Senate Bill sb0202c2

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    Florida Senate - 2005                     CS for CS for SB 202

    By the Committees on Government Efficiency Appropriations;
    Commerce and Consumer Services; and Senators Saunders and
    Crist



    593-2210-05

  1                      A bill to be entitled

  2         An act relating to the community contribution

  3         tax credit program; amending s. 212.08, F.S.;

  4         requiring the Office of Tourism, Trade, and

  5         Economic Development to reserve portions of

  6         certain annual tax credits for donations made

  7         to eligible sponsors for projects that provide

  8         homeownership opportunities for certain

  9         households; providing requirements, criteria,

10         and limitations; extending an expiration date;

11         amending s. 220.03, F.S.; revising a definition

12         to delete a provision authorizing the office to

13         reserve certain portions of available annual

14         tax credits for donations made to eligible

15         sponsors for projects that provide

16         homeownership opportunities for certain

17         households; extending an expiration date;

18         amending s. 220.183, F.S.; increasing the

19         amount of available annual community

20         contribution tax credits; revising eligibility

21         criteria; requiring the Office of Tourism,

22         Trade, and Economic Development to reserve

23         portions of certain annual tax credits for

24         donations made to eligible sponsors for

25         projects that provide homeownership

26         opportunities for certain households; providing

27         requirements, criteria, and limitations;

28         extending an expiration date; amending s.

29         624.5105, F.S.; increasing the amount of

30         available annual community contribution tax

31         credits; limiting application of certain

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 1         retaliatory tax provisions under certain

 2         circumstances; revising tax credit eligibility

 3         criteria; requiring the Office of Tourism,

 4         Trade, and Economic Development to reserve

 5         portions of certain annual tax credits for

 6         donations made to eligible sponsors for

 7         projects that provide homeownership

 8         opportunities for certain households; providing

 9         requirements, criteria, and limitations;

10         extending an expiration date; providing an

11         effective date.

12  

13  Be It Enacted by the Legislature of the State of Florida:

14  

15         Section 1.  Paragraph (q) of subsection (5) of section

16  212.08, Florida Statutes, is amended to read:

17         212.08  Sales, rental, use, consumption, distribution,

18  and storage tax; specified exemptions.--The sale at retail,

19  the rental, the use, the consumption, the distribution, and

20  the storage to be used or consumed in this state of the

21  following are hereby specifically exempt from the tax imposed

22  by this chapter.

23         (5)  EXEMPTIONS; ACCOUNT OF USE.--

24         (q)  Community contribution tax credit for donations.--

25         1.  Authorization.--Beginning July 1, 2001, persons who

26  are registered with the department under s. 212.18 to collect

27  or remit sales or use tax and who make donations to eligible

28  sponsors are eligible for tax credits against their state

29  sales and use tax liabilities as provided in this paragraph:

30         a.  The credit shall be computed as 50 percent of the

31  person's approved annual community contribution;

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 1         b.  The credit shall be granted as a refund against

 2  state sales and use taxes reported on returns and remitted in

 3  the 12 months preceding the date of application to the

 4  department for the credit as required in sub-subparagraph 3.c.

 5  If the annual credit is not fully used through such refund

 6  because of insufficient tax payments during the applicable

 7  12-month period, the unused amount may be included in an

 8  application for a refund made pursuant to sub-subparagraph

 9  3.c. in subsequent years against the total tax payments made

10  for such year. Carryover credits may be applied for a 3-year

11  period without regard to any time limitation that would

12  otherwise apply under s. 215.26;

13         c.  A No person may not shall receive more than

14  $200,000 in annual tax credits for all approved community

15  contributions made in any one year;

16         d.  All proposals for the granting of the tax credit

17  shall require the prior approval of the Office of Tourism,

18  Trade, and Economic Development;

19         e.  The total amount of tax credits which may be

20  granted for all programs approved under this paragraph, s.

