Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 202
                        Barcode 174444
                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Commerce and Consumer Services (Saunders)
12  recommended the following amendment:
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14         Senate Amendment (with title amendment) 
15         Delete everything after the enacting clause
16  
17  and insert:  
18         Section 1.  Paragraph (q) of subsection (5) of section
19  212.08, Florida Statutes, is amended to read:
20         212.08  Sales, rental, use, consumption, distribution,
21  and storage tax; specified exemptions.--The sale at retail,
22  the rental, the use, the consumption, the distribution, and
23  the storage to be used or consumed in this state of the
24  following are hereby specifically exempt from the tax imposed
25  by this chapter.
26         (5)  EXEMPTIONS; ACCOUNT OF USE.--
27         (q)  Community contribution tax credit for donations.--
28         1.  Authorization.--Beginning July 1, 2001, persons who
29  are registered with the department under s. 212.18 to collect
30  or remit sales or use tax and who make donations to eligible
31  sponsors are eligible for tax credits against their state
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Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 sales and use tax liabilities as provided in this paragraph: 2 a. The credit shall be computed as 50 percent of the 3 person's approved annual community contribution; 4 b. The credit shall be granted as a refund against 5 state sales and use taxes reported on returns and remitted in 6 the 12 months preceding the date of application to the 7 department for the credit as required in sub-subparagraph 3.c. 8 If the annual credit is not fully used through such refund 9 because of insufficient tax payments during the applicable 10 12-month period, the unused amount may be included in an 11 application for a refund made pursuant to sub-subparagraph 12 3.c. in subsequent years against the total tax payments made 13 for such year. Carryover credits may be applied for a 3-year 14 period without regard to any time limitation that would 15 otherwise apply under s. 215.26; 16 c. No person shall receive more than $200,000 in 17 annual tax credits for all approved community contributions 18 made in any one year; 19 d. All proposals for the granting of the tax credit 20 shall require the prior approval of the Office of Tourism, 21 Trade, and Economic Development; 22 e. The total amount of tax credits which may be 23 granted for all programs approved under this paragraph, s. 24 220.183, and s. 624.5105 is $15 $10 million annually; and 25 f. A person who is eligible to receive the credit 26 provided for in this paragraph, s. 220.183, or s. 624.5105 may 27 receive the credit only under the one section of the person's 28 choice. 29 2. Eligibility requirements.-- 30 a. A community contribution by a person must be in the 31 following form: 2 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 (I) Cash or other liquid assets; 2 (II) Real property; 3 (III) Goods or inventory; or 4 (IV) Other physical resources as identified by the 5 Office of Tourism, Trade, and Economic Development. 6 b. All community contributions must be reserved 7 exclusively for use in a project. As used in this 8 sub-subparagraph, the term "project" means any activity 9 undertaken by an eligible sponsor which is designed to 10 construct, improve, or substantially rehabilitate housing that 11 is affordable to low-income or very-low-income households as 12 defined in s. 420.9071(19) and (28); designed to provide 13 commercial, industrial, or public resources and facilities; or 14 designed to improve entrepreneurial and job-development 15 opportunities for low-income persons. A project may be the 16 investment necessary to increase access to high-speed 17 broadband capability in rural communities with enterprise 18 zones, including projects that result in improvements to 19 communications assets that are owned by a business. A project 20 may include the provision of museum educational programs and 21 materials that are directly related to any project approved 22 between January 1, 1996, and December 31, 1999, and located in 23 an enterprise zone as referenced in s. 290.00675. This 24 paragraph does not preclude projects that propose to construct 25 or rehabilitate housing for low-income or very-low-income 26 households on scattered sites. The Office of Tourism, Trade, 27 and Economic Development may reserve up to 50 percent of the 28 available annual tax credits for housing for very-low-income 29 households pursuant to s. 420.9071(28) for the first 6 months 30 of the fiscal year. With respect to housing, contributions may 31 be used to pay the following eligible low-income and 3 