| 1 | The Finance & Tax Committee recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to the community contribution tax credit |
| 7 | program; amending s. 212.08, F.S.; increasing the amount |
| 8 | of available annual community contribution tax credits; |
| 9 | requiring the Office of Tourism, Trade, and Economic |
| 10 | Development to reserve portions of certain annual tax |
| 11 | credits for donations made to eligible sponsors for |
| 12 | projects that provide homeownership opportunities for |
| 13 | certain households; providing requirements, criteria, and |
| 14 | limitations; extending an expiration date; amending s. |
| 15 | 220.03, F.S.; revising a definition to delete a provision |
| 16 | authorizing the office to reserve certain portions of |
| 17 | available annual tax credits for donations made to |
| 18 | eligible sponsors for projects that provide homeownership |
| 19 | opportunities for certain households; extending an |
| 20 | expiration date; amending s. 220.183, F.S.; increasing the |
| 21 | amount of available annual community contribution tax |
| 22 | credits; revising eligibility criteria; requiring the |
| 23 | Office of Tourism, Trade, and Economic Development to |
| 24 | reserve portions of certain annual tax credits for |
| 25 | donations made to eligible sponsors for projects that |
| 26 | provide homeownership opportunities for certain |
| 27 | households; providing requirements, criteria, and |
| 28 | limitations; extending an expiration date; amending s. |
| 29 | 624.5105, F.S.; increasing the amount of available annual |
| 30 | community contribution tax credits; limiting application |
| 31 | of certain retaliatory tax provisions under certain |
| 32 | circumstances; revising tax credit eligibility criteria; |
| 33 | requiring the Office of Tourism, Trade, and Economic |
| 34 | Development to reserve portions of certain annual tax |
| 35 | credits for donations made to eligible sponsors for |
| 36 | projects that provide homeownership opportunities for |
| 37 | certain households; providing requirements, criteria, and |
| 38 | limitations; extending an expiration date; providing an |
| 39 | effective date. |
| 40 |
|
| 41 | Be It Enacted by the Legislature of the State of Florida: |
| 42 |
|
| 43 | Section 1. Paragraph (q) of subsection (5) of section |
| 44 | 212.08, Florida Statutes, is amended to read: |
| 45 | 212.08 Sales, rental, use, consumption, distribution, and |
| 46 | storage tax; specified exemptions.--The sale at retail, the |
| 47 | rental, the use, the consumption, the distribution, and the |
| 48 | storage to be used or consumed in this state of the following |
| 49 | are hereby specifically exempt from the tax imposed by this |
| 50 | chapter. |
| 51 | (5) EXEMPTIONS; ACCOUNT OF USE.-- |
| 52 | (q) Community contribution tax credit for donations.-- |
| 53 | 1. Authorization.--Beginning July 1, 2001, persons who are |
| 54 | registered with the department under s. 212.18 to collect or |
| 55 | remit sales or use tax and who make donations to eligible |
| 56 | sponsors are eligible for tax credits against their state sales |
| 57 | and use tax liabilities as provided in this paragraph: |
| 58 | a. The credit shall be computed as 50 percent of the |
| 59 | person's approved annual community contribution; |
| 60 | b. The credit shall be granted as a refund against state |
| 61 | sales and use taxes reported on returns and remitted in the 12 |
| 62 | months preceding the date of application to the department for |
| 63 | the credit as required in sub-subparagraph 3.c. If the annual |
| 64 | credit is not fully used through such refund because of |
| 65 | insufficient tax payments during the applicable 12-month period, |
| 66 | the unused amount may be included in an application for a refund |
| 67 | made pursuant to sub-subparagraph 3.c. in subsequent years |
| 68 | against the total tax payments made for such year. Carryover |
| 69 | credits may be applied for a 3-year period without regard to any |
| 70 | time limitation that would otherwise apply under s. 215.26; |
| 71 | c. A No person may not shall receive more than $200,000 in |
| 72 | annual tax credits for all approved community contributions made |
| 73 | in any one year; |
| 74 | d. All proposals for the granting of the tax credit shall |
| 75 | require the prior approval of the Office of Tourism, Trade, and |
| 76 | Economic Development; |
| 77 | e. The total amount of tax credits which may be granted |
