HB 0015CS

CHAMBER ACTION




1The Finance & Tax Committee recommends the following:
2
3     Council/Committee Substitute
4     Remove the entire bill and insert:
5
A bill to be entitled
6An act relating to the community contribution tax credit
7program; amending s. 212.08, F.S.; increasing the amount
8of available annual community contribution tax credits;
9requiring the Office of Tourism, Trade, and Economic
10Development to reserve portions of certain annual tax
11credits for donations made to eligible sponsors for
12projects that provide homeownership opportunities for
13certain households; providing requirements, criteria, and
14limitations; extending an expiration date; amending s.
15220.03, F.S.; revising a definition to delete a provision
16authorizing the office to reserve certain portions of
17available annual tax credits for donations made to
18eligible sponsors for projects that provide homeownership
19opportunities for certain households; extending an
20expiration date; amending s. 220.183, F.S.; increasing the
21amount of available annual community contribution tax
22credits; revising eligibility criteria; requiring the
23Office of Tourism, Trade, and Economic Development to
24reserve portions of certain annual tax credits for
25donations made to eligible sponsors for projects that
26provide homeownership opportunities for certain
27households; providing requirements, criteria, and
28limitations; extending an expiration date; amending s.
29624.5105, F.S.; increasing the amount of available annual
30community contribution tax credits; limiting application
31of certain retaliatory tax provisions under certain
32circumstances; revising tax credit eligibility criteria;
33requiring the Office of Tourism, Trade, and Economic
34Development to reserve portions of certain annual tax
35credits for donations made to eligible sponsors for
36projects that provide homeownership opportunities for
37certain households; providing requirements, criteria, and
38limitations; extending an expiration date; providing an
39effective date.
40
41Be It Enacted by the Legislature of the State of Florida:
42
43     Section 1.  Paragraph (q) of subsection (5) of section
44212.08, Florida Statutes, is amended to read:
45     212.08  Sales, rental, use, consumption, distribution, and
46storage tax; specified exemptions.--The sale at retail, the
47rental, the use, the consumption, the distribution, and the
48storage to be used or consumed in this state of the following
49are hereby specifically exempt from the tax imposed by this
50chapter.
51     (5)  EXEMPTIONS; ACCOUNT OF USE.--
52     (q)  Community contribution tax credit for donations.--
53     1.  Authorization.--Beginning July 1, 2001, persons who are
54registered with the department under s. 212.18 to collect or
55remit sales or use tax and who make donations to eligible
56sponsors are eligible for tax credits against their state sales
57and use tax liabilities as provided in this paragraph:
58     a.  The credit shall be computed as 50 percent of the
59person's approved annual community contribution;
60     b.  The credit shall be granted as a refund against state
61sales and use taxes reported on returns and remitted in the 12
62months preceding the date of application to the department for
63the credit as required in sub-subparagraph 3.c. If the annual
64credit is not fully used through such refund because of
65insufficient tax payments during the applicable 12-month period,
66the unused amount may be included in an application for a refund
67made pursuant to sub-subparagraph 3.c. in subsequent years
68against the total tax payments made for such year. Carryover
69credits may be applied for a 3-year period without regard to any
70time limitation that would otherwise apply under s. 215.26;
71     c.  A No person may not shall receive more than $200,000 in
72annual tax credits for all approved community contributions made
73in any one year;
74     d.  All proposals for the granting of the tax credit shall
75require the prior approval of the Office of Tourism, Trade, and
76Economic Development;
77     e.  The total amount of tax credits which may be granted
78for all programs approved under this paragraph, s. 220.183, and
79s. 624.5105 is $12 $10 million annually; and
80     f.  A person who is eligible to receive the credit provided
81for in this paragraph, s. 220.183, or s. 624.5105 may receive
82the 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
85following 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
90of Tourism, Trade, and Economic Development.
91     b.  All community contributions must be reserved
92exclusively for use in a project. As used in this sub-
93subparagraph, the term "project" means any activity undertaken
94by an eligible sponsor which is designed to construct, improve,
95or substantially rehabilitate housing that is affordable to low-
96income or very-low-income households as defined in s.
