Senate Bill sb0766

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    Florida Senate - 2005                                   SB 766

    By Senator King





    8-707B-05

  1                      A bill to be entitled

  2         An act relating to accountability of the

  3         Corporate Tax Credit Scholarship Program;

  4         amending s. 220.187, F.S.; providing a short

  5         title; providing definitions; prohibiting

  6         certain private schools and other entities from

  7         participating in the scholarship program;

  8         prohibiting certain students from participating

  9         in the scholarship program; revising

10         limitations on the allocation of annual credits

11         granted under the program; providing

12         limitations on eligible contributions;

13         requiring the Auditor General to review certain

14         audits, request certain information, and report

15         to the Legislative Auditing Committee any

16         findings of noncompliance; authorizing the

17         Legislative Auditing Committee to conduct

18         hearings and compel the Department of Education

19         to revoke eligibility of certain nonprofit

20         scholarship-funding organizations; providing

21         for audit reports to be submitted to the

22         Department of Education; requiring audits be

23         conducted within 180 days after completion of

24         the nonprofit scholarship-funding

25         organization's fiscal year; requiring a

26         nonprofit scholarship-funding organization to

27         make scholarship payments at least on a

28         quarterly basis; prohibiting commingling of

29         certain scholarship funds; requiring a

30         nonprofit scholarship-funding organization to

31         maintain a separate account for scholarship

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 1         funds; requiring a nonprofit

 2         scholarship-funding organization to verify

 3         student attendance at a private school prior to

 4         submission of scholarship funds; requiring a

 5         nonprofit scholarship-funding organization to

 6         verify income eligibility of qualified students

 7         at least once a year in accordance with State

 8         Board of Education rules; requiring a nonprofit

 9         scholarship-funding organization to submit

10         certain reports to the Department of Education;

11         requiring certain individuals to undergo level

12         2 background screening requirements pursuant to

13         s. 435.04, F.S.; providing for the Department

14         of Law Enforcement to retain and search

15         fingerprint records; providing for an annual

16         fee as provided by rule of the Department of

17         Law Enforcement; requiring costs of background

18         checks be borne by certain parties; prohibiting

19         certain eligible nonprofit scholarship-funding

20         organizations the owners of which have filed

21         for bankruptcy from participating in the

22         program; requiring a nonprofit

23         scholarship-funding organization comply with

24         antidiscrimination provisions of 42 U.S.C. s.

25         2000d; prohibiting an owner or a nonprofit

26         scholarship-funding organization from owning,

27         operating, or administering an eligible private

28         school under the scholarship program; requiring

29         a nonprofit scholarship-funding organization to

30         report any private school not in compliance

31         with scholarship program requirements to the

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 1         Department of Education; prohibiting provision

 2         of scholarship funds to a student to attend a

 3         private school not in compliance; authorizing a

 4         parent to transfer the scholarship; requiring

 5         award of scholarships on a first-come,

 6         first-served basis; prohibiting a nonprofit

 7         scholarship-funding organization from targeting

 8         certain students for scholarships; prohibiting

 9         the award of scholarships to a child of an

10         owner of a nonprofit scholarship-funding

11         organization; prohibiting the transfer of an

12         eligible contribution between nonprofit

13         scholarship-funding organizations; prohibiting

14         a nonprofit scholarship-funding organization

15         from securing financing in anticipation of

16         eligible contributions; prohibiting a nonprofit

17         scholarship-funding organization from

18         participating in the program if the

19         organization fails to meet statutory

20         obligations; requiring students to meet certain

21         attendance policies; requiring parents to meet

22         certain parental involvement requirements

23         unless excused; prohibiting a parent from

24         authorizing a power of attorney for endorsement

25         of scholarship warrant; prohibiting a student

26         or parent of a student from participating in

27         the scholarship program if the student or

28         parent fails to meet statutory obligations;

29         providing an effective date.

30  

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

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 1         Section 1.  Section 220.187, Florida Statutes, is

 2  amended to read:

 3         220.187  Credits for contributions to nonprofit

 4  scholarship-funding organizations.--

 5         (1)  This section may be cited as the "Corporate

 6  Scholarship Program."

 7         (2)(1)  PURPOSE.--The purpose of this section is to:

 8         (a)  Encourage private, voluntary contributions to

 9  nonprofit scholarship-funding organizations.

10         (b)  Expand educational opportunities for children of

11  families that have limited financial resources.

12         (c)  Enable children in this state to achieve a greater

13  level of excellence in their education.

