HB 0243

1
A bill to be entitled
2An act relating to the corporate income tax; creating s.
3220.192, F.S.; providing a tax credit for donations to the
4Cultural Institutions Trust Fund; providing that the
5unused amount of a credit may not be carried forward;
6prohibiting conveying, assigning, or transferring the
7credit to another entity except as specified; providing
8application procedures; providing for rulemaking by the
9Department of Revenue; providing an effective date.
10
11Be It Enacted by the Legislature of the State of Florida:
12
13     Section 1.  Section 220.192, Florida Statutes, is created
14to read:
15     220.192  Cultural contributions tax credit.--
16     (1)  A credit in the amount of 50 percent of a contribution
17to the Cultural Institutions Trust Fund is allowed against any
18tax due for a taxable year under this chapter.
19     (2)(a)  If the credit granted under this section is not
20fully used in any one year, the unused amount may not be carried
21forward. A taxpayer may not convey, assign, or transfer the
22credit authorized by this section to another entity unless all
23of the assets of the taxpayer are conveyed, assigned, or
24transferred in the same transaction.
25     (b)  An application for a tax credit under this section
26shall be submitted to the department on forms established by
27rule of the department.
28     (c)  The department shall adopt rules necessary to
29administer this section.
30     Section 2.  This act shall take effect July 1, 2005.


CODING: Words stricken are deletions; words underlined are additions.