21  220.183, and s. 624.5105 is $12 $10 million annually; and

22         f.  A person who is eligible to receive the credit

23  provided for in this paragraph, s. 220.183, or s. 624.5105 may

24  receive the credit only under the one section of the person's

25  choice.

26         2.  Eligibility requirements.--

27         a.  A community contribution by a person must be in the

28  following form:

29         (I)  Cash or other liquid assets;

30         (II)  Real property;

31         (III)  Goods or inventory; or

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 1         (IV)  Other physical resources as identified by the

 2  Office of Tourism, Trade, and Economic Development.

 3         b.  All community contributions must be reserved

 4  exclusively for use in a project. As used in this

 5  sub-subparagraph, the term "project" means any activity

 6  undertaken by an eligible sponsor which is designed to

 7  construct, improve, or substantially rehabilitate housing that

 8  is affordable to low-income or very-low-income households as

 9  defined in s. 420.9071(19) and (28); designed to provide

10  commercial, industrial, or public resources and facilities; or

11  designed to improve entrepreneurial and job-development

12  opportunities for low-income persons. A project may be the

13  investment necessary to increase access to high-speed

14  broadband capability in rural communities with enterprise

15  zones, including projects that result in improvements to

16  communications assets that are owned by a business. A project

17  may include the provision of museum educational programs and

18  materials that are directly related to any project approved

19  between January 1, 1996, and December 31, 1999, and located in

20  an enterprise zone as referenced in s. 290.00675. This

21  paragraph does not preclude projects that propose to construct

22  or rehabilitate housing for low-income or very-low-income

23  households on scattered sites. The Office of Tourism, Trade,

24  and Economic Development may reserve up to 50 percent of the

25  available annual tax credits for housing for very-low-income

26  households pursuant to s. 420.9071(28) for the first 6 months

27  of the fiscal year. With respect to housing, contributions may

28  be used to pay the following eligible low-income and

29  very-low-income housing-related activities:

30         (I)  Project development impact and management fees for

31  low-income or very-low-income housing projects;

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 1         (II)  Down payment and closing costs for eligible

 2  persons, as defined in s. 420.9071(19) and (28);

 3         (III)  Administrative costs, including housing

 4  counseling and marketing fees, not to exceed 10 percent of the

 5  community contribution, directly related to low-income or

 6  very-low-income projects; and

 7         (IV)  Removal of liens recorded against residential

 8  property by municipal, county, or special district local

 9  governments when satisfaction of the lien is a necessary

10  precedent to the transfer of the property to an eligible

11  person, as defined in s. 420.9071(19) and (28), for the

12  purpose of promoting home ownership. Contributions for lien

13  removal must be received from a nonrelated third party.

14         c.  The project must be undertaken by an "eligible

15  sponsor," which includes:

16         (I)  A community action program;

17         (II)  A nonprofit community-based development

18  organization whose mission is the provision of housing for

19  low-income or very-low-income households or increasing

20  entrepreneurial and job-development opportunities for

21  low-income persons;

22         (III)  A neighborhood housing services corporation;

23         (IV)  A local housing authority created under chapter

24  421;

25         (V)  A community redevelopment agency created under s.

26  163.356;

27         (VI)  The Florida Industrial Development Corporation;

28         (VII)  A historic preservation district agency or

29  organization;

30         (VIII)  A regional workforce board;

31  

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 1         (IX)  A direct-support organization as provided in s.

 2  1009.983;

 3         (X)  An enterprise zone development agency created

 4  under s. 290.0056;

 5         (XI)  A community-based organization incorporated under

 6  chapter 617 which is recognized as educational, charitable, or

 7  scientific pursuant to s. 501(c)(3) of the Internal Revenue

 8  Code and whose bylaws and articles of incorporation include

 9  affordable housing, economic development, or community

10  development as the primary mission of the corporation;

11         (XII)  Units of local government;

12         (XIII)  Units of state government; or

13         (XIV)  Any other agency that the Office of Tourism,

14  Trade, and Economic Development designates by rule.

15  

16  In no event may a contributing person have a financial

17  interest in the eligible sponsor.