14         (3)(2)  DEFINITIONS.--As used in this section, the

15  term:

16         (a)  "Department" means the Department of Revenue.

17         (a)(b)  "Eligible contribution" means a monetary

18  contribution from a taxpayer, subject to the restrictions

19  provided in this section, to an eligible nonprofit

20  scholarship-funding organization. The taxpayer making the

21  contribution may not designate a specific child as the

22  beneficiary of the contribution. The taxpayer may not

23  contribute more than $5 million to any single eligible

24  nonprofit scholarship-funding organization.

25         (b)(c)  "Eligible private nonpublic school" means a

26  private nonpublic school, as defined in s. 1002.01(2), located

27  in Florida which that offers an education to students in any

28  grades K-12 and that meets the requirements in subsection (7)

29  (6). An eligible private school:

30         1.  Must maintain a physical location in this state

31  where each scholarship student regularly attends classes.

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 1         2.  May not be a correspondence school or distance

 2  learning school.

 3         3.  May not direct or provide scholarship funds to a

 4  parent of a scholarship student who receives instruction under

 5  the program at home.

 6         4.  May not be a home education program as defined in

 7  s. 1002.01(1).

 8         5.  May not be a private tutoring program as described

 9  in s. 1002.43.

10         (c)(d)  "Eligible nonprofit scholarship-funding

11  organization" means a charitable organization that is exempt

12  from federal income tax pursuant to s. 501(c)(3) of the

13  Internal Revenue Code, is incorporated under laws of this

14  state, has its principal office located in the state, and that

15  complies with the provisions of subsection (5) (4).

16         (d)  "Owner" means the owner, president, chairperson of

17  the board of directors, superintendent, principal, or person

18  with equivalent decisionmaking authority who owns, operates,

19  or administers an eligible nonprofit scholarship-funding

20  organization. In addition, the term "owner" means an

21  individual who has access to or processes scholarship funds or

22  eligible contributions at an eligible nonprofit

23  scholarship-funding organization.

24         (e)  "Qualified student" means a student who qualifies

25  for free or reduced-price school lunches under the National

26  School Lunch Act and who:

27         1.  Was counted as a full-time equivalent student

28  during the previous state fiscal year for purposes of state

29  per-student funding;

30  

31  

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 1         2.  Received a scholarship from an eligible nonprofit

 2  scholarship-funding organization during the previous school

 3  year; or

 4         3.  Is eligible to enter kindergarten or first grade.

 5  

 6  However, a student who was enrolled in a school operating for

 7  the purpose of providing educational services to youth in a

 8  commitment program of the Department of Juvenile Justice shall

 9  not be counted as a full-time equivalent student for the

10  previous state fiscal year for purposes of state per-student

11  funding under this program. A student is not eligible to

12  receive a scholarship under this section if the student is

13  participating in the Opportunity Scholarship Program under s.

14  1002.38, the John M. McKay Scholarships for Students with

15  Disabilities Program under s. 1002.39, or a home education

16  program as defined in s. 1002.01(1) or is enrolled in a school

17  operating for the purpose of providing educational services to

18  youth in commitment programs of the Department of Juvenile

19  Justice. A student is not eligible to receive a scholarship

20  from more than one eligible nonprofit scholarship-funding

21  organization at the same time.

22         (4)(3)  AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX

23  CREDITS; LIMITATIONS ON INDIVIDUAL AND TOTAL CREDITS.--

24         (a)  There is allowed a credit of 100 percent of an

25  eligible contribution against any tax due for a taxable year

26  under this chapter. However, such a credit may not exceed 75

27  percent of the tax due under this chapter for the taxable

28  year, after the application of any other allowable credits by

29  the taxpayer. However, at least 5 percent of the total

30  statewide amount authorized for the tax credit shall be

31  reserved for taxpayers who meet the definition of a small

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 1  business provided in s. 288.703(1) at the time of application.

 2  The credit granted by this section shall be reduced by the

 3  difference between the amount of federal corporate income tax

 4  taking into account the credit granted by this section and the

 5  amount of federal corporate income tax without application of

 6  the credit granted by this section.

 7         (b)  The total amount of tax credits and carryforward

 8  of tax credits which may be granted each state fiscal year

 9  under this section is $88 million. Effective for tax years

10  beginning January 1, 2005, 1 percent of the total statewide

11  amount authorized for the tax credit must be reserved for

12  taxpayers that are small businesses as defined in s.

13  288.703(1) at the time of application.

