined in s. 420.9071(19) and (28) for |
179 | the first 2 months of the fiscal year. If less than 80 percent |
180 | of the annual tax credits for donations made to eligible |
181 | sponsors for projects that provide homeownership opportunities |
182 | for low-income or very-low-income households are approved within |
183 | the first 2 months of the fiscal year, the office may approve |
184 | the balance of available credits for donations made to eligible |
185 | sponsors for projects other than those that provide |
186 | homeownership opportunities for low-income or very-low-income |
187 | households. |
188 | (II) The office shall reserve 20 percent of the available |
189 | annual tax credits for donations made to eligible sponsors for |
190 | projects other than those that provide homeownership |
191 | opportunities for low-income or very-low-income households as |
192 | defined in s. 420.9071(19) and (28) for the first 2 months of |
193 | the fiscal year. If less than 20 percent of the annual tax |
194 | credits for donations made to eligible sponsors for projects |
195 | other than those that provide homeownership opportunities for |
196 | low-income or very-low-income households are approved within the |
197 | first 2 months of the fiscal year, the office may approve the |
198 | balance of available credits for donations made to eligible |
199 | sponsors for projects that provide homeownership opportunities |
200 | for low-income or very-low-income households. |
201 | (III) If, during the first 10 business days of the state |
202 | fiscal year, tax credit applications are received for more than |
203 | 80 percent of available annual tax credits for approved projects |
204 | that provide homeownership opportunities for low-income or very- |
205 | low-income households, the office shall grant the tax credits |
206 | for such applications as follows: |
207 | (A) If tax credit applications submitted for approved |
208 | projects of an eligible sponsor do not exceed a total of |
209 | $200,000, the credits shall be granted in full if the tax credit |
210 | applications are approved and subject to the provisions of sub- |
211 | sub-subparagraph (I). |
212 | (B) If tax credit applications submitted for approved |
213 | projects of an eligible sponsor exceed a total of $200,000, the |
214 | amount of tax credits granted pursuant to sub-sub-sub- |
215 | subparagraph (A) shall be subtracted from the amount of |
216 | available tax credits pursuant to sub-sub-subparagraph (I), and |
217 | the remaining credits shall be granted to each approved tax |
218 | credit application on a pro rata basis. |
219 | (C) If, after the first 2 months of the fiscal year, |
220 | additional credits become available pursuant to sub-sub- |
221 | subparagraph (II), the office shall grant the tax credits by |
222 | first increasing the credit of those who received a pro rata |
223 | reduction and, if there are remaining credits, granting credits |
224 | to those who applied on or after the 11th business day of the |
225 | state fiscal year on a first-come, first-served basis. |
226 | (IV) If, during the first 10 business days of the state |
227 | fiscal year, tax credit applications are received for more than |
228 | 20 percent of available annual tax credits for approved projects |
229 | other than those that provide homeownership opportunities for |
230 | low-income or very-low-income households, the office shall grant |
231 | the tax credits to each approved tax credit application on a pro |
232 | rata basis. If, after the first 2 months of the fiscal year, |
233 | additional credits become available pursuant to sub-sub- |
234 | subparagraph (I), the office shall grant the tax credits by |
235 | first increasing the credit of those who received a pro rata |
236 | reduction and, if there are remaining credits, granting credits |
237 | to those who applied on or after the 11th business day of the |
238 | state fiscal year on a first-come, first-served basis. |
239 | 3. Application requirements.-- |
240 | a. Any eligible sponsor seeking to participate in this |
241 | program must submit a proposal to the Office of Tourism, Trade, |
242 | and Economic Development which sets forth the name of the |
243 | sponsor, a description of the project, and the area in which the |
244 | project is located, together with such supporting information as |
245 | is prescribed by rule. The proposal must also contain a |
246 | resolution from the local governmental unit in which the project |
247 | is located certifying that the project is consistent with local |
248 | plans and regulations. |
249 | b. Any person seeking to participate in this program must |
250 | submit an application for tax credit to the Office of Tourism, |
251 | Trade, and Economic Development which sets forth the name of the |
252 | sponsor, a description of the project, and the type, value, and |
253 | purpose of the contribution. The sponsor shall verify the terms |
254 | of the application and indicate its receipt of the contribution, |
255 | which verification must be in writing and accompany the |
256 | application for tax credit. The person must submit a separate |
257 | tax credit application to the office for each individual |
