Senate Bill sb0202c1
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Florida Senate - 2005 CS for SB 202
By the Committee on Commerce and Consumer Services; and
Senator Saunders
577-1061-05
1 A bill to be entitled
2 An act relating to the community contribution
3 tax credit; amending s. 212.08, F.S.;
4 increasing the amount of available annual
5 community contribution tax credits; requiring
6 the Office of Tourism, Trade, and Economic
7 Development to reserve portions of certain
8 annual tax credits for donations made to
9 eligible sponsors for projects that provide
10 homeownership opportunities for certain
11 households; providing requirements, criteria,
12 and limitations; extending an expiration date;
13 amending s. 220.03, F.S.; revising a definition
14 to delete a provision authorizing the office to
15 reserve certain portions of available annual
16 tax credits for donations made to eligible
17 sponsors for projects that provide
18 homeownership opportunities for certain
19 households; extending an expiration date;
20 amending s. 220.183, F.S.; increasing the
21 amount of available annual community
22 contribution tax credits; revising eligibility
23 criteria; requiring the Office of Tourism,
24 Trade, and Economic Development to reserve
25 portions of certain annual tax credits for
26 donations made to eligible sponsors for
27 projects that provide homeownership
28 opportunities for certain households; providing
29 requirements, criteria, and limitations;
30 extending an expiration date; amending s.
31 624.5105, F.S.; increasing the amount of
1
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1 available annual community contribution tax
2 credits; limiting application of certain
3 retaliatory tax provisions under certain
4 circumstances; revising tax credit eligibility
5 criteria; requiring the Office of Tourism,
6 Trade, and Economic Development to reserve
7 portions of certain annual tax credits for
8 donations made to eligible sponsors for
9 projects that provide homeownership
10 opportunities for certain households; providing
11 requirements, criteria, and limitations;
12 extending an expiration date; providing an
13 effective date.
14
15 Be It Enacted by the Legislature of the State of Florida:
16
17 Section 1. Paragraph (q) of subsection (5) of section
18 212.08, Florida Statutes, is amended to read:
19 212.08 Sales, rental, use, consumption, distribution,
20 and storage tax; specified exemptions.--The sale at retail,
21 the rental, the use, the consumption, the distribution, and
22 the storage to be used or consumed in this state of the
23 following are hereby specifically exempt from the tax imposed
24 by this chapter.
25 (5) EXEMPTIONS; ACCOUNT OF USE.--
26 (q) Community contribution tax credit for donations.--
27 1. Authorization.--Beginning July 1, 2001, persons who
28 are registered with the department under s. 212.18 to collect
29 or remit sales or use tax and who make donations to eligible
30 sponsors are eligible for tax credits against their state
31 sales and use tax liabilities as provided in this paragraph:
2
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1 a. The credit shall be computed as 50 percent of the
2 person's approved annual community contribution;
3 b. The credit shall be granted as a refund against
4 state sales and use taxes reported on returns and remitted in
5 the 12 months preceding the date of application to the
6 department for the credit as required in sub-subparagraph 3.c.
7 If the annual credit is not fully used through such refund
8 because of insufficient tax payments during the applicable
9 12-month period, the unused amount may be included in an
10 application for a refund made pursuant to sub-subparagraph
11 3.c. in subsequent years against the total tax payments made
12 for such year. Carryover credits may be applied for a 3-year
13 period without regard to any time limitation that would
14 otherwise apply under s. 215.26;
15 c. A No person may not shall receive more than
16 $200,000 in annual tax credits for all approved community
17 contributions made in any one year;
18 d. All proposals for the granting of the tax credit
19 shall require the prior approval of the Office of Tourism,
20 Trade, and Economic Development;
21 e. The total amount of tax credits which may be
22 granted for all programs approved under this paragraph, s.
23 220.183, and s. 624.5105 is $15 $10 million annually; and
24 f. A person who is eligible to receive the credit
25 provided for in this paragraph, s. 220.183, or s. 624.5105 may
26 receive the credit only under the one section of the person's
27 choice.