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 very-low-income housing-related activities: 2 (I) Project development impact and management fees for 3 low-income or very-low-income housing projects; 4 (II) Down payment and closing costs for eligible 5 persons, as defined in s. 420.9071(19) and (28); 6 (III) Administrative costs, including housing 7 counseling and marketing fees, not to exceed 10 percent of the 8 community contribution, directly related to low-income or 9 very-low-income projects; and 10 (IV) Removal of liens recorded against residential 11 property by municipal, county, or special district local 12 governments when satisfaction of the lien is a necessary 13 precedent to the transfer of the property to an eligible 14 person, as defined in s. 420.9071(19) and (28), for the 15 purpose of promoting home ownership. Contributions for lien 16 removal must be received from a nonrelated third party. 17 c. The project must be undertaken by an "eligible 18 sponsor," which includes: 19 (I) A community action program; 20 (II) A nonprofit community-based development 21 organization whose mission is the provision of housing for 22 low-income or very-low-income households or increasing 23 entrepreneurial and job-development opportunities for 24 low-income persons; 25 (III) A neighborhood housing services corporation; 26 (IV) A local housing authority created under chapter 27 421; 28 (V) A community redevelopment agency created under s. 29 163.356; 30 (VI) The Florida Industrial Development Corporation; 31 (VII) A historic preservation district agency or 4 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 organization; 2 (VIII) A regional workforce board; 3 (IX) A direct-support organization as provided in s. 4 1009.983; 5 (X) An enterprise zone development agency created 6 under s. 290.0056; 7 (XI) A community-based organization incorporated under 8 chapter 617 which is recognized as educational, charitable, or 9 scientific pursuant to s. 501(c)(3) of the Internal Revenue 10 Code and whose bylaws and articles of incorporation include 11 affordable housing, economic development, or community 12 development as the primary mission of the corporation; 13 (XII) Units of local government; 14 (XIII) Units of state government; or 15 (XIV) Any other agency that the Office of Tourism, 16 Trade, and Economic Development designates by rule. 17 18 In no event may a contributing person have a financial 19 interest in the eligible sponsor. 20 d. The project must be located in an area designated 21 an enterprise zone or a Front Porch Florida Community pursuant 22 to s. 20.18(6), unless the project increases access to 23 high-speed broadband capability for rural communities with 24 enterprise zones but is physically located outside the 25 designated rural zone boundaries. Any project designed to 26 construct or rehabilitate housing for low-income or 27 very-low-income households as defined in s. 420.0971(19) and 28 (28) is exempt from the area requirement of this 29 sub-subparagraph. 30 e.(I) The Office of Tourism, Trade, and Economic 31 Development shall reserve 80 percent of the available annual 5 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 tax credits for donations made to eligible sponsors for 2 projects that provide homeownership opportunities for 3 low-income or very-low-income households as defined in s. 4 420.9071(19) and (28) for the first 6 months of the fiscal 5 year. If less than 80 percent of the annual tax credits for 6 donations made to eligible sponsors for projects that provide 7 homeownership opportunities for low-income or very-low-income 8 households are approved within the first 6 months of the 9 fiscal year, the office may approve the balance of available 10 credits for donations made to eligible sponsors for projects 11 other than those that provide homeownership opportunities for 12 low-income or very-low-income households. 13 (II) The office shall reserve 20 percent of the 14 available annual tax credits for donations made to eligible 15 sponsors for projects other than those that provide 16 homeownership opportunities for low-income or very-low-income 17 households as defined in s. 420.9071(19) and (28) for the 18 first 6 months of the fiscal year. If less than 20 percent of 19 the annual tax credits for donations made to eligible sponsors 20 for projects other than those that provide homeownership 21 opportunities for low-income or very-low-income households are 22 approved within the first 6 months of the fiscal year, the 23 office may approve the balance of available credits for 24 donations made to eligible sponsors for projects that provide 25 homeownership opportunities for low-income or very-low-income 26 households. 