| 78 | for all programs approved under this paragraph, s. 220.183, and |
| 79 | s. 624.5105 is $12 $10 million annually; and |
| 80 | f. A person who is eligible to receive the credit provided |
| 81 | for in this paragraph, s. 220.183, or s. 624.5105 may receive |
| 82 | the credit only under the one section of the person's choice. |
| 83 | 2. Eligibility requirements.-- |
| 84 | a. A community contribution by a person must be in the |
| 85 | following form: |
| 86 | (I) Cash or other liquid assets; |
| 87 | (II) Real property; |
| 88 | (III) Goods or inventory; or |
| 89 | (IV) Other physical resources as identified by the Office |
| 90 | of Tourism, Trade, and Economic Development. |
| 91 | b. All community contributions must be reserved |
| 92 | exclusively for use in a project. As used in this sub- |
| 93 | subparagraph, the term "project" means any activity undertaken |
| 94 | by an eligible sponsor which is designed to construct, improve, |
| 95 | or substantially rehabilitate housing that is affordable to low- |
| 96 | income or very-low-income households as defined in s. |
| 97 | 420.9071(19) and (28); designed to provide commercial, |
| 98 | industrial, or public resources and facilities; or designed to |
| 99 | improve entrepreneurial and job-development opportunities for |
| 100 | low-income persons. A project may be the investment necessary to |
| 101 | increase access to high-speed broadband capability in rural |
| 102 | communities with enterprise zones, including projects that |
| 103 | result in improvements to communications assets that are owned |
| 104 | by a business. A project may include the provision of museum |
| 105 | educational programs and materials that are directly related to |
| 106 | any project approved between January 1, 1996, and December 31, |
| 107 | 1999, and located in an enterprise zone as referenced in s. |
| 108 | 290.00675. This paragraph does not preclude projects that |
| 109 | propose to construct or rehabilitate housing for low-income or |
| 110 | very-low-income households on scattered sites. The Office of |
| 111 | Tourism, Trade, and Economic Development may reserve up to 50 |
| 112 | percent of the available annual tax credits for housing for |
| 113 | very-low-income households pursuant to s. 420.9071(28) for the |
| 114 | first 6 months of the fiscal year. With respect to housing, |
| 115 | contributions may be used to pay the following eligible low- |
| 116 | income and very-low-income housing-related activities: |
| 117 | (I) Project development impact and management fees for |
| 118 | low-income or very-low-income housing projects; |
| 119 | (II) Down payment and closing costs for eligible persons, |
| 120 | as defined in s. 420.9071(19) and (28); |
| 121 | (III) Administrative costs, including housing counseling |
| 122 | and marketing fees, not to exceed 10 percent of the community |
| 123 | contribution, directly related to low-income or very-low-income |
| 124 | projects; and |
| 125 | (IV) Removal of liens recorded against residential |
| 126 | property by municipal, county, or special district local |
| 127 | governments when satisfaction of the lien is a necessary |
| 128 | precedent to the transfer of the property to an eligible person, |
| 129 | as defined in s. 420.9071(19) and (28), for the purpose of |
| 130 | promoting home ownership. Contributions for lien removal must be |
| 131 | received from a nonrelated third party. |
| 132 | c. The project must be undertaken by an "eligible |
| 133 | sponsor," which includes: |
| 134 | (I) A community action program; |
| 135 | (II) A nonprofit community-based development organization |
| 136 | whose mission is the provision of housing for low-income or |
| 137 | very-low-income households or increasing entrepreneurial and |
| 138 | job-development opportunities for low-income persons; |
| 139 | (III) A neighborhood housing services corporation; |
| 140 | (IV) A local housing authority created under chapter 421; |
| 141 | (V) A community redevelopment agency created under s. |
| 142 | 163.356; |
| 143 | (VI) The Florida Industrial Development Corporation; |
| 144 | (VII) A historic preservation district agency or |
| 145 | organization; |
| 146 | (VIII) A regional workforce board; |
| 147 | (IX) A direct-support organization as provided in s. |
| 148 | 1009.983; |
| 149 | (X) An enterprise zone development agency created under s. |
| 150 | 290.0056; |
| 151 | (XI) A community-based organization incorporated under |
| 152 | chapter 617 which is recognized as educational, charitable, or |