18         d.  The project must be located in an area designated

19  an enterprise zone or a Front Porch Florida Community pursuant

20  to s. 20.18(6), unless the project increases access to

21  high-speed broadband capability for rural communities with

22  enterprise zones but is physically located outside the

23  designated rural zone boundaries. Any project designed to

24  construct or rehabilitate housing for low-income or

25  very-low-income households as defined in s. 420.0971(19) and

26  (28) is exempt from the area requirement of this

27  sub-subparagraph.

28         e.(I)  For the first 6 months of the fiscal year, the

29  Office of Tourism, Trade, and Economic Development shall

30  reserve 80 percent of the first $10 million in available

31  annual tax credits and 70 percent of any available annual tax

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 1  credits in excess of $10 million for donations made to

 2  eligible sponsors for projects that provide homeownership

 3  opportunities for low-income or very-low-income households as

 4  defined in s. 420.9071(19) and (28). If any such reserved

 5  annual tax credits remain after the first 6 months of the

 6  fiscal year, the office may approve the balance of these

 7  available credits for donations made to eligible sponsors for

 8  projects other than those that provide homeownership

 9  opportunities for low-income or very-low-income households.

10         (II) For the first 6 months of the fiscal year, the

11  office shall reserve 20 percent of the first $10 million in

12  available annual tax credits and 30 percent of any available

13  annual tax credits in excess of $10 million for donations made

14  to eligible sponsors for projects other than those that

15  provide homeownership opportunities for low-income or

16  very-low-income households as defined in s. 420.9071(19) and

17  (28). If any reserved annual tax credits remain after the

18  first 6 months of the fiscal year, the office may approve the

19  balance of these available credits for donations made to

20  eligible sponsors for projects that provide homeownership

21  opportunities for low-income or very-low-income households.

22         (III)  If, during the first 10 business days of the

23  state fiscal year, eligible tax credit applications are

24  received for less than the available annual tax credits

25  reserved under sub-sub-subparagraph (I), the office shall

26  grant tax credits for those applications and shall grant

27  remaining tax credits on a first-come, first-served basis for

28  any subsequent eligible applications received before the end

29  of the first 6 months of the state fiscal year.  If, during

30  the first 10 business days of the state fiscal year, eligible

31  tax credit applications are received for more than the

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 1  available annual tax credits reserved under

 2  sub-sub-subparagraph (I), the office shall grant the tax

 3  credits for the applications as follows:

 4         (A)  If tax credit applications submitted for approved

 5  projects of an eligible sponsor do not exceed $200,000 in

 6  total, the credits shall be granted in full if the tax credit

 7  applications are approved, subject to sub-sub-subparagraph

 8  (I).

 9         (B)  If tax credit applications submitted for approved

10  projects of an eligible sponsor exceed $200,000 in total, the

11  amount of tax credits granted pursuant to

12  sub-sub-sub-subparagraph (A) shall be subtracted from the

13  amount of available tax credits under sub-sub-subparagraph

14  (I), and the remaining credits shall be granted to each

15  approved tax credit application on a pro rata basis.

16         (C)  If, after the first 6 months of the fiscal year,

17  additional credits become available under sub-sub-subparagraph

18  (II), the office shall grant the tax credits by first granting

19  to those who received a prorata reduction up to the full

20  amount of their request and, if there are remaining credits,

21  granting credits to those who applied on or after the 11th

22  business day of the state fiscal year on a first-come,

23  first-served basis.

