Senate Bill sb1092
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Florida Senate - 2006 SB 1092
By Senator Constantine
22-706-06
1 A bill to be entitled
2 An act relating to the redevelopment of
3 brownfields; amending ss. 199.1055, 220.1845,
4 and 376.30781, F.S.; increasing the amount and
5 percentage of the credit which may be applied
6 against the intangible personal property tax
7 and the corporate income tax for the cost of
8 voluntary cleanup of a contaminated site;
9 increasing the amount that may be received by
10 the taxpayer as an incentive to complete the
11 cleanup in the final year; increasing the total
12 amount of credits that may be granted in any
13 year; amending s. 288.9015, F.S.; requiring
14 Enterprise Florida, Inc., to aggressively
15 market brownfields; amending s. 376.86, F.S.;
16 increasing the percentage of loans for
17 redevelopment projects in brownfield areas to
18 which the state loan guarantee applies under
19 the Brownfield Areas Loan Guarantee Program;
20 repealing ss. 376.87 and 376.875, F.S.,
21 relating to brownfield property ownership
22 clearance assistance and the Brownfield
23 Property Ownership Clearance Assistance
24 Revolving Loan Trust Fund; providing an
25 effective date.
26
27 Be It Enacted by the Legislature of the State of Florida:
28
29 Section 1. Section 199.1055, Florida Statutes, is
30 amended to read:
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1 199.1055 Contaminated site rehabilitation tax
2 credit.--
3 (1) AUTHORIZATION FOR TAX CREDIT; LIMITATIONS.--
4 (a) A credit in the amount of 50 35 percent of the
5 costs of voluntary cleanup activity that is integral to site
6 rehabilitation at the following sites is available against any
7 tax due for a taxable year under s. 199.032, less any credit
8 allowed by former s. 220.68 for that year:
9 1. A drycleaning-solvent-contaminated site eligible
10 for state-funded site rehabilitation under s. 376.3078(3);
11 2. A drycleaning-solvent-contaminated site at which
12 cleanup is undertaken by the real property owner pursuant to
13 s. 376.3078(11), if the real property owner is not also, and
14 has never been, the owner or operator of the drycleaning
15 facility where the contamination exists; or
16 3. A brownfield site in a designated brownfield area
17 under s. 376.80.
18 (b) A tax credit applicant, or multiple tax credit
19 applicants working jointly to clean up a single site, may not
20 be granted more than $500,000 $250,000 per year in tax credits
21 for each site voluntarily rehabilitated. Multiple tax credit
22 applicants shall be granted tax credits in the same proportion
23 as their contribution to payment of cleanup costs. Subject to
24 the same conditions and limitations as provided in this
25 section, a municipality, county, or other tax credit applicant
26 which voluntarily rehabilitates a site may receive not more
27 than $500,000 $250,000 per year in tax credits which it can
28 subsequently transfer subject to the provisions in paragraph
29 (g).
30 (c) If the credit granted under this section is not
31 fully used in any one year because of insufficient tax
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1 liability on the part of the tax credit applicant, the unused
2 amount may be carried forward for a period not to exceed 5
3 years. Five years after the date a credit is granted under
4 this section, such credit expires and may not be used.
5 However, if during the 5-year period the credit is
6 transferred, in whole or in part, pursuant to paragraph (g),
7 each transferee has 5 years after the date of transfer to use
8 its credit.
9 (d) A taxpayer that receives a credit under s.
10 220.1845 is ineligible to receive credit under this section in
11 a given tax year.
12 (e) A tax credit applicant that receives state-funded
13 site rehabilitation pursuant to s. 376.3078(3) for
14 rehabilitation of a drycleaning-solvent-contaminated site is
15 ineligible to receive credit under this section for costs
16 incurred by the tax credit applicant in conjunction with the
17 rehabilitation of that site during the same time period that
18 state-administered site rehabilitation was underway.
19 (f) The total amount of the tax credits which may be
20 granted under this section and s. 220.1845 is $5 $2 million
21 annually.
22 (g)1. Tax credits that may be available under this
23 section to an entity eligible under s. 376.30781 may be
24 transferred after a merger or acquisition to the surviving or
25 acquiring entity and used in the same manner with the same
26 limitations.