97420.9071(19) and (28); designed to provide commercial,
98industrial, or public resources and facilities; or designed to
99improve entrepreneurial and job-development opportunities for
100low-income persons. A project may be the investment necessary to
101increase access to high-speed broadband capability in rural
102communities with enterprise zones, including projects that
103result in improvements to communications assets that are owned
104by a business. A project may include the provision of museum
105educational programs and materials that are directly related to
106any project approved between January 1, 1996, and December 31,
1071999, and located in an enterprise zone as referenced in s.
108290.00675. This paragraph does not preclude projects that
109propose to construct or rehabilitate housing for low-income or
110very-low-income households on scattered sites. The Office of
111Tourism, Trade, and Economic Development may reserve up to 50
112percent of the available annual tax credits for housing for
113very-low-income households pursuant to s. 420.9071(28) for the
114first 6 months of the fiscal year. With respect to housing,
115contributions may be used to pay the following eligible low-
116income and very-low-income housing-related activities:
117     (I)  Project development impact and management fees for
118low-income or very-low-income housing projects;
119     (II)  Down payment and closing costs for eligible persons,
120as defined in s. 420.9071(19) and (28);
121     (III)  Administrative costs, including housing counseling
122and marketing fees, not to exceed 10 percent of the community
123contribution, directly related to low-income or very-low-income
124projects; and
125     (IV)  Removal of liens recorded against residential
126property by municipal, county, or special district local
127governments when satisfaction of the lien is a necessary
128precedent to the transfer of the property to an eligible person,
129as defined in s. 420.9071(19) and (28), for the purpose of
130promoting home ownership. Contributions for lien removal must be
131received from a nonrelated third party.
132     c.  The project must be undertaken by an "eligible
133sponsor," which includes:
134     (I)  A community action program;
135     (II)  A nonprofit community-based development organization
136whose mission is the provision of housing for low-income or
137very-low-income households or increasing entrepreneurial and
138job-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.
142163.356;
143     (VI)  The Florida Industrial Development Corporation;
144     (VII)  A historic preservation district agency or
145organization;
146     (VIII)  A regional workforce board;
147     (IX)  A direct-support organization as provided in s.
1481009.983;
149     (X)  An enterprise zone development agency created under s.
150290.0056;
151     (XI)  A community-based organization incorporated under
152chapter 617 which is recognized as educational, charitable, or
153scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
154and whose bylaws and articles of incorporation include
155affordable housing, economic development, or community
156development 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,
160and Economic Development designates by rule.
161
162In no event may a contributing person have a financial interest
163in the eligible sponsor.
164     d.  The project must be located in an area designated an
165enterprise zone or a Front Porch Florida Community pursuant to
166s. 20.18(6), unless the project increases access to high-speed
167broadband capability for rural communities with enterprise zones
168but is physically located outside the designated rural zone
169boundaries. Any project designed to construct or rehabilitate
170housing for low-income or very-low-income households as defined
171in s. 420.0971(19) and (28) is exempt from the area requirement
172of this sub-subparagraph.
173     e.(I)  The Office of Tourism, Trade, and Economic
174Development shall reserve 80 percent of the available annual tax
175credits for donations made to eligible sponsors for projects
176that provide homeownership opportunities for low-income or very-
177low-income households as defined in s. 420.9071(19) and (28) for
178the first 6 months of the fiscal year. If less than 80 percent
179of the annual tax credits for donations made to eligible
180sponsors for projects that provide homeownership opportunities
181for low-income or very-low-income households are approved within
182the first 6 months of the fiscal year, the office may approve
183the balance of available credits for donations made to eligible
184sponsors for projects other than those that provide
185homeownership opportunities for low-income or very-low-income
186households.
187     (II)  The office shall reserve 20 percent of the available
188annual tax credits for donations made to eligible sponsors for
189projects other than those that provide homeownership
190opportunities for low-income or very-low-income households as
191defined in s. 420.9071(19) and (28) for the first 6 months of
192the fiscal year. If less than 20 percent of the annual tax
193credits for donations made to eligible sponsors for projects
194other than those that provide homeownership opportunities for
195low-income or very-low-income households are approved within the
196first 6 months of the fiscal year, the office may approve the
197balance of available credits for donations made to eligible
198sponsors for projects that provide homeownership opportunities
199for low-income or very-low-income households.