28 2. Eligibility requirements.--
29 a. A community contribution by a person must be in the
30 following form:
31 (I) Cash or other liquid assets;
3
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1 (II) Real property;
2 (III) Goods or inventory; or
3 (IV) Other physical resources as identified by the
4 Office of Tourism, Trade, and Economic Development.
5 b. All community contributions must be reserved
6 exclusively for use in a project. As used in this
7 sub-subparagraph, the term "project" means any activity
8 undertaken by an eligible sponsor which is designed to
9 construct, improve, or substantially rehabilitate housing that
10 is affordable to low-income or very-low-income households as
11 defined in s. 420.9071(19) and (28); designed to provide
12 commercial, industrial, or public resources and facilities; or
13 designed to improve entrepreneurial and job-development
14 opportunities for low-income persons. A project may be the
15 investment necessary to increase access to high-speed
16 broadband capability in rural communities with enterprise
17 zones, including projects that result in improvements to
18 communications assets that are owned by a business. A project
19 may include the provision of museum educational programs and
20 materials that are directly related to any project approved
21 between January 1, 1996, and December 31, 1999, and located in
22 an enterprise zone as referenced in s. 290.00675. This
23 paragraph does not preclude projects that propose to construct
24 or rehabilitate housing for low-income or very-low-income
25 households on scattered sites. The Office of Tourism, Trade,
26 and Economic Development may reserve up to 50 percent of the
27 available annual tax credits for housing for very-low-income
28 households pursuant to s. 420.9071(28) for the first 6 months
29 of the fiscal year. With respect to housing, contributions may
30 be used to pay the following eligible low-income and
31 very-low-income housing-related activities:
4
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1 (I) Project development impact and management fees for
2 low-income or very-low-income housing projects;
3 (II) Down payment and closing costs for eligible
4 persons, as defined in s. 420.9071(19) and (28);
5 (III) Administrative costs, including housing
6 counseling and marketing fees, not to exceed 10 percent of the
7 community contribution, directly related to low-income or
8 very-low-income projects; and
9 (IV) Removal of liens recorded against residential
10 property by municipal, county, or special district local
11 governments when satisfaction of the lien is a necessary
12 precedent to the transfer of the property to an eligible
13 person, as defined in s. 420.9071(19) and (28), for the
14 purpose of promoting home ownership. Contributions for lien
15 removal must be received from a nonrelated third party.
16 c. The project must be undertaken by an "eligible
17 sponsor," which includes:
18 (I) A community action program;
19 (II) A nonprofit community-based development
20 organization whose mission is the provision of housing for
21 low-income or very-low-income households or increasing
22 entrepreneurial and job-development opportunities for
23 low-income persons;
24 (III) A neighborhood housing services corporation;
25 (IV) A local housing authority created under chapter
26 421;
27 (V) A community redevelopment agency created under s.
28 163.356;
29 (VI) The Florida Industrial Development Corporation;
30 (VII) A historic preservation district agency or
31 organization;
5
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1 (VIII) A regional workforce board;
2 (IX) A direct-support organization as provided in s.
3 1009.983;
4 (X) An enterprise zone development agency created
5 under s. 290.0056;
6 (XI) A community-based organization incorporated under
7 chapter 617 which is recognized as educational, charitable, or
8 scientific pursuant to s. 501(c)(3) of the Internal Revenue
9 Code and whose bylaws and articles of incorporation include
10 affordable housing, economic development, or community
11 development as the primary mission of the corporation;
12 (XII) Units of local government;
13 (XIII) Units of state government; or
14 (XIV) Any other agency that the Office of Tourism,
15 Trade, and Economic Development designates by rule.
16
17 In no event may a contributing person have a financial
18 interest in the eligible sponsor.
19 d. The project must be located in an area designated
20 an enterprise zone or a Front Porch Florida Community pursuant
21 to s. 20.18(6), unless the project increases access to
22 high-speed broadband capability for rural communities with
23 enterprise zones but is physically located outside the
24 designated rural zone boundaries. Any project designed to
25 construct or rehabilitate housing for low-income or
26 very-low-income households as defined in s. 420.0971(19) and
27 (28) is exempt from the area requirement of this
28 sub-subparagraph.