24         (IV)  If, during the first 10 business days of the

25  state fiscal year, eligible tax credit applications are

26  received for less than the available annual tax credits

27  reserved under sub-sub-subparagraph (II), the office shall

28  grant tax credits for those applications and shall grant

29  remaining tax credits on a first-come, first-served basis for

30  any subsequent eligible applications received before the end

31  of the first 6 months of the state fiscal year. If, during the

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 1  first 10 business days of the state fiscal year, eligible tax

 2  credit applications are received for more than the available

 3  annual tax credits reserved under sub-sub-subparagraph (II),

 4  the office shall grant the tax credits for the applications on

 5  a pro rata basis. If, after the first 6 months of the fiscal

 6  year, additional credits become available under

 7  sub-sub-subparagraph (I), the office shall grant the tax

 8  credits by first granting to those who received a pro rata

 9  reduction up to the full amount of their request and, if there

10  are remaining credits, granting credits to those who applied

11  on or after the 11th business day of the state fiscal year on

12  a first-come, first-served basis.

13         3.  Application requirements.--

14         a.  Any eligible sponsor seeking to participate in this

15  program must submit a proposal to the Office of Tourism,

16  Trade, and Economic Development which sets forth the name of

17  the sponsor, a description of the project, and the area in

18  which the project is located, together with such supporting

19  information as is prescribed by rule. The proposal must also

20  contain a resolution from the local governmental unit in which

21  the project is located certifying that the project is

22  consistent with local plans and regulations.

23         b.  Any person seeking to participate in this program

24  must submit an application for tax credit to the Office of

25  Tourism, Trade, and Economic Development which sets forth the

26  name of the sponsor, a description of the project, and the

27  type, value, and purpose of the contribution. The sponsor

28  shall verify the terms of the application and indicate its

29  receipt of the contribution, which verification must be in

30  writing and accompany the application for tax credit. The

31  person must submit a separate tax credit application to the

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 1  office for each individual contribution that it makes to each

 2  individual project.

 3         c.  Any person who has received notification from the

 4  Office of Tourism, Trade, and Economic Development that a tax

 5  credit has been approved must apply to the department to

 6  receive the refund. Application must be made on the form

 7  prescribed for claiming refunds of sales and use taxes and be

 8  accompanied by a copy of the notification. A person may submit

 9  only one application for refund to the department within any

10  12-month period.

11         4.  Administration.--

12         a.  The Office of Tourism, Trade, and Economic

13  Development may adopt rules pursuant to ss. 120.536(1) and

14  120.54 necessary to administer this paragraph, including rules

15  for the approval or disapproval of proposals by a person.

16         b.  The decision of the Office of Tourism, Trade, and

17  Economic Development must be in writing, and, if approved, the

18  notification shall state the maximum credit allowable to the

19  person. Upon approval, the office shall transmit a copy of the

20  decision to the Department of Revenue.

21         c.  The Office of Tourism, Trade, and Economic

22  Development shall periodically monitor all projects in a

23  manner consistent with available resources to ensure that

24  resources are used in accordance with this paragraph; however,

25  each project must be reviewed at least once every 2 years.

26         d.  The Office of Tourism, Trade, and Economic

27  Development shall, in consultation with the Department of

28  Community Affairs, the Florida Housing Finance Corporation,

29  and the statewide and regional housing and financial

30  intermediaries, market the availability of the community

31  

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 1  contribution tax credit program to community-based

 2  organizations.

 3         5.  Expiration.--This paragraph expires June 30, 2015

 4  2005; however, any accrued credit carryover that is unused on

 5  that date may be used until the expiration of the 3-year

 6  carryover period for such credit.

 7         Section 2.  Paragraph (t) of subsection (1) of section

 8  220.03, Florida Statutes, is amended to read:

 9         220.03  Definitions.--

10         (1)  SPECIFIC TERMS.--When used in this code, and when

11  not otherwise distinctly expressed or manifestly incompatible

12  with the intent thereof, the following terms shall have the

13  following meanings:

14         (t)  "Project" means any activity undertaken by an

15  eligible sponsor, as defined in s. 220.183(2)(c), which is

16  designed to construct, improve, or substantially rehabilitate

17  housing that is affordable to low-income or very-low-income

18  households as defined in s. 420.9071(19) and (28); designed to

19  provide commercial, industrial, or public resources and

20  facilities; or designed to improve entrepreneurial and

21  job-development opportunities for low-income persons. A

22  project may be the investment necessary to increase access to

23  high-speed broadband capability in rural communities with

24  enterprise zones, including projects that result in

25  improvements to communications assets that are owned by a

26  business. A project may include the provision of museum

27  educational programs and materials that are directly related

28  to any project approved between January 1, 1996, and December

29  31, 1999, and located in an enterprise zone as referenced in

30  s. 290.00675. This paragraph does not preclude projects that

31  propose to construct or rehabilitate low-income or

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 1  very-low-income housing on scattered sites. The Office of

 2  Tourism, Trade, and Economic Development may reserve up to 50

 3  percent of the available annual tax credits under s. 220.181

 4  for housing for very-low-income households pursuant to s.

 5  420.9071(28) for the first 6 months of the fiscal year. With

 6  respect to housing, contributions may be used to pay the

 7  following eligible project-related activities:

 8         1.  Project development, impact, and management fees

 9  for low-income or very-low-income housing projects;

10         2.  Down payment and closing costs for eligible

11  persons, as defined in s. 420.9071(19) and (28);

12         3.  Administrative costs, including housing counseling

13  and marketing fees, not to exceed 10 percent of the community

14  contribution, directly related to low-income or

15  very-low-income projects; and

16         4.  Removal of liens recorded against residential

17  property by municipal, county, or special-district local

18  governments when satisfaction of the lien is a necessary

19  precedent to the transfer of the property to an eligible

20  person, as defined in s. 420.9071(19) and (28), for the

21  purpose of promoting home ownership. Contributions for lien

22  removal must be received from a nonrelated third party.

23  

24  The provisions of this paragraph shall expire and be void on

25  June 30, 2015 2005.

26         Section 3.  Paragraph (c) of subsection (1), paragraph

27  (b) of subsection (2), and subsection (5) of section 220.183,

28  Florida Statutes, are amended to read:

29         220.183  Community contribution tax credit.--

30  

31  

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 1         (1)  AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX

 2  CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM

 3  SPENDING.--

 4         (c)  The total amount of tax credit which may be

 5  granted for all programs approved under this section, s.

 6  212.08(5)(q), and s. 624.5105 is $12 $10 million annually.

 7         (2)  ELIGIBILITY REQUIREMENTS.--

 8         (b)1.  All community contributions must be reserved

 9  exclusively for use in projects as defined in s. 220.03(1)(t).

10         2.  For the first 6 months of the fiscal year, the

11  Office of Tourism, Trade, and Economic Development shall may

12  reserve 80 up to 50 percent of the first $10 million in

13  available annual tax credits, and 70 percent of any available

14  annual tax credits in excess of $10 million, for housing for

15  donations made to eligible sponsors for projects that provide

16  home ownership opportunities for low-income or very-low-income

17  households as defined in pursuant to s. 420.9071(19) and (28)

18  for the first 6 months of the fiscal year. If any reserved

19  annual tax credits remain after the first 6 months of the

20  fiscal year, the office may approve the balance of these

21  available credits for donations made to eligible sponsors for

22  projects other than those that provide homeownership

23  opportunities for low-income or very-low-income households.

24         3.  For the first 6 months of the fiscal year, the

25  office shall reserve 20 percent of the first $10 million in

26  available annual tax credits, and 30 per cent of any available

27  annual tax credits in excess of $10 million, for donations

28  made to eligible sponsors for projects other than those that

29  provide homeownership opportunities for low-income or

30  very-low-income households as defined in s. 420.9071(19) and

31  (28). If any reserved annual tax credits remain after the

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 1  first 6 months of the fiscal year, the office may approve the

 2  balance of these available credits for donations made to

 3  eligible sponsors for projects that provide homeownership

 4  opportunities for low-income or very-low-income households.