200     (III)  If, during the first 10 business days of the state
201fiscal year, tax credit applications are received for less than
20280 percent of available annual tax credits for approved projects
203that provide homeownership opportunities for low-income or very-
204low-income households, the office shall grant tax credits for
205those applications and shall grant remaining tax credits on a
206first-come, first-served basis for any subsequent applications
207for such projects received before the end of the first 6 months
208of the state fiscal year. If, during the first 10 business days
209of the state fiscal year, tax credit applications are received
210for more than 80 percent of available annual tax credits for
211approved projects that provide homeownership opportunities for
212low-income or very-low-income households, the office shall grant
213the tax credits for such applications as follows:
214     (A)  If tax credit applications submitted for approved
215projects of an eligible sponsor do not exceed $200,000 in total,
216the credits shall be granted in full if the tax credit
217applications are approved, subject to the provisions of sub-sub-
218subparagraph (I).
219     (B)  If tax credit applications submitted for approved
220projects of an eligible sponsor exceed $200,000 in total, the
221amount of tax credits granted pursuant to sub-sub-sub-
222subparagraph (A) shall be subtracted from the amount of
223available tax credits pursuant to sub-sub-subparagraph (I), and
224the remaining credits shall be granted to each approved tax
225credit application on a pro rata basis.
226     (C)  If, after the first 6 months of the fiscal year,
227additional credits become available pursuant to sub-sub-
228subparagraph (II), the office shall grant the tax credits by
229first granting to those who received a pro rata reduction up to
230the full amount of their request and, if there are remaining
231credits, granting credits to those who applied on or after the
23211th business day of the state fiscal year on a first-come,
233first-served basis.
234     (IV)  If, during the first 10 business days of the state
235fiscal year, tax credit applications are received for less than
23620 percent of available annual tax credits for approved projects
237other than those that provide homeownership opportunities for
238low-income or very-low-income households, the office shall grant
239tax credits for those applications and shall grant remaining tax
240credits on a first-come, first-served basis for any subsequent
241applications for such projects received before the end of the
242first 6 months of the state fiscal year. If, during the first 10
243business days of the state fiscal year, tax credit applications
244are received for more than 20 percent of available annual tax
245credits for approved projects other than those that provide
246homeownership opportunities for low-income or very-low-income
247households, the office shall grant the tax credits to each
248approved tax credit application on a pro rata basis. If, after
249the first 6 months of the fiscal year, additional credits become
250available pursuant to sub-sub-subparagraph (I), the office shall
251grant the tax credits by first granting to those who received a
252pro rata reduction up to the full amount of their request and,
253if there are remaining credits, granting credits to those who
254applied on or after the 11th business day of the state fiscal
255year on a first-come, first-served basis.
256     3.  Application requirements.--
257     a.  Any eligible sponsor seeking to participate in this
258program must submit a proposal to the Office of Tourism, Trade,
259and Economic Development which sets forth the name of the
260sponsor, a description of the project, and the area in which the
261project is located, together with such supporting information as
262is prescribed by rule. The proposal must also contain a
263resolution from the local governmental unit in which the project
264is located certifying that the project is consistent with local
265plans and regulations.
266     b.  Any person seeking to participate in this program must
267submit an application for tax credit to the Office of Tourism,
268Trade, and Economic Development which sets forth the name of the
269sponsor, a description of the project, and the type, value, and
270purpose of the contribution. The sponsor shall verify the terms
271of the application and indicate its receipt of the contribution,
272which verification must be in writing and accompany the
273application for tax credit. The person must submit a separate
274tax credit application to the office for each individual
275contribution that it makes to each individual project.
276     c.  Any person who has received notification from the
277Office of Tourism, Trade, and Economic Development that a tax
278credit has been approved must apply to the department to receive
279the refund. Application must be made on the form prescribed for
280claiming refunds of sales and use taxes and be accompanied by a
281copy of the notification. A person may submit only one
282application for refund to the department within any 12-month
283period.
284     4.  Administration.--
285     a.  The Office of Tourism, Trade, and Economic Development
286may adopt rules pursuant to ss. 120.536(1) and 120.54 necessary
287to administer this paragraph, including rules for the approval
288or disapproval of proposals by a person.
289     b.  The decision of the Office of Tourism, Trade, and
290Economic Development must be in writing, and, if approved, the
291notification shall state the maximum credit allowable to the
292person. Upon approval, the office shall transmit a copy of the
293decision to the Department of Revenue.