27 2. The entity or its surviving or acquiring entity as
28 described in subparagraph 1., may transfer any unused credit
29 in whole or in units of no less than 25 percent of the
30 remaining credit. The entity acquiring such credit may use it
31 in the same manner and with the same limitation as described
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1 in this section. Such transferred credits may not be
2 transferred again although they may succeed to a surviving or
3 acquiring entity subject to the same conditions and
4 limitations as described in this section.
5 3. In the event the credit provided for under this
6 section is reduced either as a result of a determination by
7 the Department of Environmental Protection or an examination
8 or audit by the Department of Revenue, such tax deficiency
9 shall be recovered from the first entity, or the surviving or
10 acquiring entity, to have claimed such credit up to the amount
11 of credit taken. Any subsequent deficiencies shall be assessed
12 against any entity acquiring and claiming such credit, or in
13 the case of multiple succeeding entities in the order of
14 credit succession.
15 (h) In order to encourage completion of site
16 rehabilitation at contaminated sites being voluntarily cleaned
17 up and eligible for a tax credit under this section, the tax
18 credit applicant may claim an additional 25 10 percent of the
19 total cleanup costs, not to exceed $500,000 $50,000, in the
20 final year of cleanup as evidenced by the Department of
21 Environmental Protection issuing a "No Further Action" order
22 for that site.
23 (2) FILING REQUIREMENTS.--Any taxpayer that wishes to
24 obtain credit under this section must submit with its return a
25 tax credit certificate approving partial tax credits issued by
26 the Department of Environmental Protection under s. 376.30781.
27 (3) ADMINISTRATION; AUDIT AUTHORITY; TAX CREDIT
28 FORFEITURE.--
29 (a) The Department of Revenue may adopt rules to
30 prescribe any necessary forms required to claim a tax credit
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1 under this section and to provide the administrative
2 guidelines and procedures required to administer this section.
3 (b) In addition to its existing audit and
4 investigation authority relating to chapters 199 and 220, the
5 Department of Revenue may perform any additional financial and
6 technical audits and investigations, including examining the
7 accounts, books, or records of the tax credit applicant, which
8 are necessary to verify the site rehabilitation costs included
9 in a tax credit return and to ensure compliance with this
10 section. The Department of Environmental Protection shall
11 provide technical assistance, when requested by the Department
12 of Revenue, on any technical audits performed under this
13 section.
14 (c) It is grounds for forfeiture of previously claimed
15 and received tax credits if the Department of Revenue
16 determines, as a result of either an audit or information
17 received from the Department of Environmental Protection, that
18 a taxpayer received tax credits under this section to which
19 the taxpayer was not entitled. In the case of fraud, the
20 taxpayer shall be prohibited from claiming any future tax
21 credits under this section or s. 220.1845.
22 1. The taxpayer is responsible for returning forfeited
23 tax credits to the Department of Revenue, and such funds shall
24 be paid into the General Revenue Fund of the state.
25 2. The taxpayer shall file with the Department of
26 Revenue an amended tax return or such other report as the
27 Department of Revenue prescribes by rule and shall pay any
28 required tax within 60 days after the taxpayer receives
29 notification from the Department of Environmental Protection
30 pursuant to s. 376.30781 that previously approved tax credits
31 have been revoked or modified, if uncontested, or within 60
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1 days after a final order is issued following proceedings
2 involving a contested revocation or modification order.
3 3. A notice of deficiency may be issued by the
4 Department of Revenue at any time within 5 years after the
5 date the taxpayer receives notification from the Department of
6 Environmental Protection pursuant to s. 376.30781 that
7 previously approved tax credits have been revoked or modified.
8 If a taxpayer fails to notify the Department of Revenue of any
9 change in its tax credit claimed, a notice of deficiency may
10 be issued at any time. In either case, the amount of any
11 proposed assessment set forth in such notice of deficiency
12 shall be limited to the amount of any deficiency resulting
13 under this section from the recomputation of the taxpayer's
14 tax for the taxable year.
15 4. Any taxpayer that fails to report and timely pay
16 any tax due as a result of the forfeiture of its tax credit is
17 in violation of this section and is subject to applicable
18 penalty and interest.