14         (c)  A taxpayer who files a Florida consolidated return

15  as a member of an affiliated group pursuant to s. 220.131(1)

16  may be allowed the credit on a consolidated return basis;

17  however, the total credit taken by the affiliated group is

18  subject to the limitation established under paragraph (a).

19         (d)  Effective for the tax years beginning January 1,

20  2005, a taxpayer may rescind its application for tax credit

21  under this section, and the amount approved in the application

22  for tax credit shall become available for purposes of the cap

23  for that state fiscal year under this section to an eligible

24  taxpayer as approved by the Department of Revenue, if the

25  taxpayer receives notice from the Department of Revenue that

26  the rescindment application has been accepted by the

27  Department of Revenue, the taxpayer has not previously

28  rescinded its application for tax credit under this section

29  more than once in the previous 3 tax years, the taxpayer

30  rescinds prior to the end of the taxpayer's tax year, and the

31  taxpayer has not made a contribution pursuant to its approved

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 1  application for tax credit under this section. Any amount

 2  rescinded under this paragraph shall become available to an

 3  eligible taxpayer on a first-come, first-served basis based on

 4  tax credit applications received after the date the

 5  rescindment is accepted by the Department of Revenue.

 6         (5)(4)  OBLIGATIONS OF ELIGIBLE NONPROFIT

 7  SCHOLARSHIP-FUNDING ORGANIZATIONS.--

 8         (a)  An eligible nonprofit scholarship-funding

 9  organization shall provide scholarships, from eligible

10  contributions, to qualified students for:

11         1.  Tuition or textbook expenses for, or transportation

12  to, an eligible private nonpublic school. At least 75 percent

13  of each the scholarship funding must be used to pay tuition

14  expenses; or

15         2.  Transportation expenses to a Florida public school

16  that is located outside the district in which the student

17  resides.

18         (b)  An eligible nonprofit scholarship-funding

19  organization shall give priority to qualified students who

20  received a scholarship from an eligible nonprofit

21  scholarship-funding organization during the previous school

22  year.

23         (c)  The amount of a scholarship provided to any child

24  for any single school year by one or more all eligible

25  nonprofit scholarship-funding organizations from eligible

26  contributions may shall not exceed the following annual

27  limits:

28         1.  Three thousand five hundred dollars for a

29  scholarship awarded to a student enrolled in an eligible

30  private nonpublic school.

31  

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 1         2.  Five hundred dollars for a scholarship awarded to a

 2  student enrolled in a Florida public school that is located

 3  outside the district in which the student resides.

 4         (d)  The amount of an eligible contribution which may

 5  be accepted by an eligible nonprofit scholarship-funding

 6  organization is limited to the amount needed to provide

 7  scholarships for qualified students whom which the

 8  organization has identified and for whom which vacancies in

 9  eligible private nonpublic schools have been identified.

10         (e)  An eligible nonprofit scholarship-funding

11  organization that receives an eligible contribution must spend

12  100 percent of the eligible contribution to provide

13  scholarships in the same state fiscal year in which the

14  contribution was received. No portion of eligible

15  contributions may be used for administrative expenses. All

16  interest accrued from contributions must be used for

17  scholarships.

18         (f)  An eligible nonprofit scholarship-funding

19  organization that receives eligible contributions must, within

20  180 days after the end of the organization's fiscal year,

21  provide to the Auditor General and the Department of Education

22  an annual financial and compliance audit of its accounts and

23  records conducted by an independent certified public

24  accountant and in accordance with rules adopted by the Auditor

25  General. The Auditor General shall review all audit reports

26  submitted pursuant to this section. The Auditor General shall

27  request any significant items that were omitted in violation

28  of a rule adopted by the Auditor General. The items must be

29  provided within 45 days after the date of the request. If the

30  eligible nonprofit scholarship-funding organization does not

31  comply with the Auditor General's request, the Auditor General

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 1  shall notify the Legislative Auditing Committee. The

 2  Legislative Auditing Committee may schedule a hearing. If a

 3  hearing is scheduled, the committee shall determine if the

 4  eligible nonprofit scholarship-funding organization should be

 5  subject to further state action. If the committee determines

 6  that the eligible nonprofit scholarship-funding organization

 7  should be subject to further state action, the committee shall

 8  notify the Department of Education, which shall terminate the

 9  eligibility of the eligible nonprofit scholarship-funding

10  organization to participate in the program under this section.