27 (III) If, during the first 10 business days of the 28 state fiscal year, tax credit applications are received for 29 less than 80 percent of available annual tax credits for 30 approved projects that provide homeownership opportunities for 31 low-income or very-low-income households, the office shall 6 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 grant tax credits for those applications and shall grant 2 remaining tax credits on a first-come, first-served basis for 3 any subsequent applications for such projects received before 4 the end of the first 6 months of the state fiscal year. If, 5 during the first 10 business days of the state fiscal year, 6 tax credit applications are received for more than 80 percent 7 of available annual tax credits for approved projects that 8 provide homeownership opportunities for low-income or 9 very-low-income households, the office shall grant the tax 10 credits for such applications as follows: 11 (A) If tax credit applications submitted for approved 12 projects of an eligible sponsor do not exceed $200,000 in 13 total, the credits shall be granted in full if the tax credit 14 applications are approved and subject to the provisions of 15 sub-sub-subparagraph (I). 16 (B) If tax credit applications submitted for approved 17 projects of an eligible sponsor exceed $200,000 in total, the 18 amount of tax credits granted pursuant to 19 sub-sub-sub-subparagraph (A) shall be subtracted from the 20 amount of available tax credits pursuant to 21 sub-sub-subparagraph (I), and the remaining credits shall be 22 granted to each approved tax credit application on a pro rata 23 basis. 24 (C) If, after the first 6 months of the fiscal year, 25 additional credits become available pursuant to 26 sub-sub-subparagraph (II), the office shall grant the tax 27 credits by first granting to those who received a pro rata 28 reduction up to the full amount of their request, and, if 29 there are remaining credits, granting credits to those who 30 applied on or after the 11th business day of the state fiscal 31 year on a first-come, first-served basis. 7 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 (IV) If, during the first 10 business days of the 2 state fiscal year, tax credit applications are received for 3 less than 20 percent of available annual tax credits for 4 approved projects other than those that provide homeownership 5 opportunities for low-income or very-low-income households, 6 the office shall grant tax credits for those applications and 7 shall grant remaining tax credits on a first-come, 8 first-served basis for any subsequent applications for such 9 projects received before the end of the first 6 months of the 10 state fiscal year. If, during the first 10 business days of 11 the state fiscal year, tax credit applications are received 12 for more than 20 percent of available annual tax credits for 13 approved projects other than those that provide homeownership 14 opportunities for low-income or very-low-income households, 15 the office shall grant the tax credits to each approved tax 16 credit application on a pro rata basis. If, after the first 6 17 months of the fiscal year, additional credits become available 18 pursuant to sub-sub-subparagraph (I), the office shall grant 19 the tax credits by first granting to those who received a pro 20 rata reduction up to the full amount of their request, and, if 21 there are remaining credits, granting credits to those who 22 applied on or after the 11th business day of the state fiscal 23 year on a first-come, first-served basis. 24 3. Application requirements.-- 25 a. Any eligible sponsor seeking to participate in this 26 program must submit a proposal to the Office of Tourism, 27 Trade, and Economic Development which sets forth the name of 28 the sponsor, a description of the project, and the area in 29 which the project is located, together with such supporting 30 information as is prescribed by rule. The proposal must also 31 contain a resolution from the local governmental unit in which 8 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 the project is located certifying that the project is 2 consistent with local plans and regulations. 3 b. Any person seeking to participate in this program 4 must submit an application for tax credit to the Office of 5 Tourism, Trade, and Economic Development which sets forth the 6 name of the sponsor, a description of the project, and the 7 type, value, and purpose of the contribution. The sponsor 8 shall verify the terms of the application and indicate its 9 receipt of the contribution, which verification must be in 10 writing and accompany the application for tax credit. The 11 person must submit a separate tax credit application to the 12 office for each individual contribution that it makes to each 13 individual project. 