| 153 | scientific pursuant to s. 501(c)(3) of the Internal Revenue Code |
| 154 | and whose bylaws and articles of incorporation include |
| 155 | affordable housing, economic development, or community |
| 156 | development as the primary mission of the corporation; |
| 157 | (XII) Units of local government; |
| 158 | (XIII) Units of state government; or |
| 159 | (XIV) Any other agency that the Office of Tourism, Trade, |
| 160 | and Economic Development designates by rule. |
| 161 |
|
| 162 | In no event may a contributing person have a financial interest |
| 163 | in the eligible sponsor. |
| 164 | d. The project must be located in an area designated an |
| 165 | enterprise zone or a Front Porch Florida Community pursuant to |
| 166 | s. 20.18(6), unless the project increases access to high-speed |
| 167 | broadband capability for rural communities with enterprise zones |
| 168 | but is physically located outside the designated rural zone |
| 169 | boundaries. Any project designed to construct or rehabilitate |
| 170 | housing for low-income or very-low-income households as defined |
| 171 | in s. 420.0971(19) and (28) is exempt from the area requirement |
| 172 | of this sub-subparagraph. |
| 173 | e.(I) The Office of Tourism, Trade, and Economic |
| 174 | Development shall reserve 80 percent of the available annual tax |
| 175 | credits for donations made to eligible sponsors for projects |
| 176 | that provide homeownership opportunities for low-income or very- |
| 177 | low-income households as defined in s. 420.9071(19) and (28) for |
| 178 | the first 6 months of the fiscal year. If less than 80 percent |
| 179 | of the annual tax credits for donations made to eligible |
| 180 | sponsors for projects that provide homeownership opportunities |
| 181 | for low-income or very-low-income households are approved within |
| 182 | the first 6 months of the fiscal year, the office may approve |
| 183 | the balance of available credits for donations made to eligible |
| 184 | sponsors for projects other than those that provide |
| 185 | homeownership opportunities for low-income or very-low-income |
| 186 | households. |
| 187 | (II) The office shall reserve 20 percent of the available |
| 188 | annual tax credits for donations made to eligible sponsors for |
| 189 | projects other than those that provide homeownership |
| 190 | opportunities for low-income or very-low-income households as |
| 191 | defined in s. 420.9071(19) and (28) for the first 6 months of |
| 192 | the fiscal year. If less than 20 percent of the annual tax |
| 193 | credits for donations made to eligible sponsors for projects |
| 194 | other than those that provide homeownership opportunities for |
| 195 | low-income or very-low-income households are approved within the |
| 196 | first 6 months of the fiscal year, the office may approve the |
| 197 | balance of available credits for donations made to eligible |
| 198 | sponsors for projects that provide homeownership opportunities |
| 199 | for low-income or very-low-income households. |
| 200 | (III) If, during the first 10 business days of the state |
| 201 | fiscal year, tax credit applications are received for less than |
| 202 | 80 percent of available annual tax credits for approved projects |
| 203 | that provide homeownership opportunities for low-income or very- |
| 204 | low-income households, the office shall grant tax credits for |
| 205 | those applications and shall grant remaining tax credits on a |
| 206 | first-come, first-served basis for any subsequent applications |
| 207 | for such projects received before the end of the first 6 months |
| 208 | of the state fiscal year. If, during the first 10 business days |
| 209 | of the state fiscal year, tax credit applications are received |
| 210 | for more than 80 percent of available annual tax credits for |
| 211 | approved projects that provide homeownership opportunities for |
| 212 | low-income or very-low-income households, the office shall grant |
| 213 | the tax credits for such applications as follows: |
| 214 | (A) If tax credit applications submitted for approved |
| 215 | projects of an eligible sponsor do not exceed $200,000 in total, |
| 216 | the credits shall be granted in full if the tax credit |
| 217 | applications are approved, subject to the provisions of sub-sub- |
| 218 | subparagraph (I). |
| 219 | (B) If tax credit applications submitted for approved |
| 220 | projects of an eligible sponsor exceed $200,000 in total, the |