19 Section 2. Section 220.1845, Florida Statutes, is
20 amended to read:
21 220.1845 Contaminated site rehabilitation tax
22 credit.--
23 (1) AUTHORIZATION FOR TAX CREDIT; LIMITATIONS.--
24 (a) A credit in the amount of 50 35 percent of the
25 costs of voluntary cleanup activity that is integral to site
26 rehabilitation at the following sites is available against any
27 tax due for a taxable year under this chapter:
28 1. A drycleaning-solvent-contaminated site eligible
29 for state-funded site rehabilitation under s. 376.3078(3);
30 2. A drycleaning-solvent-contaminated site at which
31 cleanup is undertaken by the real property owner pursuant to
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1 s. 376.3078(11), if the real property owner is not also, and
2 has never been, the owner or operator of the drycleaning
3 facility where the contamination exists; or
4 3. A brownfield site in a designated brownfield area
5 under s. 376.80.
6 (b) A tax credit applicant, or multiple tax credit
7 applicants working jointly to clean up a single site, may not
8 be granted more than $500,000 $250,000 per year in tax credits
9 for each site voluntarily rehabilitated. Multiple tax credit
10 applicants shall be granted tax credits in the same proportion
11 as their contribution to payment of cleanup costs. Subject to
12 the same conditions and limitations as provided in this
13 section, a municipality, county, or other tax credit applicant
14 which voluntarily rehabilitates a site may receive not more
15 than $500,000 $250,000 per year in tax credits which it can
16 subsequently transfer subject to the provisions in paragraph
17 (h).
18 (c) If the credit granted under this section is not
19 fully used in any one year because of insufficient tax
20 liability on the part of the corporation, the unused amount
21 may be carried forward for a period not to exceed 5 years. The
22 carryover credit may be used in a subsequent year when the tax
23 imposed by this chapter for that year exceeds the credit for
24 which the corporation is eligible in that year under this
25 section after applying the other credits and unused carryovers
26 in the order provided by s. 220.02(8). Five years after the
27 date a credit is granted under this section, such credit
28 expires and may not be used. However, if during the 5-year
29 period the credit is transferred, in whole or in part,
30 pursuant to paragraph (h), each transferee has 5 years after
31 the date of transfer to use its credit.
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1 (d) A taxpayer that files a consolidated return in
2 this state as a member of an affiliated group under s.
3 220.131(1) may be allowed the credit on a consolidated return
4 basis up to the amount of tax imposed upon the consolidated
5 group.
6 (e) A taxpayer that receives credit under s. 199.1055
7 is ineligible to receive credit under this section in a given
8 tax year.
9 (f) A tax credit applicant that receives state-funded
10 site rehabilitation under s. 376.3078(3) for rehabilitation of
11 a drycleaning-solvent-contaminated site is ineligible to
12 receive credit under this section for costs incurred by the
13 tax credit applicant in conjunction with the rehabilitation of
14 that site during the same time period that state-administered
15 site rehabilitation was underway.
16 (g) The total amount of the tax credits which may be
17 granted under this section and s. 199.1055 is $5 $2 million
18 annually.
19 (h)1. Tax credits that may be available under this
20 section to an entity eligible under s. 376.30781 may be
21 transferred after a merger or acquisition to the surviving or
22 acquiring entity and used in the same manner and with the same
23 limitations.
24 2. The entity or its surviving or acquiring entity as
25 described in subparagraph 1., may transfer any unused credit
26 in whole or in units of no less than 25 percent of the
27 remaining credit. The entity acquiring such credit may use it
28 in the same manner and with the same limitation as described
29 in this section. Such transferred credits may not be
30 transferred again although they may succeed to a surviving or
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1 acquiring entity subject to the same conditions and
2 limitations as described in this section.
3 3. In the event the credit provided for under this
4 section is reduced either as a result of a determination by
5 the Department of Environmental Protection or an examination
6 or audit by the Department of Revenue, such tax deficiency
7 shall be recovered from the first entity, or the surviving or
8 acquiring entity, to have claimed such credit up to the amount
9 of credit taken. Any subsequent deficiencies shall be assessed
10 against any entity acquiring and claiming such credit, or in
11 the case of multiple succeeding entities in the order of
12 credit succession.
