| 1 | A bill to be entitled |
| 2 | An act relating to private investment in public education; |
| 3 | creating s. 220.188, F.S.; providing a popular name; |
| 4 | providing purpose; defining terms; authorizing |
| 5 | scholarship-funding tax credits; providing limitations on |
| 6 | individual and total credits; providing obligations of |
| 7 | public school education foundations; providing an |
| 8 | effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Section 220.188, Florida Statutes, is created |
| 13 | to read: |
| 14 | 220.188 Workforce Investment Act.-- |
| 15 | (1) POPULAR NAME.--This section may be cited as the |
| 16 | "Workforce Investment Act." |
| 17 | (2) PURPOSE.--The purposes of this section are to: |
| 18 | (a) Encourage private, voluntary contributions to and |
| 19 | investment in public education. |
| 20 | (b) Expand educational and job training opportunities for |
| 21 | public school students. |
| 22 | (c) Enable public school students in this state to achieve |
| 23 | a greater level of excellence in their education. |
| 24 | (3) DEFINITIONS.--As used in this section, the term: |
| 25 | (a) "Public school education foundation" means a school |
| 26 | board direct-support organization established under s. 1001.453. |
| 27 | (b) "Qualified student" means a student currently enrolled |
| 28 | in or eligible for a program designed to increase proficiency in |
| 29 | reading, writing, or vocational education, as determined by each |
| 30 | public school education foundation. |
| 31 | (c) "Qualified program" means: |
| 32 | 1. A reading program administered or supported by a local |
| 33 | public school education foundation. Priority must be given to |
| 34 | Just Read, Florida! programs that target low-performing |
| 35 | students; |
| 36 | 2. A mentoring program administered or supported by a |
| 37 | local public school education foundation; or |
| 38 | 3. A workforce development program designed for public |
| 39 | school students who are enrolled in a program administered or |
| 40 | supported by a local public school education foundation which |
| 41 | program emphasizes vocational or technical education. |
| 42 | (4) AUTHORIZATION TO GRANT SCHOLARSHIP-FUNDING TAX |
| 43 | CREDITS; LIMITATIONS ON INDIVIDUAL AND TOTAL CREDITS.-- |
| 44 | (a) There is allowed a credit of 100 percent of a |
| 45 | contribution to a public education foundation against any tax |
| 46 | due for a taxable year under this chapter. However, such a |
| 47 | credit may not exceed 75 percent of the tax due under this |
| 48 | chapter for the taxable year, after the application of any other |
| 49 | allowable credits by the taxpayer. At least 5 percent of the |
| 50 | total statewide amount authorized for the tax credit must be |
| 51 | reserved for taxpayers who meet the definition of a small |
| 52 | business provided in s. 288.703 at the time of application. The |
| 53 | credit granted by this section must be reduced by the difference |
| 54 | between the amount of federal corporate income tax taking into |
| 55 | account the credit granted by this section and the amount of |
| 56 | federal corporate income tax without application of the credit |
| 57 | granted by this section. |
| 58 | (b) The total amount of tax credits and carryforward of |
| 59 | tax credits which may be granted each state fiscal year under |
| 60 | this section is $50 million. |
| 61 | (c) A taxpayer who files a Florida consolidated return as |
| 62 | a member of an affiliated group pursuant to s. 220.131(1) may be |
| 63 | allowed the credit on a consolidated return basis; however, the |
| 64 | total credit taken by the affiliated group is subject to the |
| 65 | limitation set forth in paragraph (a). |
| 66 | (5) OBLIGATIONS OF PUBLIC SCHOOL EDUCATION FOUNDATIONS.-- |
| 67 | (a) Public school education foundations shall provide or |
| 68 | support the provision of qualified programs, from eligible |
| 69 | contributions, to qualified public school students as provided |
| 70 | in paragraph (2)(c). |
| 71 | (b) A public school education foundation that receives an |
| 72 | eligible contribution must spend 100 percent of the eligible |
| 73 | contribution to provide or support qualified programs in the |
| 74 | same state fiscal year in which the contribution was received. |
| 75 | All interest accrued from contributions must be used for the |
| 76 | purposes set forth in this section. |
| 77 | (c) A public school education foundation that receives an |
| 78 | eligible contribution must provide to the Auditor General an |
| 79 | annual financial and compliance audit of its accounts and |
| 80 | records conducted by an independent certified public accountant |
| 81 | in accordance with rules adopted by the Auditor General. |
| 82 | Section 2. This act shall take effect July 1, 2005. |