| 221 | amount of tax credits granted pursuant to sub-sub-sub- |
| 222 | subparagraph (A) shall be subtracted from the amount of |
| 223 | available tax credits pursuant to sub-sub-subparagraph (I), and |
| 224 | the remaining credits shall be granted to each approved tax |
| 225 | credit application on a pro rata basis. |
| 226 | (C) If, after the first 6 months of the fiscal year, |
| 227 | additional credits become available pursuant to sub-sub- |
| 228 | subparagraph (II), the office shall grant the tax credits by |
| 229 | first granting to those who received a pro rata reduction up to |
| 230 | the full amount of their request and, if there are remaining |
| 231 | credits, granting credits to those who applied on or after the |
| 232 | 11th business day of the state fiscal year on a first-come, |
| 233 | first-served basis. |
| 234 | (IV) If, during the first 10 business days of the state |
| 235 | fiscal year, tax credit applications are received for less than |
| 236 | 20 percent of available annual tax credits for approved projects |
| 237 | other than those that provide homeownership opportunities for |
| 238 | low-income or very-low-income households, the office shall grant |
| 239 | tax credits for those applications and shall grant remaining tax |
| 240 | credits on a first-come, first-served basis for any subsequent |
| 241 | applications for such projects received before the end of the |
| 242 | first 6 months of the state fiscal year. If, during the first 10 |
| 243 | business days of the state fiscal year, tax credit applications |
| 244 | are received for more than 20 percent of available annual tax |
| 245 | credits for approved projects other than those that provide |
| 246 | homeownership opportunities for low-income or very-low-income |
| 247 | households, the office shall grant the tax credits to each |
| 248 | approved tax credit application on a pro rata basis. If, after |
| 249 | the first 6 months of the fiscal year, additional credits become |
| 250 | available pursuant to sub-sub-subparagraph (I), the office shall |
| 251 | grant the tax credits by first granting to those who received a |
| 252 | pro rata reduction up to the full amount of their request and, |
| 253 | if there are remaining credits, granting credits to those who |
| 254 | applied on or after the 11th business day of the state fiscal |
| 255 | year on a first-come, first-served basis. |
| 256 | 3. Application requirements.-- |
| 257 | a. Any eligible sponsor seeking to participate in this |
| 258 | program must submit a proposal to the Office of Tourism, Trade, |
| 259 | and Economic Development which sets forth the name of the |
| 260 | sponsor, a description of the project, and the area in which the |
| 261 | project is located, together with such supporting information as |
| 262 | is prescribed by rule. The proposal must also contain a |
| 263 | resolution from the local governmental unit in which the project |
| 264 | is located certifying that the project is consistent with local |
| 265 | plans and regulations. |
| 266 | b. Any person seeking to participate in this program must |
| 267 | submit an application for tax credit to the Office of Tourism, |
| 268 | Trade, and Economic Development which sets forth the name of the |
| 269 | sponsor, a description of the project, and the type, value, and |
| 270 | purpose of the contribution. The sponsor shall verify the terms |
| 271 | of the application and indicate its receipt of the contribution, |
| 272 | which verification must be in writing and accompany the |
| 273 | application for tax credit. The person must submit a separate |
| 274 | tax credit application to the office for each individual |
| 275 | contribution that it makes to each individual project. |
| 276 | c. Any person who has received notification from the |
| 277 | Office of Tourism, Trade, and Economic Development that a tax |
| 278 | credit has been approved must apply to the department to receive |
| 279 | the refund. Application must be made on the form prescribed for |
| 280 | claiming refunds of sales and use taxes and be accompanied by a |
| 281 | copy of the notification. A person may submit only one |
| 282 | application for refund to the department within any 12-month |
| 283 | period. |
| 284 | 4. Administration.-- |
| 285 | a. The Office of Tourism, Trade, and Economic Development |
| 286 | may adopt rules pursuant to ss. 120.536(1) and 120.54 necessary |
| 287 | to administer this paragraph, including rules for the approval |