294     c.  The Office of Tourism, Trade, and Economic Development
295shall periodically monitor all projects in a manner consistent
296with available resources to ensure that resources are used in
297accordance with this paragraph; however, each project must be
298reviewed at least once every 2 years.
299     d.  The Office of Tourism, Trade, and Economic Development
300shall, in consultation with the Department of Community Affairs,
301the Florida Housing Finance Corporation, and the statewide and
302regional housing and financial intermediaries, market the
303availability of the community contribution tax credit program to
304community-based organizations.
305     5.  Expiration.--This paragraph expires June 30, 2015 2005;
306however, any accrued credit carryover that is unused on that
307date may be used until the expiration of the 3-year carryover
308period for such credit.
309     Section 2.  Paragraph (t) of subsection (1) of section
310220.03, Florida Statutes, is amended to read:
311     220.03  Definitions.--
312     (1)  SPECIFIC TERMS.--When used in this code, and when not
313otherwise distinctly expressed or manifestly incompatible with
314the intent thereof, the following terms shall have the following
315meanings:
316     (t)  "Project" means any activity undertaken by an eligible
317sponsor, as defined in s. 220.183(2)(c), which is designed to
318construct, improve, or substantially rehabilitate housing that
319is affordable to low-income or very-low-income households as
320defined in s. 420.9071(19) and (28); designed to provide
321commercial, industrial, or public resources and facilities; or
322designed to improve entrepreneurial and job-development
323opportunities for low-income persons. A project may be the
324investment necessary to increase access to high-speed broadband
325capability in rural communities with enterprise zones, including
326projects that result in improvements to communications assets
327that are owned by a business. A project may include the
328provision of museum educational programs and materials that are
329directly related to any project approved between January 1,
3301996, and December 31, 1999, and located in an enterprise zone
331as referenced in s. 290.00675. This paragraph does not preclude
332projects that propose to construct or rehabilitate low-income or
333very-low-income housing on scattered sites. The Office of
334Tourism, Trade, and Economic Development may reserve up to 50
335percent of the available annual tax credits under s. 220.181 for
336housing for very-low-income households pursuant to s.
337420.9071(28) for the first 6 months of the fiscal year. With
338respect to housing, contributions may be used to pay the
339following eligible project-related activities:
340     1.  Project development, impact, and management fees for
341low-income or very-low-income housing projects;
342     2.  Down payment and closing costs for eligible persons, as
343defined in s. 420.9071(19) and (28);
344     3.  Administrative costs, including housing counseling and
345marketing fees, not to exceed 10 percent of the community
346contribution, directly related to low-income or very-low-income
347projects; and
348     4.  Removal of liens recorded against residential property
349by municipal, county, or special-district local governments when
350satisfaction of the lien is a necessary precedent to the
351transfer of the property to an eligible person, as defined in s.
352420.9071(19) and (28), for the purpose of promoting home
353ownership. Contributions for lien removal must be received from
354a nonrelated third party.
355
356The provisions of this paragraph shall expire and be void on
357June 30, 2015 2005.
358     Section 3.  Paragraph (c) of subsection (1), paragraph (b)
359of subsection (2), and subsection (5) of section 220.183,
360Florida Statutes, are amended to read:
361     220.183  Community contribution tax credit.--
362     (1)  AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX
363CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM
364SPENDING.--
365     (c)  The total amount of tax credit which may be granted
366for all programs approved under this section, s. 212.08(5)(q),
367and s. 624.5105 is $12 $10 million annually.
368     (2)  ELIGIBILITY REQUIREMENTS.--
369     (b)1.  All community contributions must be reserved
370exclusively for use in projects as defined in s. 220.03(1)(t).
371     2.  The Office of Tourism, Trade, and Economic Development
372shall may reserve 80 up to 50 percent of the available annual
373tax credits for housing for donations made to eligible sponsors
374for projects that provide homeownership opportunities for low-
375income or very-low-income households as defined in pursuant to
376s. 420.9071(19) and (28) for the first 6 months of the fiscal
377year. If less than 80 percent of the annual tax credits for
378donations made to eligible sponsors for projects that provide
379homeownership opportunities for low-income or very-low-income
380households are approved within the first 6 months of the fiscal
381year, the office may approve the balance of available credits
382for donations made to eligible sponsors for projects other than
383those that provide homeownership opportunities for low-income or
384very-low-income households.