 5         4.  If, during the first 10 business days of the state

 6  fiscal year, eligible tax credit applications are received for

 7  less than the available annual tax credits reserved under

 8  subparagraph 2., the office shall grant tax credits for those

 9  applications and shall grant remaining tax credits on a

10  first-come, first-served basis for any subsequent eligible

11  applications received before the end of the first 6 months of

12  the state fiscal year. If, during the first 10 business days

13  of the state fiscal year, eligible tax credit applications are

14  received for more than the available annual tax credits

15  reserved under subparagraph 2., the office shall grant the tax

16  credits for such applications as follows:

17         a.  If tax credit applications submitted for approved

18  projects of an eligible sponsor do not exceed $200,000 in

19  total, the credit shall be granted in full if the tax credit

20  applications are approved, subject to the provisions of

21  subparagraph 2.

22         b.  If tax credit applications submitted for approved

23  projects of an eligible sponsor exceed $200,000 in total, the

24  amount of tax credits granted under sub-subparagraph a. shall

25  be subtracted from the amount of available tax credits under

26  subparagraph 2., and the remaining credits shall be granted to

27  each approved tax credit application on a pro rata basis.

28         c.  If, after the first 6 months of the fiscal year,

29  additional credits become available pursuant to subparagraph

30  3., the office shall grant the tax credits by first granting

31  to those who received a pro rata reduction up to the full

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 1  amount of their request and, if there are remaining credits,

 2  granting credits to those who applied on or after the 11th

 3  business day of the state fiscal year on a first-come,

 4  first-served basis.

 5         5.  If, during the first 10 business days of the state

 6  fiscal year, eligible tax credit applications are received for

 7  less than the available annual tax credits reserved under

 8  subparagraph 3., the office shall grant tax credits for those

 9  applications and shall grant remaining tax credits on a

10  first-come, first-served basis for any subsequent eligible

11  applications received before the end of the first 6 months of

12  the state fiscal year. If, during the first 10 business days

13  of the state fiscal year, eligible tax credit applications are

14  received for more than the available annual tax credits

15  reserved under subparagraph 3., the office shall grant the tax

16  credits for such applications on a pro rata basis. If, after

17  the first 6 months of the fiscal year, additional credits

18  become available under subparagraph 2., 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         (5)  EXPIRATION.--The provisions of this section,

25  except paragraph (1)(e), shall expire and be void on June 30,

26  2015 2005.

27         Section 4.  Paragraph (c) of subsection (1) and

28  subsection (6) of section 624.5105, Florida Statutes, are

29  amended, paragraph (f) is added to subsection (1), and

30  paragraph (e) is added to subsection (2) of that section, to

31  read:

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 1         624.5105  Community contribution tax credit;

 2  authorization; limitations; eligibility and application

 3  requirements; administration; definitions; expiration.--

 4         (1)  AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.--

 5         (c)  The total amount of tax credit which may be

 6  granted for all programs approved under this section and ss.

 7  212.08(5)(q) and s. 220.183 is $12 $10 million annually.

 8         (f)  An insurer that claims a credit against

 9  premium-tax liability earned by making a community

10  contribution under this section need not pay any additional

11  retaliatory tax levied under s. 624.5091 as a result of

12  claiming such a credit. Section 624.5091 does not limit such a

13  credit in any manner.

14         (2)  ELIGIBILITY REQUIREMENTS.--

15         (e)1.  For the first 6 months of the fiscal year, the

16  Office of Tourism, Trade, and Economic Development shall

17  reserve 80 percent of the first $10 million in available

18  annual tax credits, and 70 percent of any available annual tax

19  credits in excess of $10 million, for donations made to

20  eligible sponsors for projects that provide homeownership

21  opportunities for low-income or very-low-income households as

22  defined in s. 420.9071(19) and (28). If any such reserved

23  annual tax credits remain after the first 6 months of the

24  fiscal year, the office may approve the balance of these

25  available credits for donations made to eligible sponsors for

26  projects other than those that provide homeownership

27  opportunities for low-income or very-low-income households.