| 288 | or disapproval of proposals by a person. |
| 289 | b. The decision of the Office of Tourism, Trade, and |
| 290 | Economic Development must be in writing, and, if approved, the |
| 291 | notification shall state the maximum credit allowable to the |
| 292 | person. Upon approval, the office shall transmit a copy of the |
| 293 | decision to the Department of Revenue. |
| 294 | c. The Office of Tourism, Trade, and Economic Development |
| 295 | shall periodically monitor all projects in a manner consistent |
| 296 | with available resources to ensure that resources are used in |
| 297 | accordance with this paragraph; however, each project must be |
| 298 | reviewed at least once every 2 years. |
| 299 | d. The Office of Tourism, Trade, and Economic Development |
| 300 | shall, in consultation with the Department of Community Affairs, |
| 301 | the Florida Housing Finance Corporation, and the statewide and |
| 302 | regional housing and financial intermediaries, market the |
| 303 | availability of the community contribution tax credit program to |
| 304 | community-based organizations. |
| 305 | 5. Expiration.--This paragraph expires June 30, 2015 2005; |
| 306 | however, any accrued credit carryover that is unused on that |
| 307 | date may be used until the expiration of the 3-year carryover |
| 308 | period for such credit. |
| 309 | Section 2. Paragraph (t) of subsection (1) of section |
| 310 | 220.03, Florida Statutes, is amended to read: |
| 311 | 220.03 Definitions.-- |
| 312 | (1) SPECIFIC TERMS.--When used in this code, and when not |
| 313 | otherwise distinctly expressed or manifestly incompatible with |
| 314 | the intent thereof, the following terms shall have the following |
| 315 | meanings: |
| 316 | (t) "Project" means any activity undertaken by an eligible |
| 317 | sponsor, as defined in s. 220.183(2)(c), which is designed to |
| 318 | construct, improve, or substantially rehabilitate housing that |
| 319 | is affordable to low-income or very-low-income households as |
| 320 | defined in s. 420.9071(19) and (28); designed to provide |
| 321 | commercial, industrial, or public resources and facilities; or |
| 322 | designed to improve entrepreneurial and job-development |
| 323 | opportunities for low-income persons. A project may be the |
| 324 | investment necessary to increase access to high-speed broadband |
| 325 | capability in rural communities with enterprise zones, including |
| 326 | projects that result in improvements to communications assets |
| 327 | that are owned by a business. A project may include the |
| 328 | provision of museum educational programs and materials that are |
| 329 | directly related to any project approved between January 1, |
| 330 | 1996, and December 31, 1999, and located in an enterprise zone |
| 331 | as referenced in s. 290.00675. This paragraph does not preclude |
| 332 | projects that propose to construct or rehabilitate low-income or |
| 333 | very-low-income housing on scattered sites. The Office of |
| 334 | Tourism, Trade, and Economic Development may reserve up to 50 |
| 335 | percent of the available annual tax credits under s. 220.181 for |
| 336 | housing for very-low-income households pursuant to s. |
| 337 | 420.9071(28) for the first 6 months of the fiscal year. With |
| 338 | respect to housing, contributions may be used to pay the |
| 339 | following eligible project-related activities: |
| 340 | 1. Project development, impact, and management fees for |
| 341 | low-income or very-low-income housing projects; |
| 342 | 2. Down payment and closing costs for eligible persons, as |
| 343 | defined in s. 420.9071(19) and (28); |
| 344 | 3. Administrative costs, including housing counseling and |
| 345 | marketing fees, not to exceed 10 percent of the community |
| 346 | contribution, directly related to low-income or very-low-income |
| 347 | projects; and |
| 348 | 4. Removal of liens recorded against residential property |
| 349 | by municipal, county, or special-district local governments when |
| 350 | satisfaction of the lien is a necessary precedent to the |
| 351 | transfer of the property to an eligible person, as defined in s. |
| 352 | 420.9071(19) and (28), for the purpose of promoting home |
| 353 | ownership. Contributions for lien removal must be received from |
| 354 | a nonrelated third party. |
| 355 |
|
| 356 | The provisions of this paragraph shall expire and be void on |
| 357 | June 30, 2015 2005. |