11         (g)  An eligible nonprofit scholarship-funding

12  organization shall make payment of the scholarship, at a

13  minimum, on a quarterly basis. Payment of the scholarship by

14  the eligible nonprofit scholarship-funding organization shall

15  be by individual warrant or check made payable to the

16  student's parent. If the parent chooses for his or her child

17  to attend an eligible private nonpublic school, the warrant or

18  check must be mailed by the eligible nonprofit

19  scholarship-funding organization to the private nonpublic

20  school of the parent's choice, and the parent shall

21  restrictively endorse the warrant or check to the private

22  nonpublic school. An eligible nonprofit scholarship-funding

23  organization shall ensure that, upon receipt of a scholarship

24  warrant or check, the parent to whom the warrant or check is

25  made restrictively endorses the warrant or check to the

26  private nonpublic school of the parent's choice for deposit

27  into the account of the private nonpublic school.

28         (h)  An eligible nonprofit scholarship-funding

29  organization may not commingle scholarship funds with any

30  other funds and must maintain a separate account for

31  scholarship funds.

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 1         (i)  An eligible nonprofit scholarship-funding

 2  organization shall obtain verification from a private school

 3  of each student's continued attendance at the private school

 4  prior to each scholarship payment.

 5         (j)  An eligible nonprofit scholarship-funding

 6  organization must verify the income of all scholarship

 7  applicants participating in the program at least once each

 8  school year through independent income documentation as

 9  provided in rules of the State Board of Education.

10         (k)  An eligible nonprofit scholarship-funding

11  organization must prepare and submit quarterly reports to the

12  Department of Education. In addition, an eligible nonprofit

13  scholarship-funding organization must timely submit to the

14  Department of Education any information requested by the

15  Department of Education relating to the scholarship program.

16         (l)  All owners of an eligible nonprofit

17  scholarship-funding organization shall, upon employment or

18  engagement to provide services, undergo background screening

19  pursuant to s. 435.04 by filing with the Department of

20  Education a complete set of fingerprints taken by an

21  authorized law enforcement agency or an employee of the

22  eligible nonprofit scholarship-funding organization who is

23  trained to take fingerprints. These fingerprints shall be

24  submitted to the Department of Law Enforcement for state

25  processing, which shall in turn submit the fingerprints to the

26  Federal Bureau of Investigation for federal processing. The

27  Department of Education shall screen the background results

28  and report to the eligible nonprofit scholarship-funding

29  organization any owner who fails to meet level 2 screening

30  standards pursuant to s. 435.04 or any owner who has been

31  convicted of a crime involving moral turpitude. Owners found

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 1  through fingerprint processing to have been convicted of a

 2  crime involving moral turpitude or failing to meet level 2

 3  screening standards pursuant to s. 435.04 may not be employed

 4  or engaged to provide services in any position with the

 5  eligible nonprofit scholarship-funding organization. The cost

 6  of the background screening may be borne by the eligible

 7  nonprofit scholarship-funding organization or the owner.

 8         1.  Every 5 years following employment or engagement to

 9  provide services with an eligible nonprofit

10  scholarship-funding organization, each owner must meet level 2

11  screening requirements as described in s. 435.04, at which

12  time the Department of Education shall request the Department

13  of Law Enforcement to forward the fingerprints to the Federal

14  Bureau of Investigation for level 2 screening. If the

15  fingerprints of an owner are not retained by the Department of

16  Law Enforcement under subparagraph 2., the owner must file a

17  complete set of fingerprints with the Department of Education.

18  Upon submission of fingerprints for this purpose, the

19  Department of Education shall request the Department of Law

20  Enforcement to forward the fingerprints to the Federal Bureau

21  of Investigation for level 2 screening, and the fingerprints

22  shall be retained by the Department of Law Enforcement under

23  subparagraph 2. The cost of the state and federal criminal

24  history check required by level 2 screening may be borne by

25  the eligible nonprofit scholarship-funding organization or the

26  owner. Under penalty of perjury, each owner must agree to

27  inform the eligible nonprofit scholarship-funding organization

28  immediately if convicted of any disqualifying offense while he

29  or she is employed or engaged to provide services with the

30  eligible nonprofit scholarship-funding organization.

31  

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 1         2.  All fingerprints submitted to the Department of Law

 2  Enforcement as required by this paragraph shall be retained by

 3  the Department of Law Enforcement in a manner provided by rule

 4  and entered in the statewide automated fingerprint

 5  identification system authorized by s. 943.05(2)(b). Such

 6  fingerprints shall thereafter be available for all purposes

 7  and uses authorized for arrest fingerprint cards entered in

 8  the statewide automated fingerprint identification system

 9  pursuant to s. 943.051.