14 c. Any person who has received notification from the 15 Office of Tourism, Trade, and Economic Development that a tax 16 credit has been approved must apply to the department to 17 receive the refund. Application must be made on the form 18 prescribed for claiming refunds of sales and use taxes and be 19 accompanied by a copy of the notification. A person may submit 20 only one application for refund to the department within any 21 12-month period. 22 4. Administration.-- 23 a. The Office of Tourism, Trade, and Economic 24 Development may adopt rules pursuant to ss. 120.536(1) and 25 120.54 necessary to administer this paragraph, including rules 26 for the approval or disapproval of proposals by a person. 27 b. The decision of the Office of Tourism, Trade, and 28 Economic Development must be in writing, and, if approved, the 29 notification shall state the maximum credit allowable to the 30 person. Upon approval, the office shall transmit a copy of the 31 decision to the Department of Revenue. 9 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 c. The Office of Tourism, Trade, and Economic 2 Development shall periodically monitor all projects in a 3 manner consistent with available resources to ensure that 4 resources are used in accordance with this paragraph; however, 5 each project must be reviewed at least once every 2 years. 6 d. The Office of Tourism, Trade, and Economic 7 Development shall, in consultation with the Department of 8 Community Affairs, the Florida Housing Finance Corporation, 9 and the statewide and regional housing and financial 10 intermediaries, market the availability of the community 11 contribution tax credit program to community-based 12 organizations. 13 5. Expiration.--This paragraph expires June 30, 2015 14 2005; however, any accrued credit carryover that is unused on 15 that date may be used until the expiration of the 3-year 16 carryover period for such credit. 17 Section 2. Paragraph (t) of subsection (1) of section 18 220.03, Florida Statutes, is amended to read: 19 220.03 Definitions.-- 20 (1) SPECIFIC TERMS.--When used in this code, and when 21 not otherwise distinctly expressed or manifestly incompatible 22 with the intent thereof, the following terms shall have the 23 following meanings: 24 (t) "Project" means any activity undertaken by an 25 eligible sponsor, as defined in s. 220.183(2)(c), which is 26 designed to construct, improve, or substantially rehabilitate 27 housing that is affordable to low-income or very-low-income 28 households as defined in s. 420.9071(19) and (28); designed to 29 provide commercial, industrial, or public resources and 30 facilities; or designed to improve entrepreneurial and 31 job-development opportunities for low-income persons. A 10 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 project may be the investment necessary to increase access to 2 high-speed broadband capability in rural communities with 3 enterprise zones, including projects that result in 4 improvements to communications assets that are owned by a 5 business. A project may include the provision of museum 6 educational programs and materials that are directly related 7 to any project approved between January 1, 1996, and December 8 31, 1999, and located in an enterprise zone as referenced in 9 s. 290.00675. This paragraph does not preclude projects that 10 propose to construct or rehabilitate low-income or 11 very-low-income housing on scattered sites. The Office of 12 Tourism, Trade, and Economic Development may reserve up to 50 13 percent of the available annual tax credits under s. 220.181 14 for housing for very-low-income households pursuant to s. 15 420.9071(28) for the first 6 months of the fiscal year. With 16 respect to housing, contributions may be used to pay the 17 following eligible project-related activities: 18 1. Project development, impact, and management fees 19 for low-income or very-low-income housing projects; 20 2. Down payment and closing costs for eligible 21 persons, as defined in s. 420.9071(19) and (28); 22 3. Administrative costs, including housing counseling 23 and marketing fees, not to exceed 10 percent of the community 24 contribution, directly related to low-income or 25 very-low-income projects; and 26 4. Removal of liens recorded against residential 27 property by municipal, county, or special-district local 28 governments when satisfaction of the lien is a necessary 29 precedent to the transfer of the property to an eligible 30 person, as defined in s. 420.9071(19) and (28), for the 31 purpose of promoting home ownership. Contributions for lien 11 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 removal must be received from a nonrelated third party. 2 3 The provisions of this paragraph shall expire and be void on 4 June 30, 2015 2005. 5 Section 3. Paragraph (c) of subsection (1), paragraph 6 (b) of subsection (2), and subsection (5) of section 220.183, 7 Florida Statutes, are amended to read: 8 220.183 Community contribution tax credit.