| 358 | Section 3. Paragraph (c) of subsection (1), paragraph (b) |
| 359 | of subsection (2), and subsection (5) of section 220.183, |
| 360 | Florida Statutes, are amended to read: |
| 361 | 220.183 Community contribution tax credit.-- |
| 362 | (1) AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX |
| 363 | CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM |
| 364 | SPENDING.-- |
| 365 | (c) The total amount of tax credit which may be granted |
| 366 | for all programs approved under this section, s. 212.08(5)(q), |
| 367 | and s. 624.5105 is $12 $10 million annually. |
| 368 | (2) ELIGIBILITY REQUIREMENTS.-- |
| 369 | (b)1. All community contributions must be reserved |
| 370 | exclusively for use in projects as defined in s. 220.03(1)(t). |
| 371 | 2. The Office of Tourism, Trade, and Economic Development |
| 372 | shall may reserve 80 up to 50 percent of the available annual |
| 373 | tax credits for housing for donations made to eligible sponsors |
| 374 | for projects that provide homeownership opportunities for low- |
| 375 | income or very-low-income households as defined in pursuant to |
| 376 | s. 420.9071(19) and (28) for the first 6 months of the fiscal |
| 377 | year. If less than 80 percent of the annual tax credits for |
| 378 | donations made to eligible sponsors for projects that provide |
| 379 | homeownership opportunities for low-income or very-low-income |
| 380 | households are approved within the first 6 months of the fiscal |
| 381 | year, the office may approve the balance of available credits |
| 382 | for donations made to eligible sponsors for projects other than |
| 383 | those that provide homeownership opportunities for low-income or |
| 384 | very-low-income households. |
| 385 | 3. The office shall reserve 20 percent of the available |
| 386 | annual tax credits for donations made to eligible sponsors for |
| 387 | projects other than those that provide homeownership |
| 388 | opportunities for low-income or very-low-income households as |
| 389 | defined in s. 420.9071(19) and (28) for the first 6 months of |
| 390 | the fiscal year. If less than 20 percent of the annual tax |
| 391 | credits for donations made to eligible sponsors for projects |
| 392 | other than those that provide homeownership opportunities for |
| 393 | low-income or very-low-income households are approved within the |
| 394 | first 6 months of the fiscal year, the office may approve the |
| 395 | balance of available credits for donations made to eligible |
| 396 | sponsors for projects that provide homeownership opportunities |
| 397 | for low-income or very-low-income households. |
| 398 | 4. If, during the first 10 business days of the state |
| 399 | fiscal year, tax credit applications are received for less than |
| 400 | 80 percent of available annual tax credits for approved projects |
| 401 | that provide homeownership opportunities for low-income or very- |
| 402 | low-income households, the office shall grant tax credits for |
| 403 | those applications and shall grant remaining tax credits on a |
| 404 | first-come, first-served basis for any subsequent applications |
| 405 | for such projects received before the end of the first 6 months |
| 406 | of the state fiscal year. If, during the first 10 business days |
| 407 | of the state fiscal year, tax credit applications are received |
| 408 | for more than 80 percent of available annual tax credits for |
| 409 | approved projects that provide homeownership opportunities for |
| 410 | low-income or very-low-income households, the office shall grant |
| 411 | the tax credits to such applications as follows: |
| 412 | a. If tax credit applications submitted for approved |
| 413 | projects of an eligible sponsor do not exceed $200,000 in total, |
| 414 | the credits shall be granted in full if the tax credit |
| 415 | applications are approved, subject to the provisions of |
| 416 | subparagraph 2. |
| 417 | b. If tax credit applications submitted for approved |
| 418 | projects of an eligible sponsor exceed $200,000 in total, the |
| 419 | amount of tax credits granted pursuant to sub-subparagraph a. |
| 420 | shall be subtracted from the amount of available tax credits |
| 421 | pursuant to subparagraph 2., and the remaining credits shall be |
| 422 | granted to each approved tax credit application on a pro rata |
| 423 | basis. |
| 424 | c. If, after the first 6 months of the fiscal year, |
| 425 | additional credits become available pursuant to subparagraph 3., |