385     3.  The office shall reserve 20 percent of the available
386annual tax credits for donations made to eligible sponsors for
387projects other than those that provide homeownership
388opportunities for low-income or very-low-income households as
389defined in s. 420.9071(19) and (28) for the first 6 months of
390the fiscal year. If less than 20 percent of the annual tax
391credits for donations made to eligible sponsors for projects
392other than those that provide homeownership opportunities for
393low-income or very-low-income households are approved within the
394first 6 months of the fiscal year, the office may approve the
395balance of available credits for donations made to eligible
396sponsors for projects that provide homeownership opportunities
397for low-income or very-low-income households.
398     4.  If, during the first 10 business days of the state
399fiscal year, tax credit applications are received for less than
40080 percent of available annual tax credits for approved projects
401that provide homeownership opportunities for low-income or very-
402low-income households, the office shall grant tax credits for
403those applications and shall grant remaining tax credits on a
404first-come, first-served basis for any subsequent applications
405for such projects received before the end of the first 6 months
406of the state fiscal year. If, during the first 10 business days
407of the state fiscal year, tax credit applications are received
408for more than 80 percent of available annual tax credits for
409approved projects that provide homeownership opportunities for
410low-income or very-low-income households, the office shall grant
411the tax credits to such applications as follows:
412     a.  If tax credit applications submitted for approved
413projects of an eligible sponsor do not exceed $200,000 in total,
414the credits shall be granted in full if the tax credit
415applications are approved, subject to the provisions of
416subparagraph 2.
417     b.  If tax credit applications submitted for approved
418projects of an eligible sponsor exceed $200,000 in total, the
419amount of tax credits granted pursuant to sub-subparagraph a.
420shall be subtracted from the amount of available tax credits
421pursuant to subparagraph 2., and the remaining credits shall be
422granted to each approved tax credit application on a pro rata
423basis.
424     c.  If, after the first 6 months of the fiscal year,
425additional credits become available pursuant to subparagraph 3.,
426the office shall grant the tax credits by first granting to
427those who received a pro rata reduction up to the full amount of
428their request and, if there are remaining credits, granting
429credits to those who applied on or after the 11th business day
430of the state fiscal year on a first-come, first-served basis.
431     5.  If, during the first 10 business days of the state
432fiscal year, tax credit applications are received for less than
43320 percent of available annual tax credits for approved projects
434other than those that provide homeownership opportunities for
435low-income or very-low-income households, the office shall grant
436tax credits for those applications and shall grant remaining tax
437credits on a first-come, first-served basis for any subsequent
438applications for such projects received before the end of the
439first 6 months of the state fiscal year. If, during the first 10
440business days of the state fiscal year, tax credit applications
441are received for more than 20 percent of available annual tax
442credits for approved projects other than those that provide
443homeownership opportunities for low-income or very-low-income
444households, the office shall grant the tax credits to each
445approved tax credit application on a pro rata basis. If, after
446the first 6 months of the fiscal year, additional credits become
447available pursuant to subparagraph 2., the office shall grant
448the tax credits by first granting to those who received a pro
449rata reduction up to the full amount of their request and, if
450there are remaining credits, granting credits to those who
451applied on or after the 11th business day of the state fiscal
452year on a first-come, first-served basis.
453     (5)  EXPIRATION.--The provisions of this section, except
454paragraph (1)(e), shall expire and be void on June 30, 2015
4552005.
456     Section 4.  Paragraph (c) of subsection (1) and subsection
457(6) of section 624.5105, Florida Statutes, are amended,
458paragraph (f) is added to subsection (1), and paragraph (e) is
459added to subsection (2) of said section, to read:
460     624.5105  Community contribution tax credit; authorization;
461limitations; eligibility and application requirements;
462administration; definitions; expiration.--
463     (1)  AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.--
464     (c)  The total amount of tax credit which may be granted
465for all programs approved under this section and ss.
466212.08(5)(q) and s. 220.183 is $12 $10 million annually.
467     (f)  An insurer that claims a credit against premium-tax
468liability earned by making a community contribution under this
469section need not pay any additional retaliatory tax levied under
470s. 624.5091 as a result of claiming such a credit. Section
471624.5091 does not limit such a credit in any manner.