13 (i) In order to encourage completion of site
14 rehabilitation at contaminated sites being voluntarily cleaned
15 up and eligible for a tax credit under this section, the tax
16 credit applicant may claim an additional 25 10 percent of the
17 total cleanup costs, not to exceed $500,000 $50,000, in the
18 final year of cleanup as evidenced by the Department of
19 Environmental Protection issuing a "No Further Action" order
20 for that site.
21 (2) FILING REQUIREMENTS.--Any corporation that wishes
22 to obtain credit under this section must submit with its
23 return a tax credit certificate approving partial tax credits
24 issued by the Department of Environmental Protection under s.
25 376.30781.
26 (3) ADMINISTRATION; AUDIT AUTHORITY; TAX CREDIT
27 FORFEITURE.--
28 (a) The Department of Revenue may adopt rules to
29 prescribe any necessary forms required to claim a tax credit
30 under this section and to provide the administrative
31 guidelines and procedures required to administer this section.
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1 (b) In addition to its existing audit and
2 investigation authority relating to chapter 199 and this
3 chapter, the Department of Revenue may perform any additional
4 financial and technical audits and investigations, including
5 examining the accounts, books, or records of the tax credit
6 applicant, which are necessary to verify the site
7 rehabilitation costs included in a tax credit return and to
8 ensure compliance with this section. The Department of
9 Environmental Protection shall provide technical assistance,
10 when requested by the Department of Revenue, on any technical
11 audits performed pursuant to this section.
12 (c) It is grounds for forfeiture of previously claimed
13 and received tax credits if the Department of Revenue
14 determines, as a result of either an audit or information
15 received from the Department of Environmental Protection, that
16 a taxpayer received tax credits pursuant to this section to
17 which the taxpayer was not entitled. In the case of fraud, the
18 taxpayer shall be prohibited from claiming any future tax
19 credits under this section or s. 199.1055.
20 1. The taxpayer is responsible for returning forfeited
21 tax credits to the Department of Revenue, and such funds shall
22 be paid into the General Revenue Fund of the state.
23 2. The taxpayer shall file with the Department of
24 Revenue an amended tax return or such other report as the
25 Department of Revenue prescribes by rule and shall pay any
26 required tax within 60 days after the taxpayer receives
27 notification from the Department of Environmental Protection
28 pursuant to s. 376.30781 that previously approved tax credits
29 have been revoked or modified, if uncontested, or within 60
30 days after a final order is issued following proceedings
31 involving a contested revocation or modification order.
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1 3. A notice of deficiency may be issued by the
2 Department of Revenue at any time within 5 years after the
3 date the taxpayer receives notification from the Department of
4 Environmental Protection pursuant to s. 376.30781 that
5 previously approved tax credits have been revoked or modified.
6 If a taxpayer fails to notify the Department of Revenue of any
7 change in its tax credit claimed, a notice of deficiency may
8 be issued at any time. In either case, the amount of any
9 proposed assessment set forth in such notice of deficiency
10 shall be limited to the amount of any deficiency resulting
11 under this section from the recomputation of the taxpayer's
12 tax for the taxable year.
13 4. Any taxpayer that fails to report and timely pay
14 any tax due as a result of the forfeiture of its tax credit is
15 in violation of this section and is subject to applicable
16 penalty and interest.
17 Section 3. Section 376.30781, Florida Statutes, is
18 amended to read:
19 376.30781 Partial tax credits for rehabilitation of
20 drycleaning-solvent-contaminated sites and brownfield sites in
21 designated brownfield areas; application process; rulemaking
22 authority; revocation authority.--
23 (1) The Legislature finds that:
24 (a) To facilitate property transactions and economic
25 growth and development, it is in the interest of the state to
26 encourage the cleanup, at the earliest possible time, of
27 drycleaning-solvent-contaminated sites and brownfield sites in
28 designated brownfield areas.
29 (b) It is the intent of the Legislature to encourage
30 the voluntary cleanup of drycleaning-solvent-contaminated
31 sites and brownfield sites in designated brownfield areas by
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1 providing a partial tax credit for the restoration of such
2 property in specified circumstances.