| 426 | the office shall grant the tax credits by first granting to |
| 427 | those who received a pro rata reduction up to the full amount of |
| 428 | their request and, if there are remaining credits, granting |
| 429 | credits to those who applied on or after the 11th business day |
| 430 | of the state fiscal year on a first-come, first-served basis. |
| 431 | 5. If, during the first 10 business days of the state |
| 432 | fiscal year, tax credit applications are received for less than |
| 433 | 20 percent of available annual tax credits for approved projects |
| 434 | other than those that provide homeownership opportunities for |
| 435 | low-income or very-low-income households, the office shall grant |
| 436 | tax credits for those applications and shall grant remaining tax |
| 437 | credits on a first-come, first-served basis for any subsequent |
| 438 | applications for such projects received before the end of the |
| 439 | first 6 months of the state fiscal year. If, during the first 10 |
| 440 | business days of the state fiscal year, tax credit applications |
| 441 | are received for more than 20 percent of available annual tax |
| 442 | credits for approved projects other than those that provide |
| 443 | homeownership opportunities for low-income or very-low-income |
| 444 | households, the office shall grant the tax credits to each |
| 445 | approved tax credit application on a pro rata basis. If, after |
| 446 | the first 6 months of the fiscal year, additional credits become |
| 447 | available pursuant to subparagraph 2., the office shall grant |
| 448 | the tax credits by first granting to those who received a pro |
| 449 | rata reduction up to the full amount of their request and, if |
| 450 | there are remaining credits, granting credits to those who |
| 451 | applied on or after the 11th business day of the state fiscal |
| 452 | year on a first-come, first-served basis. |
| 453 | (5) EXPIRATION.--The provisions of this section, except |
| 454 | paragraph (1)(e), shall expire and be void on June 30, 2015 |
| 455 | 2005. |
| 456 | Section 4. Paragraph (c) of subsection (1) and subsection |
| 457 | (6) of section 624.5105, Florida Statutes, are amended, |
| 458 | paragraph (f) is added to subsection (1), and paragraph (e) is |
| 459 | added to subsection (2) of said section, to read: |
| 460 | 624.5105 Community contribution tax credit; authorization; |
| 461 | limitations; eligibility and application requirements; |
| 462 | administration; definitions; expiration.-- |
| 463 | (1) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.-- |
| 464 | (c) The total amount of tax credit which may be granted |
| 465 | for all programs approved under this section and ss. |
| 466 | 212.08(5)(q) and s. 220.183 is $12 $10 million annually. |
| 467 | (f) An insurer that claims a credit against premium-tax |
| 468 | liability earned by making a community contribution under this |
| 469 | section need not pay any additional retaliatory tax levied under |
| 470 | s. 624.5091 as a result of claiming such a credit. Section |
| 471 | 624.5091 does not limit such a credit in any manner. |
| 472 | (2) ELIGIBILITY REQUIREMENTS.-- |
| 473 | (e)1. The Office of Tourism, Trade, and Economic |
| 474 | Development shall reserve 80 percent of the available annual tax |
| 475 | credits for donations made to eligible sponsors for projects |
| 476 | that provide homeownership opportunities for low-income or very- |
| 477 | low-income households as defined in s. 420.9071(19) and (28) for |
| 478 | the first 6 months of the fiscal year. If less than 80 percent |
| 479 | of the annual tax credits for donations made to eligible |
| 480 | sponsors for projects that provide homeownership opportunities |
| 481 | for low-income or very-low-income households are approved within |
| 482 | the first 6 months of the fiscal year, the office may approve |
| 483 | the balance of available credits for donations made to eligible |
| 484 | sponsors for projects other than those that provide |
| 485 | homeownership opportunities for low-income or very-low-income |
| 486 | households. |
| 487 | 2. The office shall reserve 20 percent of the available |
| 488 | annual tax credits for donations made to eligible sponsors for |
| 489 | projects other than those that provide homeownership |
| 490 | opportunities for low-income or very-low-income households as |
| 491 | defined in s. 420.9071(19) and (28) for the first 6 months of |
| 492 | the fiscal year. If less than 20 percent of the annual tax |