-- 9 (1) AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX 10 CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM 11 SPENDING.-- 12 (c) The total amount of tax credit which may be 13 granted for all programs approved under this section, s. 14 212.08(5)(q), and s. 624.5105 is $15 $10 million annually. 15 (2) ELIGIBILITY REQUIREMENTS.-- 16 (b)1. All community contributions must be reserved 17 exclusively for use in projects as defined in s. 220.03(1)(t). 18 2. The Office of Tourism, Trade, and Economic 19 Development shall may reserve 80 up to 50 percent of the 20 available annual tax credits for housing for donations made to 21 eligible sponsors for projects that provide homeownership 22 opportunities for low-income or very-low-income households as 23 defined in pursuant to s. 420.9071(19) and (28) for the first 24 6 months of the fiscal year. If less than 80 percent of the 25 annual tax credits for donations made to eligible sponsors for 26 projects that provide homeownership opportunities for 27 low-income or very-low-income households are approved within 28 the first 6 months of the fiscal year, the office may approve 29 the balance of available credits for donations made to 30 eligible sponsors for projects other than those that provide 31 homeownership opportunities for low-income or very-low-income 12 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 households. 2 3. The office shall reserve 20 percent of the 3 available annual tax credits for donations made to eligible 4 sponsors for projects other than those that provide 5 homeownership opportunities for low-income or very-low-income 6 households as defined in s. 420.9071(19) and (28) for the 7 first 6 months of the fiscal year. If less than 20 percent of 8 the annual tax credits for donations made to eligible sponsors 9 for projects other than those that provide homeownership 10 opportunities for low-income or very-low-income households are 11 approved within the first 6 months of the fiscal year, the 12 office may approve the balance of available credits for 13 donations made to eligible sponsors for projects that provide 14 homeownership opportunities for low-income or very-low-income 15 households. 16 4. If, during the first 10 business days of the state 17 fiscal year, tax credit applications are received for less 18 than 80 percent of available annual tax credits for approved 19 projects that provide homeownership opportunities for 20 low-income or very-low-income households, the office shall 21 grant tax credits for those applications and shall grant 22 remaining tax credits on a first-come, first-served basis for 23 any subsequent applications for such projects received before 24 the end of the first 6 months of the state fiscal year. If, 25 during the first 10 business days of the state fiscal year, 26 tax credit applications are received for more than 80 percent 27 of available annual tax credits for approved projects that 28 provide homeownership opportunities for low-income or 29 very-low-income households, the office shall grant the tax 30 credits to such applications as follows: 31 a. If tax credit applications submitted for approved 13 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 projects of an eligible sponsor do not exceed $200,000 in 2 total, the credits shall be granted in full if the tax credit 3 applications are approved and subject to the provisions of 4 subparagraph 2. 5 b. If tax credit applications submitted for approved 6 projects of an eligible sponsor exceed $200,000 in total, the 7 amount of tax credits granted pursuant to sub-subparagraph a. 8 shall be subtracted from the amount of available tax credits 9 pursuant to subparagraph 2., and the remaining credits shall 10 be granted to each approved tax credit application on a pro 11 rata basis. 12 c. If, after the first 6 months of the fiscal year, 13 additional credits become available pursuant to subparagraph 14 3., the office shall grant the tax credits by first granting 15 to those who received a pro rata reduction up to the full 16 amount of their request, and, if there are remaining credits, 17 granting credits to those who applied on or after the 11th 18 business day of the state fiscal year on a first-come, 19 first-served basis. 