| 1 | A bill to be entitled |
| 2 | An act relating to the corporate income tax; creating s. |
| 3 | 220.192, F.S.; providing a tax credit for donations to the |
| 4 | Cultural Institutions Trust Fund; providing that the |
| 5 | unused amount of a credit may not be carried forward; |
| 6 | prohibiting conveying, assigning, or transferring the |
| 7 | credit to another entity except as specified; providing |
| 8 | application procedures; providing for rulemaking by the |
| 9 | Department of Revenue; providing an effective date. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
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| 13 | Section 1. Section 220.192, Florida Statutes, is created |
| 14 | to read: |
| 15 | 220.192 Cultural contributions tax credit.-- |
| 16 | (1) A credit in the amount of 50 percent of a contribution |
| 17 | to the Cultural Institutions Trust Fund is allowed against any |
| 18 | tax due for a taxable year under this chapter. |
| 19 | (2)(a) If the credit granted under this section is not |
| 20 | fully used in any one year, the unused amount may not be carried |
| 21 | forward. A taxpayer may not convey, assign, or transfer the |
| 22 | credit authorized by this section to another entity unless all |
| 23 | of the assets of the taxpayer are conveyed, assigned, or |
| 24 | transferred in the same transaction. |
| 25 | (b) An application for a tax credit under this section |
| 26 | shall be submitted to the department on forms established by |
| 27 | rule of the department. |
| 28 | (c) The department shall adopt rules necessary to |
| 29 | administer this section. |
| 30 | Section 2. This act shall take effect July 1, 2005. |