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

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    Florida Senate - 2005                            CS for SB 202
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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:

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    Florida Senate - 2005                            CS for SB 202
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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;

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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:

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    Florida Senate - 2005                            CS for SB 202
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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;

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    Florida Senate - 2005                            CS for SB 202
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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

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    Florida Senate - 2005                            CS for SB 202
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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

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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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    Florida Senate - 2005                            CS for SB 202
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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

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    Florida Senate - 2005                            CS for SB 202
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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

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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

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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:

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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

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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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    Florida Senate - 2005                            CS for SB 202
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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.

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    Florida Senate - 2005                            CS for SB 202
    577-1061-05




 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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    Florida Senate - 2005                            CS for SB 202
    577-1061-05




 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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    Florida Senate - 2005                            CS for SB 202
    577-1061-05




 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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