3 (2)(a) A credit in the amount of 50 35 percent of the
4 costs of voluntary cleanup activity that is integral to site
5 rehabilitation at the following sites is allowed pursuant to
6 ss. 199.1055 and 220.1845:
7 1. A drycleaning-solvent-contaminated site eligible
8 for state-funded site rehabilitation under s. 376.3078(3);
9 2. A drycleaning-solvent-contaminated site at which
10 cleanup is undertaken by the real property owner pursuant to
11 s. 376.3078(11), if the real property owner is not also, and
12 has never been, the owner or operator of the drycleaning
13 facility where the contamination exists; or
14 3. A brownfield site in a designated brownfield area
15 under s. 376.80.
16 (b) A tax credit applicant, or multiple tax credit
17 applicants working jointly to clean up a single site, may not
18 be granted more than $500,000 $250,000 per year in tax credits
19 for each site voluntarily rehabilitated. Multiple tax credit
20 applicants shall be granted tax credits in the same proportion
21 as their contribution to payment of cleanup costs. Tax credits
22 are available only for site rehabilitation conducted during
23 the calendar year for which the tax credit application is
24 submitted.
25 (c) In order to encourage completion of site
26 rehabilitation at contaminated sites that are being
27 voluntarily cleaned up and that are eligible for a tax credit
28 under this section, the tax credit applicant may claim an
29 additional 25 10 percent of the total cleanup costs, not to
30 exceed $500,000 $50,000, in the final year of cleanup as
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1 evidenced by the Department of Environmental Protection
2 issuing a "No Further Action" order for that site.
3 (3) The Department of Environmental Protection shall
4 be responsible for allocating the tax credits provided for in
5 ss. 199.1055 and 220.1845, not to exceed a total of $5 $2
6 million in tax credits annually.
7 (4) To claim the credit for site rehabilitation
8 conducted during the current calendar year, each tax credit
9 applicant must apply to the Department of Environmental
10 Protection for an allocation of the $5 $2 million annual
11 credit by January 15 of the following year on a form developed
12 by the Department of Environmental Protection in cooperation
13 with the Department of Revenue. The form shall include an
14 affidavit from each tax credit applicant certifying that all
15 information contained in the application, including all
16 records of costs incurred and claimed in the tax credit
17 application, are true and correct. If the application is
18 submitted pursuant to subparagraph (2)(a)2., the form must
19 include an affidavit signed by the real property owner stating
20 that it is not, and has never been, the owner or operator of
21 the drycleaning facility where the contamination exists.
22 Approval of partial tax credits must be accomplished on a
23 first-come, first-served basis based upon the date complete
24 applications are received by the Division of Waste Management.
25 A tax credit applicant shall submit only one complete
26 application per site for each calendar year's site
27 rehabilitation costs. Incomplete placeholder applications
28 shall not be accepted and will not secure a place in the
29 first-come, first-served application line. To be eligible for
30 a tax credit, the tax credit applicant must:
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1 (a) Have entered into a voluntary cleanup agreement
2 with the Department of Environmental Protection for a
3 drycleaning-solvent-contaminated site or a Brownfield Site
4 Rehabilitation Agreement, as applicable; and
5 (b) Have paid all deductibles pursuant to s.
6 376.3078(3)(e) for eligible drycleaning-solvent-cleanup
7 program sites.
8 (5) To obtain the tax credit certificate, a tax credit
9 applicant must annually file an application for certification,
10 which must be received by the Division of Waste Management of
11 the Department of Environmental Protection by January 15 of
12 the year following the calendar year for which site
13 rehabilitation costs are being claimed in a tax credit
14 application. The tax credit applicant must provide all
15 pertinent information requested on the tax credit application
16 form, including, at a minimum, the name and address of the tax
17 credit applicant and the address and tracking identification
18 number of the eligible site. Along with the tax credit
19 application form, the tax credit applicant must submit the
20 following:
21 (a) A nonrefundable review fee of $250 made payable to
22 the Water Quality Assurance Trust Fund to cover the
23 administrative costs associated with the department's review
24 of the tax credit application;
25 (b) Copies of contracts and documentation of contract
26 negotiations, accounts, invoices, sales tickets, or other
27 payment records from purchases, sales, leases, or other
28 transactions involving actual costs incurred for that tax year
29 related to site rehabilitation, as that term is defined in ss.