472     (2)  ELIGIBILITY REQUIREMENTS.--
473     (e)1.  The Office of Tourism, Trade, and Economic
474Development shall reserve 80 percent of the available annual tax
475credits for donations made to eligible sponsors for projects
476that provide homeownership opportunities for low-income or very-
477low-income households as defined in s. 420.9071(19) and (28) for
478the first 6 months of the fiscal year. If less than 80 percent
479of the annual tax credits for donations made to eligible
480sponsors for projects that provide homeownership opportunities
481for low-income or very-low-income households are approved within
482the first 6 months of the fiscal year, the office may approve
483the balance of available credits for donations made to eligible
484sponsors for projects other than those that provide
485homeownership opportunities for low-income or very-low-income
486households.
487     2.  The office shall reserve 20 percent of the available
488annual tax credits for donations made to eligible sponsors for
489projects other than those that provide homeownership
490opportunities for low-income or very-low-income households as
491defined in s. 420.9071(19) and (28) for the first 6 months of
492the fiscal year. If less than 20 percent of the annual tax
493credits for donations made to eligible sponsors for projects
494other than those that provide homeownership opportunities for
495low-income or very-low-income households are approved within the
496first 6 months of the fiscal year, the office may approve the
497balance of available credits for donations made to eligible
498sponsors for projects that provide homeownership opportunities
499for low-income or very-low-income households.
500     3.  If, during the first 10 business days of the state
501fiscal year, tax credit applications are received for less than
50280 percent of available annual tax credits for approved projects
503that provide homeownership opportunities for low-income or very-
504low-income households, the office shall grant tax credits for
505those applications and shall grant remaining tax credits on a
506first-come, first-served basis for any subsequent applications
507for such projects received before the end of the first 6 months
508of the state fiscal year. If, during the first 10 business days
509of the state fiscal year, tax credit applications are received
510for more than 80 percent of available annual tax credits for
511approved projects that provide homeownership opportunities for
512low-income or very-low-income households, the office shall grant
513the tax credits for such applications as follows:
514     a.  If tax credit applications submitted for approved
515projects of an eligible sponsor do not exceed $200,000 in total,
516the credits shall be granted in full if the tax credit
517applications are approved, subject to the provisions of
518subparagraph 1.
519     b.  If tax credit applications submitted for approved
520projects of an eligible sponsor exceed $200,000 in total, the
521amount of tax credits granted pursuant to sub-subparagraph a.
522shall be subtracted from the amount of available tax credits
523pursuant to subparagraph 1., and the remaining credits shall be
524granted to each approved tax credit application on a pro rata
525basis.
526     c.  If, after the first 6 months of the fiscal year,
527additional credits become available pursuant to subparagraph 2.,
528the office shall grant the tax credits by first granting to
529those who received a pro rata reduction up to the full amount of
530their request and, if there are remaining credits, granting
531credits to those who applied on or after the 11th business day
532of the state fiscal year on a first-come, first-served basis.
533     4.  If, during the first 10 business days of the state
534fiscal year, tax credit applications are received for less than
53520 percent of available annual tax credits for approved projects
536other than those that provide homeownership opportunities for
537low-income or very-low-income households, the office shall grant
538tax credits for those applications and shall grant remaining tax
539credits on a first-come, first-served basis for any subsequent
540applications for such projects received before the end of the
541first 6 months of the state fiscal year. If, during the first 10
542business days of the state fiscal year, tax credit applications
543are received for more than 20 percent of available annual tax
544credits for approved projects other than those that provide
545homeownership opportunities for low-income or very-low-income
546households, the office shall grant the tax credits to each
547approved tax credit application on a pro rata basis. If, after
548the first 6 months of the fiscal year, additional credits become
549available pursuant to subparagraph 1., the office shall grant
550the tax credits by first granting to those who received a pro
551rata reduction up to the full amount of their request and, if
552there are remaining credits, granting credits to those who
553applied on or after the 11th business day of the state fiscal
554year on a first-come, first-served basis.
555     (6)  EXPIRATION.--The provisions of this section, except
556paragraph (1)(e), shall expire and be void on June 30, 2015
5572005.
558     Section 5.  This act shall take effect July 1, 2005.


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