| 1 | A bill to be entitled |
| 2 | An act relating to the redevelopment of brownfields; |
| 3 | amending ss. 199.1055, 220.1845, and 376.30781, F.S.; |
| 4 | increasing the amount of credit which may be applied |
| 5 | against the tax on intangible personal property and the |
| 6 | corporate income tax for the voluntary cleanup costs of a |
| 7 | contaminated site; increasing the amount that may be |
| 8 | received by the taxpayer as an incentive to complete the |
| 9 | cleanup in the final year; amending s. 288.9015, F.S.; |
| 10 | requiring Enterprise Florida, Inc., to aggressively market |
| 11 | brownfields; amending s. 376.86, F.S.; relating to the |
| 12 | Brownfield Areas Loan Guarantee Program; increasing the |
| 13 | amount of the loan guarantee for redevelopment projects in |
| 14 | brownfield areas; repealing ss. 376.87 and 376.875, F.S., |
| 15 | relating to brownfield property ownership clearance |
| 16 | assistance and the Brownfield Property Ownership Clearance |
| 17 | Assistance Revolving Loan Trust Fund; providing an |
| 18 | effective date. |
| 19 |
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| 20 | Be It Enacted by the Legislature of the State of Florida: |
| 21 |
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| 22 | Section 1. Paragraphs (a) and (h) of subsection (1) of |
| 23 | section 199.1055, Florida Statutes, are amended to read: |
| 24 | 199.1055 Contaminated site rehabilitation tax credit.-- |
| 25 | (1) AUTHORIZATION FOR TAX CREDIT; LIMITATIONS.-- |
| 26 | (a) A credit in the amount of 40 35 percent of the costs |
| 27 | of voluntary cleanup activity that is integral to site |
| 28 | rehabilitation at the following sites is available against any |
| 29 | tax due for a taxable year under s. 199.032, less any credit |
| 30 | allowed by former s. 220.68 for that year: |
| 31 | 1. A drycleaning-solvent-contaminated site eligible for |
| 32 | state-funded site rehabilitation under s. 376.3078(3); |
| 33 | 2. A drycleaning-solvent-contaminated site at which |
| 34 | cleanup is undertaken by the real property owner pursuant to s. |
| 35 | 376.3078(11), if the real property owner is not also, and has |
| 36 | never been, the owner or operator of the drycleaning facility |
| 37 | where the contamination exists; or |
| 38 | 3. A brownfield site in a designated brownfield area under |
| 39 | s. 376.80. |
| 40 | (h) In order to encourage completion of site |
| 41 | rehabilitation at contaminated sites being voluntarily cleaned |
| 42 | up and eligible for a tax credit under this section, the tax |
| 43 | credit applicant may claim an additional 10 percent of the total |
| 44 | cleanup costs, not to exceed $250,000 $50,000, in the final year |
| 45 | of cleanup as evidenced by the Department of Environmental |
| 46 | Protection issuing a "No Further Action" order for that site. |
| 47 | Section 2. Paragraphs (a) and (i) of subsection (1) of |
| 48 | section 220.1845, Florida Statutes, are amended to read: |
| 49 | 220.1845 Contaminated site rehabilitation tax credit.-- |
| 50 | (1) AUTHORIZATION FOR TAX CREDIT; LIMITATIONS.-- |
| 51 | (a) A credit in the amount of 40 35 percent of the costs |
| 52 | of voluntary cleanup activity that is integral to site |
| 53 | rehabilitation at the following sites is available against any |
| 54 | tax due for a taxable year under this chapter: |
| 55 | 1. A drycleaning-solvent-contaminated site eligible for |
| 56 | state-funded site rehabilitation under s. 376.3078(3); |
| 57 | 2. A drycleaning-solvent-contaminated site at which |
| 58 | cleanup is undertaken by the real property owner pursuant to s. |
| 59 | 376.3078(11), if the real property owner is not also, and has |
| 60 | never been, the owner or operator of the drycleaning facility |
| 61 | where the contamination exists; or |
| 62 | 3. A brownfield site in a designated brownfield area under |
| 63 | s. 376.80. |
| 64 | (i) In order to encourage completion of site |
| 65 | rehabilitation at contaminated sites being voluntarily cleaned |
| 66 | up and eligible for a tax credit under this section, the tax |
| 67 | credit applicant may claim an additional 10 percent of the total |
| 68 | cleanup costs, not to exceed $250,000 $50,000, in the final year |
| 69 | of cleanup as evidenced by the Department of Environmental |
| 70 | Protection issuing a "No Further Action" order for that site. |
| 71 | Section 3. Paragraphs (a) and (c) of subsection (2) and |
| 72 | subsection (7) of section 376.30781, Florida Statutes, are |
| 73 | amended to read: |
| 74 | 376.30781 Partial tax credits for rehabilitation of |
| 75 | drycleaning-solvent-contaminated sites and brownfield sites in |
| 76 | designated brownfield areas; application process; rulemaking |