29 e.(I) The Office of Tourism, Trade, and Economic
30 Development shall reserve 80 percent of the available annual
31 tax credits for donations made to eligible sponsors for
6
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1 projects that provide homeownership opportunities for
2 low-income or very-low-income households as defined in s.
3 420.9071(19) and (28) for the first 6 months of the fiscal
4 year. If less than 80 percent of the annual tax credits for
5 donations made to eligible sponsors for projects that provide
6 homeownership opportunities for low-income or very-low-income
7 households are approved within the first 6 months of the
8 fiscal year, the office may approve the balance of available
9 credits for donations made to eligible sponsors for projects
10 other than those that provide homeownership opportunities for
11 low-income or very-low-income households.
12 (II) The office shall reserve 20 percent of the
13 available annual tax credits for donations made to eligible
14 sponsors for projects other than those that provide
15 homeownership opportunities for low-income or very-low-income
16 households as defined in s. 420.9071(19) and (28) for the
17 first 6 months of the fiscal year. If less than 20 percent of
18 the annual tax credits for donations made to eligible sponsors
19 for projects other than those that provide homeownership
20 opportunities for low-income or very-low-income households are
21 approved within the first 6 months of the fiscal year, the
22 office may approve the balance of available credits for
23 donations made to eligible sponsors for projects that provide
24 homeownership opportunities for low-income or very-low-income
25 households.
26 (III) If, during the first 10 business days of the
27 state fiscal year, tax credit applications are received for
28 less than 80 percent of available annual tax credits for
29 approved projects that provide homeownership opportunities for
30 low-income or very-low-income households, the office shall
31 grant tax credits for those applications and shall grant
7
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1 remaining tax credits on a first-come, first-served basis for
2 any subsequent applications for such projects received before
3 the end of the first 6 months of the state fiscal year. If,
4 during the first 10 business days of the state fiscal year,
5 tax credit applications are received for more than 80 percent
6 of available annual tax credits for approved projects that
7 provide homeownership opportunities for low-income or
8 very-low-income households, the office shall grant the tax
9 credits for such applications as follows:
10 (A) If tax credit applications submitted for approved
11 projects of an eligible sponsor do not exceed $200,000 in
12 total, the credits shall be granted in full if the tax credit
13 applications are approved and subject to sub-sub-subparagraph
14 (I).
15 (B) If tax credit applications submitted for approved
16 projects of an eligible sponsor exceed $200,000 in total, the
17 amount of tax credits granted pursuant to
18 sub-sub-sub-subparagraph (A) shall be subtracted from the
19 amount of available tax credits pursuant to
20 sub-sub-subparagraph (I), and the remaining credits shall be
21 granted to each approved tax credit application on a pro rata
22 basis.
23 (C) If, after the first 6 months of the fiscal year,
24 additional credits become available pursuant to
25 sub-sub-subparagraph (II), the office shall grant the tax
26 credits by first granting to those who received a pro rata
27 reduction up to the full amount of their request, and, if
28 there are remaining credits, granting credits to those who
29 applied on or after the 11th business day of the state fiscal
30 year on a first-come, first-served basis.
31
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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, first-serve
8 basis for any subsequent applications for such projects
9 received before the end of the first 6 months of the state
10 fiscal year. If, during the first 10 business days of the
11 state fiscal year, tax credit applications are received for
12 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 credit 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
9
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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.
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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
11
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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
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1 purpose of promoting home ownership. Contributions for lien
2 removal must be received from a nonrelated third party.
3
4 The provisions of this paragraph shall expire and be void on
5 June 30, 2015 2005.
6 Section 3. Paragraph (c) of subsection (1), paragraph
7 (b) of subsection (2), and subsection (5) of section 220.183,
8 Florida Statutes, are amended to read:
9 220.183 Community contribution tax credit.--
10 (1) AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX
11 CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM
12 SPENDING.--
13 (c) The total amount of tax credit which may be
14 granted for all programs approved under this section, s.