20 5. If, during the first 10 business days of the state 21 fiscal year, tax credit applications are received for less 22 than 20 percent of available annual tax credits for approved 23 projects other than those that provide homeownership 24 opportunities for low-income or very-low-income households, 25 the office shall grant tax credits for those applications and 26 shall grant remaining tax credits on a first-come, 27 first-served basis for any subsequent applications for such 28 projects received before the end of the first 6 months of the 29 state fiscal year. If, during the first 10 business days of 30 the state fiscal year, tax credit applications are received 31 for more than 20 percent of available annual tax credits for 14 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 approved projects other than those that provide homeownership 2 opportunities for low-income or very-low-income households, 3 the office shall grant the tax credits to each approved tax 4 credit application on a pro rata basis. If, after the first 6 5 months of the fiscal year, additional credits become available 6 pursuant to subparagraph 2., the office shall grant the tax 7 credits by first granting to those who received a pro rata 8 reduction up to the full amount of their request, and, if 9 there are remaining credits, granting credits to those who 10 applied on or after the 11th business day of the state fiscal 11 year on a first-come, first-served basis. 12 (5) EXPIRATION.--The provisions of this section, 13 except paragraph (1)(e), shall expire and be void on June 30, 14 2015 2005. 15 Section 4. Paragraph (c) of subsection (1) and 16 subsection (6) of section 624.5105, Florida Statutes, are 17 amended, paragraph (f) is added to subsection (1), and 18 paragraph (e) is added to subsection (2) of said section, to 19 read: 20 624.5105 Community contribution tax credit; 21 authorization; limitations; eligibility and application 22 requirements; administration; definitions; expiration.-- 23 (1) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.-- 24 (c) The total amount of tax credit which may be 25 granted for all programs approved under this section and SS. 26 212.08(5)(q) and s. 220.183 is $15 $10 million annually. 27 (f) An insurer that claims a credit against premium 28 tax liability earned by making a community contribution under 29 this section need not pay any additional retaliatory tax 30 levied under s. 624.5091 as a result of claiming such a credit 31 and s. 624.5091 does not limit such a credit in any manner. 15 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 (2) ELIGIBILITY REQUIREMENTS. 2 (e)1. The Office of Tourism, Trade, and Economic 3 Development shall reserve 80 percent of the available annual 4 tax credits for donations made to eligible sponsors for 5 projects that provide homeownership opportunities for 6 low-income or very-low-income households as defined in s. 7 420.9071(19) and (28) for the first 6 months of the fiscal 8 year. If less than 80 percent of the annual tax credits for 9 donations made to eligible sponsors for projects that provide 10 homeownership opportunities for low-income or very-low-income 11 households are approved within the first 6 months of the 12 fiscal year, the office may approve the balance of available 13 credits for donations made to eligible sponsors for projects 14 other than those that provide homeownership opportunities for 15 low-income or very-low-income households. 16 2. The office shall reserve 20 percent of the 17 available annual tax credits for donations made to eligible 18 sponsors for projects other than those that provide 19 homeownership opportunities for low-income or very-low-income 20 households as defined in s. 420.9071(19) and (28) for the 21 first 6 months of the fiscal year. If less than 20 percent of 22 the annual tax credits for donations made to eligible sponsors 23 for projects other than those that provide homeownership 24 opportunities for low-income or very-low-income households are 25 approved within the first 6 months of the fiscal year, the 26 office may approve the balance of available credits for 27 donations made to eligible sponsors for projects that provide 28 homeownership opportunities for low-income or very-low-income 29 households. 30 3. If, during the first 10 business days of the state 31 fiscal year, tax credit applications are received for less 16 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 than 80 percent of available annual tax credits for approved 2 projects that provide homeownership opportunities for 3 low-income or very-low-income households, the office shall 4 grant tax credits for those applications and shall grant 5 remaining tax credits on a first-come, first-served basis for 6 any subsequent applications for such projects received before 7 the end of the first 6 months of the state fiscal year. If, 8 during the first 10 business days of the state fiscal year, 9 tax credit applications are received for more than 80 percent 10 of available annual tax credits for approved projects that 11 provide homeownership opportunities for low-income or 12 very-low-income households, the office shall grant the tax 13 credits for such applications as follows: 14 a. If tax credit applications submitted for approved 15 projects of an eligible sponsor do not exceed $200,000 in 16 total, the credits shall be granted in full if the tax credit 17 applications are approved and subject to the provisions of 18 subparagraph 1. 