| 77 | authority; revocation authority.-- |
| 78 | (2)(a) A credit in the amount of 40 35 percent of the |
| 79 | costs of voluntary cleanup activity that is integral to site |
| 80 | rehabilitation at the following sites is allowed pursuant to ss. |
| 81 | 199.1055 and 220.1845: |
| 82 | 1. A drycleaning-solvent-contaminated site eligible for |
| 83 | state-funded site rehabilitation under s. 376.3078(3); |
| 84 | 2. A drycleaning-solvent-contaminated site at which |
| 85 | cleanup is undertaken by the real property owner pursuant to s. |
| 86 | 376.3078(11), if the real property owner is not also, and has |
| 87 | never been, the owner or operator of the drycleaning facility |
| 88 | where the contamination exists; or |
| 89 | 3. A brownfield site in a designated brownfield area under |
| 90 | s. 376.80. |
| 91 | (c) In order to encourage completion of site |
| 92 | rehabilitation at contaminated sites that are being voluntarily |
| 93 | cleaned up and that are eligible for a tax credit under this |
| 94 | section, the tax credit applicant may claim an additional 10 |
| 95 | percent of the total cleanup costs, not to exceed $250,000 |
| 96 | $50,000, in the final year of cleanup as evidenced by the |
| 97 | Department of Environmental Protection issuing a "No Further |
| 98 | Action" order for that site. |
| 99 | (7) The Department of Environmental Protection shall |
| 100 | review the tax credit application and any supplemental |
| 101 | documentation that the tax credit applicant may submit prior to |
| 102 | the annual application deadline in order to have the application |
| 103 | considered complete, for the purpose of verifying that the tax |
| 104 | credit applicant has met the qualifying criteria in subsections |
| 105 | (2) and (4) and has submitted all required documentation listed |
| 106 | in subsection (5). Upon verification that the tax credit |
| 107 | applicant has met these requirements, the department shall issue |
| 108 | a written decision granting eligibility for partial tax credits |
| 109 | (a tax credit certificate) in the amount of 40 35 percent of the |
| 110 | total costs claimed, subject to the $250,000 limitation, for the |
| 111 | calendar year for which the tax credit application is submitted |
| 112 | based on the report of the certified public accountant and the |
| 113 | certifications from the appropriate registered technical |
| 114 | professionals. |
| 115 | Section 4. Subsection (2) of section 288.9015, Florida |
| 116 | Statutes, is amended to read: |
| 117 | 288.9015 Enterprise Florida, Inc.; purpose; duties.-- |
| 118 | (2) It shall be the responsibility of Enterprise Florida, |
| 119 | Inc., to aggressively market Florida's rural communities, |
| 120 | distressed urban communities, brownfields, and enterprise zones |
| 121 | as locations for potential new investment, to aggressively |
| 122 | assist in the retention and expansion of existing businesses in |
| 123 | these communities, and to aggressively assist these communities |
| 124 | in the identification and development of new economic |
| 125 | development opportunities for job creation, fully marketing |
| 126 | state incentive programs such as the Qualified Target Industry |
| 127 | Tax Refund Program under s. 288.106 and the Quick Action Closing |
| 128 | Fund under s. 288.1088 in economically distressed areas. |
| 129 | Section 5. Subsection (1) of section 376.86, Florida |
| 130 | Statutes, is amended to read: |
| 131 | 376.86 Brownfield Areas Loan Guarantee Program.-- |
| 132 | (1) The Brownfield Areas Loan Guarantee Council is created |
| 133 | to review and approve or deny by a majority vote of its |
| 134 | membership, the situations and circumstances for participation |
| 135 | in partnerships by agreements with local governments, financial |
| 136 | institutions, and others associated with the redevelopment of |
| 137 | brownfield areas pursuant to the Brownfields Redevelopment Act |
| 138 | for a limited state guaranty of up to 5 years of loan guarantees |
| 139 | or loan loss reserves issued pursuant to law. The limited state |
| 140 | loan guaranty applies only to 25 10 percent of the primary |
| 141 | lenders loans for redevelopment projects in brownfield areas. A |
| 142 | limited state guaranty of private loans or a loan loss reserve |
| 143 | is authorized for lenders licensed to operate in the state upon |
| 144 | a determination by the council that such an arrangement would be |
| 145 | in the public interest and the likelihood of the success of the |
| 146 | loan is great. |
| 147 | Section 6. Sections 376.87 and 376.875, Florida Statutes, |
| 148 | are repealed. |
| 149 | Section 7. This act shall take effect July 1, 2005. |