258 | contribution that it makes to each individual project. |
259 | c. Any person who has received notification from the |
260 | Office of Tourism, Trade, and Economic Development that a tax |
261 | credit has been approved must apply to the department to receive |
262 | the refund. Application must be made on the form prescribed for |
263 | claiming refunds of sales and use taxes and be accompanied by a |
264 | copy of the notification. A person may submit only one |
265 | application for refund to the department within any 12-month |
266 | period. |
267 | 4. Administration.-- |
268 | a. The Office of Tourism, Trade, and Economic Development |
269 | may adopt rules pursuant to ss. 120.536(1) and 120.54 necessary |
270 | to administer this paragraph, including rules for the approval |
271 | or disapproval of proposals by a person. |
272 | b. The decision of the Office of Tourism, Trade, and |
273 | Economic Development must be in writing, and, if approved, the |
274 | notification shall state the maximum credit allowable to the |
275 | person. Upon approval, the office shall transmit a copy of the |
276 | decision to the Department of Revenue. |
277 | c. The Office of Tourism, Trade, and Economic Development |
278 | shall periodically monitor all projects in a manner consistent |
279 | with available resources to ensure that resources are used in |
280 | accordance with this paragraph; however, each project must be |
281 | reviewed at least once every 2 years. |
282 | d. The Office of Tourism, Trade, and Economic Development |
283 | shall, in consultation with the Department of Community Affairs, |
284 | the Florida Housing Finance Corporation, and the statewide and |
285 | regional housing and financial intermediaries, market the |
286 | availability of the community contribution tax credit program to |
287 | community-based organizations. |
288 | 5. Expiration.--This paragraph expires June 30, 2015 2005; |
289 | however, any accrued credit carryover that is unused on that |
290 | date may be used until the expiration of the 3-year carryover |
291 | period for such credit. |
292 | Section 2. Paragraph (t) of subsection (1) of section |
293 | 220.03, Florida Statutes, is amended to read: |
294 | 220.03 Definitions.-- |
295 | (1) SPECIFIC TERMS.--When used in this code, and when not |
296 | otherwise distinctly expressed or manifestly incompatible with |
297 | the intent thereof, the following terms shall have the following |
298 | meanings: |
299 | (t) "Project" means any activity undertaken by an eligible |
300 | sponsor, as defined in s. 220.183(2)(c), which is designed to |
301 | construct, improve, or substantially rehabilitate housing that |
302 | is affordable to low-income or very-low-income households as |
303 | defined in s. 420.9071(19) and (28); designed to provide |
304 | commercial, industrial, or public resources and facilities; or |
305 | designed to improve entrepreneurial and job-development |
306 | opportunities for low-income persons. A project may be the |
307 | investment necessary to increase access to high-speed broadband |
308 | capability in rural communities with enterprise zones, including |
309 | projects that result in improvements to communications assets |
310 | that are owned by a business. A project may include the |
311 | provision of museum educational programs and materials that are |
312 | directly related to any project approved between January 1, |
313 | 1996, and December 31, 1999, and located in an enterprise zone |
314 | as referenced in s. 290.00675. This paragraph does not preclude |
315 | projects that propose to construct or rehabilitate low-income or |
316 | very-low-income housing on scattered sites. The Office of |
317 | Tourism, Trade, and Economic Development may reserve up to 50 |
318 | percent of the available annual tax credits under s. 220.181 for |
319 | housing for very-low-income households pursuant to s. |
320 | 420.9071(28) for the first 6 months of the fiscal year. With |
321 | respect to housing, contributions may be used to pay the |
322 | following eligible project-related activities: |
323 | 1. Project development, impact, and management fees for |
324 | low-income or very-low-income housing projects; |
325 | 2. Down payment and closing costs for eligible persons, as |
326 | defined in s. 420.9071(19) and (28); |
327 | 3. Administrative costs, including housing counseling and |
328 | marketing fees, not to exceed 10 percent of the community |
329 | contribution, directly related to low-income or very-low-income |
330 | projects; and |
331 | 4. Removal of liens recorded against residential property |
332 | by municipal, county, or special-district local governments when |
333 | satisfaction of the lien is a necessary precedent to the |
334 | transfer of the property to an eligible person, as defined in s. |
335 | 420.9071(19) and (28), for the purpose of promoting home |
336 | ownership. Contributions for lien removal must be received from |
337 | a nonrelated third party. |
338 |
|
339 | The provisions of this paragraph shall expire and be void on |
340 | June 30, 2015 2005. |
341 | Section 3. Paragraph (c) of subsection (1), paragraph (b) |
342 | of subsection (2), and subsection (5) of section 220.183, |