10         3.  The Department of Law Enforcement shall search all

11  arrest fingerprint cards received under s. 943.051 against the

12  fingerprints retained in the statewide automated fingerprint

13  identification system under subparagraph 2. Any arrest record

14  that is identified with an owner's fingerprints shall be

15  reported to the Department of Education. Each eligible

16  nonprofit scholarship-funding organization shall participate

17  in this search process by paying an annual fee to the

18  Department of Law Enforcement and by informing the Department

19  of Law Enforcement of any change in the employment or

20  engagement status or place of employment or engagement of its

21  owners whose fingerprints are retained under subparagraph 2.

22  The Department of Law Enforcement shall adopt a rule setting

23  the amount of the annual fee to be imposed upon each eligible

24  nonprofit scholarship-funding organization for performing

25  these searches and establishing the procedures for the

26  retention of owner fingerprints and the dissemination of

27  search results. The fee may be borne by the eligible nonprofit

28  scholarship-funding organization or by the owner.

29         4.  If it is found that an owner of an eligible

30  nonprofit scholarship-funding organization does not meet level

31  2 requirements, the eligible nonprofit scholarship-funding

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 1  organization shall be immediately suspended from participating

 2  in the program and shall remain suspended until final

 3  resolution of any appeals. An eligible nonprofit

 4  scholarship-funding organization the owner of which fails to

 5  meet level 2 screening standards or has been convicted of a

 6  crime involving moral turpitude may not participate in this

 7  program.

 8         (m)  If the owner of an eligible nonprofit

 9  scholarship-funding organization has in the immediately

10  preceding 7 years filed for personal bankruptcy or owned 20

11  percent or more of a corporation that filed for corporate

12  bankruptcy in the immediately preceding 7 years, the eligible

13  nonprofit scholarship-funding organization may not participate

14  in this program.

15         (n)  An eligible nonprofit scholarship-funding

16  organization must comply with the antidiscrimination

17  provisions of 42 U.S.C. s. 2000d.

18         (o)  An eligible nonprofit scholarship-funding

19  organization or an owner of an eligible nonprofit

20  scholarship-funding organization may not own, operate, or

21  administer an eligible private school participating in the

22  program.

23         (p)  An eligible nonprofit scholarship-funding

24  organization must report to the Department of Education any

25  eligible private school participating in the scholarship

26  program under this section which does not comply with the

27  requirements of this program. The eligible nonprofit

28  scholarship-funding organization may not provide additional

29  scholarship funds for a qualified student to attend an

30  eligible private school until the State Board of Education

31  determines that the school is in compliance with this section.

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 1         (q)  An eligible nonprofit scholarship-funding

 2  organization must allow a qualified student to attend any

 3  eligible private school and must allow the parent to transfer

 4  the scholarship during the school year to another eligible

 5  private school of the parent's choice.

 6         (r)  An eligible nonprofit scholarship-funding

 7  organization must provide a scholarship to a qualified student

 8  on a first-come, first-served basis unless the student

 9  qualifies for priority pursuant to paragraph (b). An eligible

10  nonprofit scholarship-funding organization may not target

11  scholarships to a particular private school or provide

12  scholarships to a child of an owner.

13         (s)  An eligible nonprofit scholarship-funding

14  organization may not transfer scholarship funds to another

15  eligible nonprofit scholarship-funding organization.

16         (t)  An eligible nonprofit scholarship-funding

17  organization may not secure a promissory note, a line of

18  credit, or other financing to fund a scholarship in

19  anticipation of an eligible contribution. An eligible

20  scholarship-funding organization may only fund scholarships

21  through eligible contributions received under the scholarship

22  program.

23         (u)  An eligible nonprofit scholarship-funding

24  organization that fails to comply with this section may not

25  participate in the scholarship program.

26         (6)(5)  PARENT OBLIGATIONS.--

27         (a)  As a condition for scholarship payment pursuant to

28  paragraph (4)(g), if the parent chooses for his or her child

29  to attend an eligible private nonpublic school, the parent

30  must inform the child's school district within 15 days after

31  the such decision has been made.

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 1         (b)  Any student participating in the scholarship

 2  program must remain in attendance throughout the school year,

 3  unless excused by the school for illness or other good cause,

 4  and must comply fully with the school's code of conduct.

