Senate Bill sb2518
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Florida Senate - 2005 SB 2518
By Senators Clary and Peaden
4-299B-05
1 A bill to be entitled
2 An act relating to private investment in public
3 education; creating s. 220.188, F.S.; providing
4 a short title; providing purpose; defining
5 terms; authorizing tax credits; providing
6 limitations on individual and total credits;
7 providing that the Consortium of Florida
8 Education Foundations is the fiscal agent for
9 the programs funded under this section;
10 providing for administrative costs; providing
11 obligations of public school education
12 foundations; providing an effective date.
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14 Be It Enacted by the Legislature of the State of Florida:
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16 Section 1. Section 220.188, Florida Statutes, is
17 created to read:
18 220.188 Workforce Investment Act.--
19 (1) SHORT TITLE.--This section may be cited as the
20 "Workforce Investment Act."
21 (2) PURPOSE.--The purpose of this section is to:
22 (a) Engage businesses in providing solutions to meet
23 the critical shortage of a properly trained and skilled
24 workforce;
25 (b) Encourage private, voluntary contributions to and
26 investment in public education;
27 (c) Expand access for students to job training
28 opportunities and literacy programs, as they relate to
29 producing a literate workforce; and
30 (d) Enable public school students in this state to
31 achieve a greater level of excellence in their education.
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Florida Senate - 2005 SB 2518
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1 (3) DEFINITIONS.--As used in this section, the term:
2 (a) "Public school education foundation" means a
3 county district prekindergarten through grade 12 public school
4 foundation or school board direct-support organization
5 established under s. 1001.453.
6 (b) "Qualified student" means a student currently
7 enrolled in or eligible for a program designed to increase
8 proficiency in reading, writing, social studies, science, and
9 mathematics, or vocational or career and technical education,
10 as determined by each school district.
11 (c) "Qualified program" means:
12 1. A workforce development program designed for public
13 school students who are enrolled in a program administered or
14 supported by a local public school education foundation which
15 program emphasizes vocational or career and technical
16 education. The workforce development program initiative must
17 be created and monitored in conjunction with the school system
18 and the education foundation and must include an advisory
19 board of local business leaders.
20 2. A literacy program administered or supported by a
21 local public school education foundation. Priority must be
22 given to reading and "Just Read, Florida!" programs that
23 target low-performing students.
24 (3) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS ON
25 INDIVIDUAL AND TOTAL CREDITS.--
26 (a) There is allowed a credit of 100 percent of a
27 contribution of up to $5 million to a public education
28 foundation against any tax due for a taxable year under this
29 chapter. However, such a credit may not exceed 75 percent of
30 the tax due under this chapter for the taxable year, after the
31 application of any other allowable credits by the taxpayer. At
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Florida Senate - 2005 SB 2518
4-299B-05
1 least 5 percent of the total statewide amount authorized for
2 the tax credit must be reserved for taxpayers who meet the
3 definition of a small business provided in s. 288.703 at the
4 time of application. The credit granted by this section must
5 be reduced by the difference between the amount of federal
6 corporate income tax taking into account the credit granted by
7 this section and the amount of federal corporate income tax
8 without application of the credit granted by this section.
9 (b) The total amount of tax credits and carryforward
10 of tax credits which may be granted each state fiscal year
11 under this section is $50 million.
12 (c) A taxpayer who files a Florida consolidated return
13 as a member of an affiliated group pursuant to s. 220.131(1)
14 may be allowed the credit on a consolidated return basis;
15 however, the total credit taken by the affiliated group is
16 subject to the limitation set forth in paragraph (a).
17 (4) ADMINISTRATION OF QUALIFIED PROGRAMS; FISCAL
18 AGENT; LIMITATIONS ON COSTS.--
19 (a) The Consortium of Florida Education Foundations is
20 the fiscal agent for the programs funded under this section.
21 (b) Administrative costs that may be paid through
22 eligible contributions include funding for marketing efforts
23 and for assuring both financial and programmatic
24 accountability.
25 (c) Administrative costs for these programs may not
26 exceed 5 percent of the total amount of the eligible
27 contributions.
28 (5) OBLIGATIONS OF PUBLIC SCHOOL EDUCATION
29 FOUNDATIONS.--
30 (a) Public school education foundations shall provide
31 or support the provision of qualified programs, from eligible
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Florida Senate - 2005 SB 2518
4-299B-05
1 contributions, to qualified public school students as provided
2 in paragraph (2)(c).
3 (b) A public school education foundation that receives
4 an eligible contribution must provide to the Auditor General
5 an annual financial and compliance audit of its accounts and
6 records conducted by an independent certified public
7 accountant in accordance with rules adopted by the Auditor
8 General.
9 Section 2. This act shall take effect July 1, 2005.
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12 SENATE SUMMARY
13 Creates the "Workforce Investment Act" to encourage
private investment in public education. Provides
14 purposes of the act. Defines the terms "public school
education foundation," "qualified student," and
15 "qualified program." Authorizes the grant of tax credits.
Provides limitations on the amount of individual and
16 total credits which may be granted. Provides that the
Consortium of Florida Education Foundations is the fiscal
17 agent for the programs funded under this section.
Provides for administrative costs. Provides obligations
18 of public school education foundations.
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