343 | Florida Statutes, are amended to read: |
344 | 220.183 Community contribution tax credit.-- |
345 | (1) AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX |
346 | CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM |
347 | SPENDING.-- |
348 | (c) The total amount of tax credit which may be granted |
349 | for all programs approved under this section, s. 212.08(5)(q), |
350 | and s. 624.5105 is $15 $10 million annually. |
351 | (2) ELIGIBILITY REQUIREMENTS.-- |
352 | (b)1. All community contributions must be reserved |
353 | exclusively for use in projects as defined in s. 220.03(1)(t). |
354 | 2. The Office of Tourism, Trade, and Economic Development |
355 | shall may reserve 80 up to 50 percent of the available annual |
356 | tax credits for housing for donations made to eligible sponsors |
357 | for projects that provide homeownership opportunities for low- |
358 | income or very-low-income households as defined in pursuant to |
359 | s. 420.9071(19) and (28) for the first 2 6 months of the fiscal |
360 | year. If less than 80 percent of the annual tax credits for |
361 | donations made to eligible sponsors for projects that provide |
362 | homeownership opportunities for low-income or very-low-income |
363 | households are approved within the first 2 months of the fiscal |
364 | year, the office may approve the balance of available credits |
365 | for donations made to eligible sponsors for projects other than |
366 | those that provide homeownership opportunities for low-income or |
367 | very-low-income households. |
368 | 3. The office shall reserve 20 percent of the available |
369 | annual tax credits for donations made to eligible sponsors for |
370 | projects other than those that provide homeownership |
371 | opportunities for low-income or very-low-income households as |
372 | defined in s. 420.9071(19) and (28) for the first 2 months of |
373 | the fiscal year. If less than 20 percent of the annual tax |
374 | credits for donations made to eligible sponsors for projects |
375 | other than those that provide homeownership opportunities for |
376 | low-income or very-low-income households are approved within the |
377 | first 2 months of the fiscal year, the office may approve the |
378 | balance of available credits for donations made to eligible |
379 | sponsors for projects that provide homeownership opportunities |
380 | for low-income or very-low-income households. |
381 | 4. If, during the first 10 business days of the state |
382 | fiscal year, tax credit applications are received for more than |
383 | 80 percent of available annual tax credits for approved projects |
384 | that provide homeownership opportunities for low-income or very- |
385 | low-income households, the office shall grant the tax credits to |
386 | such applications as follows: |
387 | a. If tax credit applications submitted for approved |
388 | projects of an eligible sponsor do not exceed a total of |
389 | $200,000, the credits shall be granted in full if the tax credit |
390 | applications are approved and subject to the provisions of |
391 | subparagraph 2. |
392 | b. If tax credit applications submitted for approved |
393 | projects of an eligible sponsor exceed a total of $200,000, the |
394 | amount of tax credits granted pursuant to sub-subparagraph a. |
395 | shall be subtracted from the amount of available tax credits |
396 | pursuant to subparagraph 2., and the remaining credits shall be |
397 | granted to each approved tax credit application on a pro rata |
398 | basis. |
399 | c. If, after the first 2 months of the fiscal year, |
400 | additional credits become available pursuant to subparagraph 3., |
401 | the office shall grant the tax credits by first increasing the |
402 | credit of those who received a pro rata reduction and, if there |
403 | are remaining credits, granting credits to those who applied on |
404 | or after the 11th business day of the state fiscal year on a |
405 | first-come, first-served basis. |
406 | 5. If, during the first 10 business days of the state |
407 | fiscal year, tax credit applications are received for more than |
408 | 20 percent of available annual tax credits for approved projects |
409 | other than those that provide homeownership opportunities for |
410 | low-income or very-low-income households, the office shall grant |
411 | the tax credits to each approved tax credit application on a pro |
412 | rata basis. If, after the first 2 months of the fiscal year, |
413 | additional credits become available pursuant to subparagraph 2., |
414 | the office shall grant the tax credits by first increasing the |
415 | credit of those who received a pro rata reduction and, if there |
416 | are remaining credits, granting credits to those who applied on |
417 | or after the 11th business day of the state fiscal year on a |
418 | first-come, first-served basis. |
419 | (5) EXPIRATION.--The provisions of this section, except |
420 | paragraph (1)(e), shall expire and be void on June 30, 2015 |
421 | 2005. |
422 | Section 4. Paragraph (c) of subsection (1) and subsection |
423 | (6) of section 624.5105, Florida Statutes, are amended, |
424 | paragraph (f) is added to subsection (1), and paragraph (e) is |
425 | added to subsection (2) of said section, to read: |