28         2.  For the first 6 months of the fiscal year, the

29  office shall reserve 20 percent of the first $10 million in

30  available annual tax credits, and 30 percent of any available

31  annual tax credits in excess of $10 million, for donations

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    Florida Senate - 2005                     CS for CS for SB 202
    593-2210-05




 1  made to eligible sponsors for projects other than those that

 2  provide homeownership opportunities for low-income or

 3  very-low-income households as defined in s. 420.9071(19) and

 4  (28). If any reserved annual tax credits remain after the

 5  first 6 months of the fiscal year, the office may approve the

 6  balance of these available credits for donations made to

 7  eligible sponsors for projects that provide homeownership

 8  opportunities for low-income or very-low-income households.

 9         3.  If, during the first 10 business days of the state

10  fiscal year, eligible tax credit applications are received for

11  less than the available annual tax credits reserved under

12  subparagraph 1., the office shall grant tax credits for those

13  applications and shall grant remaining tax credits on a

14  first-come, first-served basis for any subsequent eligible

15  applications received before the end of the first 6 months of

16  the state fiscal year.  If, during the first 10 business days

17  of the state fiscal year, eligible tax credit applications are

18  received for more than the available annual tax credits

19  reserved under subparagraph 1., the office shall grant the tax

20  credits for the applications as follows:

21         a.  If tax credit applications submitted for approved

22  projects of an eligible sponsor do not exceed $200,000 in

23  total, the credits shall be granted in full if the tax credit

24  applications are approved, subject to subparagraph 1.

25         b.  If tax credit applications submitted for approved

26  projects of an eligible sponsor exceed $200,000 in total, the

27  amount of tax credits granted under sub-subparagraph a. shall

28  be subtracted from the amount of available tax credits under

29  subparagraph 1., and the remaining credits shall be granted to

30  each approved tax credit application on a pro rata basis.

31  

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    Florida Senate - 2005                     CS for CS for SB 202
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 1         c.  If, after the first 6 months of the fiscal year,

 2  additional credits become available under subparagraph 2., the

 3  office shall grant the tax credits by first granting to those

 4  who received a pro-rata reduction up to the full amount of

 5  their request and, if there are remaining credits, granting

 6  credits to those who applied on or after the 11th business day

 7  of the state fiscal year on a first-come, first-served basis.

 8         4.  If, during the first 10 business days of the state

 9  fiscal year, eligible tax credit applications are received for

10  less than the available annual tax credits reserved under

11  subparagraph 2., the office shall grant tax credits for those

12  applications and shall grant remaining tax credits on a

13  first-come, first-served basis for any subsequent eligible

14  applications received before the end of the first 6 months of

15  the state fiscal year. If, during the first 10 business days

16  of the state fiscal year, eligible tax credit applications are

17  received for more than the available annual tax credits

18  reserved under subparagraph 2., the office shall grant the tax

19  credits for the applications on a pro rata basis. If, after

20  the first 6 months of the fiscal year, additional credits

21  become available under subparagraph 1., the office shall grant

22  the tax credits by first granting to those who received a pro

23  rata reduction up to the full amount of their request and, if

24  there are remaining credits, granting credits to those who

25  applied on or after the 11th business day of the state fiscal

26  year on a 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 July 1, 2005.

31  

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    Florida Senate - 2005                     CS for CS for SB 202
    593-2210-05




 1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 2                            CS/SB 202

 3                                 

 4  The committee substitute reduces the increase in the total
    amount of available tax credits under the Community
 5  Contributions Tax Credit Program.  It provides for $12 million
    in total annual credits.  It increases the distribution of tax
 6  credits to programs other than low-income housing providers by
    reserving 30 percent of credits in excess of $10 million for
 7  these programs for the first 6 months of each year. It changes
    the effective date of the bill to July 1, 2005.
 8  

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