15 212.08(5)(q), and s. 624.5105 is $15 $10 million annually.
16 (2) ELIGIBILITY REQUIREMENTS.--
17 (b)1. All community contributions must be reserved
18 exclusively for use in projects as defined in s. 220.03(1)(t).
19 2. The Office of Tourism, Trade, and Economic
20 Development shall may reserve 80 up to 50 percent of the
21 available annual tax credits for housing for donations made to
22 eligible sponsors for projects that provide homeownership
23 opportunities for low-income or very-low-income households as
24 defined in pursuant to s. 420.9071(19) and (28) for the first
25 6 months of the fiscal year. If less than 80 percent of the
26 annual tax credits for donations made to eligible sponsors for
27 projects that provide homeownership opportunities for
28 low-income or very-low-income households are approved within
29 the first 6 months of the fiscal year, the office may approve
30 the balance of available credits for donations made to
31 eligible sponsors for projects other than those that provide
13
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1 homeownership opportunities for low-income or very-low-income
2 households.
3 3. The office shall reserve 20 percent of the
4 available annual tax credits for donations made to eligible
5 sponsors for projects other than those that provide
6 homeownership opportunities for low-income or very-low-income
7 households as defined in s. 420.9071(19) and (28) for the
8 first 6 months of the fiscal year. If less than 20 percent of
9 the annual tax credits for donations made to eligible sponsors
10 for projects other than those that provide homeownership
11 opportunities for low-income or very-low-income households are
12 approved within the first 6 months of the fiscal year, the
13 office may approve the balance of available credits for
14 donations made to eligible sponsors for projects that provide
15 homeownership opportunities for low-income or very-low-income
16 households.
17 4. If, during the first 10 business days of the state
18 fiscal year, tax credit applications are received for less
19 than 80 percent of available annual tax credits for approved
20 projects that provide homeownership opportunities for
21 low-income or very-low-income households, the office shall
22 grant tax credits for those applications and shall grant
23 remaining tax credits on a first-come, first-serve basis for
24 any subsequent applications for such projects received before
25 the end of the first 6 months of the state fiscal year. If,
26 during the first 10 business days of the state fiscal year,
27 tax credit applications are received for more than 80 percent
28 of available annual tax credits for approved projects that
29 provide homeownership opportunities for low-income or
30 very-low-income households, the office shall grant the tax
31 credits to such applications as follows:
14
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1 a. If tax credit applications submitted for approved
2 projects of an eligible sponsor do not exceed $200,000 in
3 total, the credits shall be granted in full if the tax credit
4 applications are approved and subject to 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, first-serve
27 basis for any subsequent applications for such projects
28 received before the end of the first 6 months of the state
29 fiscal year. If, during the first 10 business days of the
30 state fiscal year, tax credit applications are received for
31 more than 20 percent of available annual tax credits for
15
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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 under subparagraph 2., the office shall grant the tax credits
7 by first granting to those who received a pro rata reduction
8 up to the full amount of their request, and, if there are
9 remaining credits, granting credits to those who applied on or
10 after the 11th business day of the state fiscal year on a
11 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 that 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
28 premium-tax liability earned by making a community
29 contribution under this section need not pay any additional
30 retaliatory tax levied under s. 624.5091 as a result of
31
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1 claiming such a credit, and s. 624.5091 does not limit such a
2 credit in any manner.
3 (2) ELIGIBILITY REQUIREMENTS.--
4 (e)1. The Office of Tourism, Trade, and Economic
5 Development shall reserve 80 percent of the available annual
6 tax credits for donations made to eligible sponsors for
7 projects that provide homeownership opportunities for
8 low-income or very-low-income households under s. 420.9071(19)
9 and (28) for the first 6 months of the fiscal year. If less
10 than 80 percent of the annual tax credits for donations made
11 to eligible sponsors for projects that provide homeownership
12 opportunities for low-income or very-low-income households are
13 approved within the first 6 months of the fiscal year, the
14 office may approve the balance of available credits for
15 donations made to eligible sponsors for projects other than
16 those that provide homeownership opportunities for low-income
17 or very-low-income households.