 5         (c)  The parent of each student participating in the

 6  scholarship program must comply fully with the eligible

 7  private school's parental-involvement requirements unless

 8  excused by the school for good cause.

 9         (d)  Upon receipt of scholarship funds from an eligible

10  nonprofit scholarship-funding organization, the parent to whom

11  the warrant is made must restrictively endorse the warrant to

12  the eligible private school for deposit into the account of

13  the private school. If a parent refuses to restrictively

14  endorse a warrant to which an eligible private school is

15  lawfully entitled, that student's scholarship shall be

16  forfeited. The parent may not authorize the eligible private

17  school, its owners, or employees to act as an attorney in fact

18  for purposes of endorsing scholarship warrants.

19         (e)  A student or parent who fails to comply with this

20  subsection forfeits the scholarship.

21         (7)(6)  ELIGIBLE PRIVATE NONPUBLIC SCHOOL

22  OBLIGATIONS.--An eligible private nonpublic school must:

23         (a)  Demonstrate fiscal soundness by being in operation

24  for one school year or provide the Department of Education

25  with a statement by a certified public accountant confirming

26  that the private nonpublic school desiring to participate is

27  insured and the owner or owners have sufficient capital or

28  credit to operate the school for the upcoming year serving the

29  number of students anticipated with expected revenues from

30  tuition and other sources that may be reasonably expected. In

31  lieu of such a statement, a surety bond or letter of credit

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 1  for the amount equal to the scholarship funds for any quarter

 2  may be filed with the department.

 3         (b)  Comply with the antidiscrimination provisions of

 4  42 U.S.C. s. 2000d.

 5         (c)  Meet state and local health and safety laws and

 6  codes.

 7         (d)  Comply with all state laws relating to general

 8  regulation of private nonpublic schools.

 9         (8)(7)  ADMINISTRATION; RULES.--

10         (a)  If the credit granted pursuant to this section is

11  not fully used in any one year because of insufficient tax

12  liability on the part of the corporation, the unused amount

13  may be carried forward for a period not to exceed 3 years;

14  however, any taxpayer that seeks to carry forward an unused

15  amount of tax credit must submit an application for allocation

16  of tax credits or carryforward credits as required in

17  paragraph (d) in the year that the taxpayer intends to use the

18  carryforward. The total amount of tax credits and carryforward

19  of tax credits granted each state fiscal year under this

20  section is $88 million. This carryforward applies to all

21  approved contributions made after January 1, 2002. A taxpayer

22  may not convey, assign, or transfer the credit authorized by

23  this section to another entity unless all of the assets of the

24  taxpayer are conveyed, assigned, or transferred in the same

25  transaction.

26         (b)  An application for a tax credit pursuant to this

27  section shall be submitted to the department on forms

28  established by rule of the department.

29         (c)  The department and the Department of Education

30  shall develop a cooperative agreement to assist in the

31  administration of this section. The Department of Education

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 1  shall be responsible for annually submitting, by March 15, to

 2  the department a list of eligible nonprofit

 3  scholarship-funding organizations that meet the requirements

 4  of paragraph (3)(c) (2)(d) and for monitoring eligibility of

 5  nonprofit scholarship-funding organizations that meet the

 6  requirements of paragraph (3)(c) (2)(d), eligibility of

 7  private nonpublic schools that meet the requirements of

 8  paragraph (3)(b) (2)(c), and eligibility of expenditures under

 9  this section as provided in subsection (5) (4).

10         (d)  The department shall adopt rules necessary to

11  administer this section, including rules establishing

12  application forms and procedures and governing the allocation

13  of tax credits and carryforward credits under this section on

14  a first-come, first-served basis.

15         (e)  The Department of Education shall adopt rules

16  necessary to determine eligibility of nonprofit

17  scholarship-funding organizations as defined in paragraph

18  (3)(c) (2)(d) and according to the provisions of subsection

19  (5) (4) and identify qualified students as defined in

20  paragraph (3)(e) (2)(e).

21         (9)(8)  DEPOSITS OF ELIGIBLE CONTRIBUTIONS.--All

22  eligible contributions received by an eligible nonprofit

23  scholarship-funding organization shall be deposited in a

24  manner consistent with s. 17.57(2).

25         Section 2.  This act shall take effect upon becoming a

26  law.

27  

28            *****************************************

29                          SENATE SUMMARY

30    Revises provisions relating to the Corporate Tax Credit
      Scholarship Program. (See bill for details.)
31  

                                  18

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