426 | 624.5105 Community contribution tax credit; authorization; |
427 | limitations; eligibility and application requirements; |
428 | administration; definitions; expiration.-- |
429 | (1) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.-- |
430 | (c) The total amount of tax credit which may be granted |
431 | for all programs approved under this section and ss. |
432 | 212.08(5)(q) and s. 220.183 is $15 $10 million annually. |
433 | (f) An insurer that claims a credit against premium tax |
434 | liability earned by making a community contribution under this |
435 | section need not pay any additional retaliatory tax levied under |
436 | s. 624.5091 as a result of claiming such a credit and s. |
437 | 624.5091 does not limit such a credit in any manner. |
438 | (2) ELIGIBILITY REQUIREMENTS.-- |
439 | (e)1. The Office of Tourism, Trade, and Economic |
440 | Development shall reserve 80 percent of the available annual tax |
441 | credits for donations made to eligible sponsors for projects |
442 | that provide homeownership opportunities for low-income or very- |
443 | low-income households as defined in s. 420.9071(19) and (28) for |
444 | the first 2 months of the fiscal year. If less than 80 percent |
445 | of the annual tax credits for donations made to eligible |
446 | sponsors for projects that provide homeownership opportunities |
447 | for low-income or very-low-income households are approved within |
448 | the first 2 months of the fiscal year, the office may approve |
449 | the balance of available credits for donations made to eligible |
450 | sponsors for projects other than those that provide |
451 | homeownership opportunities for low-income or very-low-income |
452 | households. |
453 | 2. The office shall reserve 20 percent of the available |
454 | annual tax credits for donations made to eligible sponsors for |
455 | projects other than those that provide homeownership |
456 | opportunities for low-income or very-low-income households as |
457 | defined in s. 420.9071(19) and (28) for the first 2 months of |
458 | the fiscal year. If less than 20 percent of the annual tax |
459 | credits for donations made to eligible sponsors for projects |
460 | other than those that provide homeownership opportunities for |
461 | low-income or very-low-income households are approved within the |
462 | first 2 months of the fiscal year, the office may approve the |
463 | balance of available credits for donations made to eligible |
464 | sponsors for projects that provide homeownership opportunities |
465 | for low-income or very-low-income households. |
466 | 3. If, during the first 10 business days of the state |
467 | fiscal year, tax credit applications are received for more than |
468 | 80 percent of available annual tax credits for approved projects |
469 | that provide homeownership opportunities for low-income or very- |
470 | low-income households, the office shall grant the tax credits |
471 | for such applications as follows: |
472 | a. If tax credit applications submitted for approved |
473 | projects of an eligible sponsor do not exceed a total of |
474 | $200,000, the credits shall be granted in full if the tax credit |
475 | applications are approved and subject to the provisions of |
476 | subparagraph 1. |
477 | b. If tax credit applications submitted for approved |
478 | projects of an eligible sponsor exceed a total of $200,000, the |
479 | amount of tax credits granted pursuant to sub-subparagraph a. |
480 | shall be subtracted from the amount of available tax credits |
481 | pursuant to subparagraph 1., and the remaining credits shall be |
482 | granted to each approved tax credit application on a pro rata |
483 | basis. |
484 | c. If, after the first 2 months of the fiscal year, |
485 | additional credits become available pursuant to subparagraph 2., |
486 | the office shall grant the tax credits by first increasing the |
487 | credit of those who received a pro rata reduction and, if there |
488 | are remaining credits, granting credits to those who applied on |
489 | or after the 11th business day of the state fiscal year on a |
490 | first-come, first-served basis. |
491 | 4. If, during the first 10 business days of the state |
492 | fiscal year, tax credit applications are received for more than |
493 | 20 percent of available annual tax credits for approved projects |
494 | other than those that provide homeownership opportunities for |
495 | low-income or very-low-income households, the office shall grant |
496 | the tax credits to each approved tax credit application on a pro |
497 | rata basis. If, after the first 2 months of the fiscal year, |
498 | additional credits become available pursuant to subparagraph 1., |
499 | the office shall grant the tax credits by first increasing the |
500 | credit of those who received a pro rata reduction and, if there |
501 | are remaining credits, granting credits to those who applied on |
502 | or after the 11th business day of the state fiscal year on a |
503 | first-come, first-served basis. |
504 | (6) EXPIRATION.--The provisions of this section, except |
505 | paragraph (1)(e), shall expire and be void on June 30, 2015 |
506 | 2005. |
507 | Section 5. This act shall take effect July 1, 2005. |