18 2. The office shall reserve 20 percent of the
19 available annual tax credits for donations made to eligible
20 sponsors for projects other than those that provide
21 homeownership opportunities for low-income or very-low-income
22 households as defined in s. 420.9071(19) and (28) for the
23 first 6 months of the fiscal year. If less than 20 percent of
24 the annual tax credits for donations made to eligible sponsors
25 for projects other than those that provide homeownership
26 opportunities for low-income or very-low-income households are
27 approved within the first 6 months of the fiscal year, the
28 office may approve the balance of available credits for
29 donations made to eligible sponsors for projects that provide
30 homeownership opportunities for low-income or very-low-income
31 households.
17
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1 3. If, during the first 10 business days of the state
2 fiscal year, tax credit applications are received for less
3 than 80 percent of available annual tax credits for approved
4 projects that provide homeownership opportunities for
5 low-income or very-low-income households, the office shall
6 grant tax credits for those applications and shall grant
7 remaining tax credits on a first-come, first-serve basis for
8 any subsequent applications for such projects received before
9 the end of the first 6 months of the state fiscal year. If,
10 during the first 10 business days of the state fiscal year,
11 tax credit applications are received for more than 80 percent
12 of available annual tax credits for approved projects that
13 provide homeownership opportunities for low-income or
14 very-low-income households, the office shall grant the tax
15 credits for such applications as follows:
16 a. If tax credit applications submitted for approved
17 projects of an eligible sponsor do not exceed $200,000 in
18 total, the credits shall be granted in full if the tax credit
19 applications are approved and subject to the provisions of
20 subparagraph 1.
21 b. If tax credit applications submitted for approved
22 projects of an eligible sponsor exceed $200,000 in total, the
23 amount of tax credits granted pursuant to sub-subparagraph a.
24 shall be subtracted from the amount of available tax credits
25 pursuant to subparagraph 1., and the remaining credits shall
26 be granted to each approved tax credit application on a pro
27 rata basis.
28 c. If, after the first 6 months of the fiscal year,
29 additional credits become available under subparagraph 2., the
30 office shall grant the tax credits by first granting to those
31 who received a pro rata reduction up to the full amount of
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1 their request, and, if there are remaining credits, granting
2 credits to those who applied on or after the 11th business day
3 of the state fiscal year on a first-come, first-served basis.
4 4. If, during the first 10 business days of the state
5 fiscal year, tax credit applications are received for less
6 than 20 percent of available annual tax credits for approved
7 projects other than those that provide homeownership
8 opportunities for low-income or very-low-income households,
9 the office shall grant tax credits for those applications and
10 shall grant remaining tax credits on a first-come, first-serve
11 basis for any subsequent applications for such projects
12 received before the end of the first 6 months of the state
13 fiscal year. If, during the first 10 business days of the
14 state fiscal year, tax credit applications are received for
15 more than 20 percent of available annual tax credits for
16 approved projects other than those that provide homeownership
17 opportunities for low-income or very-low-income households,
18 the office shall grant the tax credits to each approved tax
19 credit application on a pro rata basis. If, after the first 6
20 months of the fiscal year, additional credits become available
21 under subparagraph 1., the office shall grant the tax credits
22 by first granting to those who received a pro rata reduction
23 up to the full amount of their request, and, if there are
24 remaining credits, granting credits to those who applied on or
25 after the 11th business day of the state fiscal year on a
26 first-come, first-served basis.
27 (6) EXPIRATION.--The provisions of this section,
28 except paragraph (1)(e), shall expire and be void on June 30,
29 2015 2005.
30 Section 5. This act shall take effect June 29, 2005.
31
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1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 Senate Bill 202
3
4 The committee substitute differs from the original bill by:
(1) reserving for 6 months, rather than 2 months, the initial
5 80/20 split of available tax credits between low-income
homeownership projects and the other types of eligible
6 projects; and (2) further specifying the fund distribution
priorities for tax credits.
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