| 493 | credits for donations made to eligible sponsors for projects |
| 494 | other than those that provide homeownership opportunities for |
| 495 | low-income or very-low-income households are approved within the |
| 496 | first 6 months of the fiscal year, the office may approve the |
| 497 | balance of available credits for donations made to eligible |
| 498 | sponsors for projects that provide homeownership opportunities |
| 499 | for low-income or very-low-income households. |
| 500 | 3. If, during the first 10 business days of the state |
| 501 | fiscal year, tax credit applications are received for less than |
| 502 | 80 percent of available annual tax credits for approved projects |
| 503 | that provide homeownership opportunities for low-income or very- |
| 504 | low-income households, the office shall grant tax credits for |
| 505 | those applications and shall grant remaining tax credits on a |
| 506 | first-come, first-served basis for any subsequent applications |
| 507 | for such projects received before the end of the first 6 months |
| 508 | of the state fiscal year. If, during the first 10 business days |
| 509 | of the state fiscal year, tax credit applications are received |
| 510 | for more than 80 percent of available annual tax credits for |
| 511 | approved projects that provide homeownership opportunities for |
| 512 | low-income or very-low-income households, the office shall grant |
| 513 | the tax credits for such applications as follows: |
| 514 | a. If tax credit applications submitted for approved |
| 515 | projects of an eligible sponsor do not exceed $200,000 in total, |
| 516 | the credits shall be granted in full if the tax credit |
| 517 | applications are approved, subject to the provisions of |
| 518 | subparagraph 1. |
| 519 | b. If tax credit applications submitted for approved |
| 520 | projects of an eligible sponsor exceed $200,000 in total, the |
| 521 | amount of tax credits granted pursuant to sub-subparagraph a. |
| 522 | shall be subtracted from the amount of available tax credits |
| 523 | pursuant to subparagraph 1., and the remaining credits shall be |
| 524 | granted to each approved tax credit application on a pro rata |
| 525 | basis. |
| 526 | c. If, after the first 6 months of the fiscal year, |
| 527 | additional credits become available pursuant to subparagraph 2., |
| 528 | the office shall grant the tax credits by first granting to |
| 529 | those who received a pro rata reduction up to the full amount of |
| 530 | their request and, if there are remaining credits, granting |
| 531 | credits to those who applied on or after the 11th business day |
| 532 | of the state fiscal year on a first-come, first-served basis. |
| 533 | 4. If, during the first 10 business days of the state |
| 534 | fiscal year, tax credit applications are received for less than |
| 535 | 20 percent of available annual tax credits for approved projects |
| 536 | other than those that provide homeownership opportunities for |
| 537 | low-income or very-low-income households, the office shall grant |
| 538 | tax credits for those applications and shall grant remaining tax |
| 539 | credits on a first-come, first-served basis for any subsequent |
| 540 | applications for such projects received before the end of the |
| 541 | first 6 months of the state fiscal year. If, during the first 10 |
| 542 | business days of the state fiscal year, tax credit applications |
| 543 | are received for more than 20 percent of available annual tax |
| 544 | credits for approved projects other than those that provide |
| 545 | homeownership opportunities for low-income or very-low-income |
| 546 | households, the office shall grant the tax credits to each |
| 547 | approved tax credit application on a pro rata basis. If, after |
| 548 | the first 6 months of the fiscal year, additional credits become |
| 549 | available pursuant to subparagraph 1., the office shall grant |
| 550 | the tax credits by first granting to those who received a pro |
| 551 | rata reduction up to the full amount of their request and, if |
| 552 | there are remaining credits, granting credits to those who |
| 553 | applied on or after the 11th business day of the state fiscal |
| 554 | year on a first-come, first-served basis. |
| 555 | (6) EXPIRATION.--The provisions of this section, except |
| 556 | paragraph (1)(e), shall expire and be void on June 30, 2015 |
| 557 | 2005. |
| 558 | Section 5. This act shall take effect July 1, 2005. |