19 b. If tax credit applications submitted for approved 20 projects of an eligible sponsor exceed $200,000 in total, the 21 amount of tax credits granted pursuant to sub-subparagraph a. 22 shall be subtracted from the amount of available tax credits 23 pursuant to subparagraph 1., and the remaining credits shall 24 be granted to each approved tax credit application on a pro 25 rata basis. 26 c. If, after the first 6 months of the fiscal year, 27 additional credits become available pursuant to subparagraph 28 2., the office shall grant the tax credits by first granting 29 to those who received a pro rata reduction up to the full 30 amount of their request, and, if there are remaining credits, 31 granting credits to those who applied on or after the 11th 17 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 business day of the state fiscal year on a first-come, 2 first-served basis. 3 4. If, during the first 10 business days of the state 4 fiscal year, tax credit applications are received for less 5 than 20 percent of available annual tax credits for approved 6 projects other than those that provide homeownership 7 opportunities for low-income or very-low-income households, 8 the office shall grant tax credits for those applications and 9 shall grant remaining tax credits on a first-come, 10 first-served basis for any subsequent applications for such 11 projects received before the end of the first 6 months of the 12 state fiscal year. If, during the first 10 business days of 13 the state fiscal year, tax credit applications are received 14 for more than 20 percent of available annual tax credits for 15 approved projects other than those that provide homeownership 16 opportunities for low-income or very-low-income households, 17 the office shall grant the tax credits to each approved tax 18 credit application on a pro rata basis. If, after the first 6 19 months of the fiscal year, additional credits become available 20 pursuant to subparagraph 1., the office shall grant the tax 21 credits by first granting to those who received a pro rata 22 reduction up to the full amount of their request, and, if 23 there are remaining credits, granting credits to those who 24 applied on or after the 11th business day of the state fiscal 25 year on a first-come, first-served basis. 26 (6) EXPIRATION. The provisions of this section, 27 except paragraph (1)(e), shall expire and be void on June 30, 28 2015 2005. 29 Section 5. This act shall take effect June 29, 2005. 30 31 18 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 ================ T I T L E A M E N D M E N T =============== 2 And the title is amended as follows: 3 Delete everything before the enacting clause 4 5 and insert: 6 A bill to be entitled 7 An act relating to the community contribution 8 tax credit program; amending s. 212.08, F.S.; 9 increasing the amount of available annual 10 community contribution tax credits; requiring 11 the Office of Tourism, Trade, and Economic 12 Development to reserve portions of certain 13 annual tax credits for donations made to 14 eligible sponsors for projects that provide 15 homeownership opportunities for certain 16 households; providing requirements, criteria, 17 and limitations; extending an expiration date; 18 amending s. 220.03, F.S.; revising a definition 19 to delete a provision authorizing the office to 20 reserve certain portions of available annual 21 tax credits for donations made to eligible 22 sponsors for projects that provide 23 homeownership opportunities for certain 24 households; extending an expiration date; 25 amending s. 220.183, F.S.; increasing the 26 amount of available annual community 27 contribution tax credits; revising eligibility 28 criteria; requiring the Office of Tourism, 29 Trade, and Economic Development to reserve 30 portions of certain annual tax credits for 31 donations made to eligible sponsors for 19 6:07 PM 01/24/05 s0202.cm37.00a
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. SB 202 Barcode 174444 1 projects that provide homeownership 2 opportunities for certain households; providing 3 requirements, criteria, and limitations; 4 extending an expiration date; amending s. 5 624.5105, F.S.; increasing the amount of 6 available annual community contribution tax 7 credits; limiting application of certain 8 retaliatory tax provisions under certain 9 circumstances; revising tax credit eligibility 10 criteria; requiring the Office of Tourism, 11 Trade, and Economic Development to reserve 12 portions of certain annual tax credits for 13 donations made to eligible sponsors for 14 projects that provide homeownership 15 opportunities for certain households; providing 16 requirements, criteria, and limitations; 17 extending an expiration date; providing an 18 effective date. 19 20 21 22 23 24 25 26 27 28 29 30 31 20 6:07 PM 01/24/05 s0202.cm37.00a