30 376.301 and 376.79;
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1 (c) Proof that the documentation submitted pursuant to
2 paragraph (b) has been reviewed and verified by an independent
3 certified public accountant in accordance with standards
4 established by the American Institute of Certified Public
5 Accountants. Specifically, the certified public accountant
6 must attest to the accuracy and validity of the costs incurred
7 and paid by conducting an independent review of the data
8 presented by the tax credit applicant. Accuracy and validity
9 of costs incurred and paid would be determined once the level
10 of effort was certified by an appropriate professional
11 registered in this state in each contributing technical
12 discipline. The certified public accountant's report would
13 also attest that the costs included in the application form
14 are not duplicated within the application. A copy of the
15 accountant's report shall be submitted to the Department of
16 Environmental Protection with the tax credit application; and
17 (d) A certification form stating that site
18 rehabilitation activities associated with the documentation
19 submitted pursuant to paragraph (b) have been conducted under
20 the observation of, and related technical documents have been
21 signed and sealed by, an appropriate professional registered
22 in this state in each contributing technical discipline. The
23 certification form shall be signed and sealed by the
24 appropriate registered professionals stating that the costs
25 incurred were integral, necessary, and required for site
26 rehabilitation, as that term is defined in ss. 376.301 and
27 376.79.
28 (6) The certified public accountant and appropriate
29 registered professionals submitting forms as part of a tax
30 credit application must verify such forms. Verification must
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1 be accomplished as provided in s. 92.525(1)(b) and subject to
2 the provisions of s. 92.525(3).
3 (7) The Department of Environmental Protection shall
4 review the tax credit application and any supplemental
5 documentation that the tax credit applicant may submit prior
6 to the annual application deadline in order to have the
7 application considered complete, for the purpose of verifying
8 that the tax credit applicant has met the qualifying criteria
9 in subsections (2) and (4) and has submitted all required
10 documentation listed in subsection (5). Upon verification that
11 the tax credit applicant has met these requirements, the
12 department shall issue a written decision granting eligibility
13 for partial tax credits (a tax credit certificate) in the
14 amount of 50 35 percent of the total costs claimed, subject to
15 the $500,000 $250,000 limitation, for the calendar year for
16 which the tax credit application is submitted based on the
17 report of the certified public accountant and the
18 certifications from the appropriate registered technical
19 professionals.
20 (8) On or before March 1, the Department of
21 Environmental Protection shall inform each eligible tax credit
22 applicant of the amount of its partial tax credit and provide
23 each eligible tax credit applicant with a tax credit
24 certificate that must be submitted with its tax return to the
25 Department of Revenue to claim the tax credit or be
26 transferred pursuant to s. 199.1055(1)(g) or s.
27 220.1845(1)(h). Credits will not result in the payment of
28 refunds if total credits exceed the amount of tax owed.
29 (9) If a tax credit applicant does not receive a tax
30 credit allocation due to an exhaustion of the $5 $2 million
31 annual tax credit authorization, such application will then be
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1 included in the same first-come, first-served order in the
2 next year's annual tax credit allocation, if any, based on the
3 prior year application.
4 (10) The Department of Environmental Protection may
5 adopt rules to prescribe the necessary forms required to claim
6 tax credits under this section and to provide the
7 administrative guidelines and procedures required to
8 administer this section.
9 (11) The Department of Environmental Protection may
10 revoke or modify any written decision granting eligibility for
11 partial tax credits under this section if it is discovered
12 that the tax credit applicant submitted any false statement,
13 representation, or certification in any application, record,
14 report, plan, or other document filed in an attempt to receive
15 partial tax credits under this section. The Department of
16 Environmental Protection shall immediately notify the
17 Department of Revenue of any revoked or modified orders
18 affecting previously granted partial tax credits.
19 Additionally, the tax credit applicant must notify the
20 Department of Revenue of any change in its tax credit claimed.
21 (12) A tax credit applicant who receives state-funded
22 site rehabilitation under s. 376.3078(3) for rehabilitation of
23 a drycleaning-solvent-contaminated site is ineligible to
24 receive a tax credit under s. 199.1055 or s. 220.1845 for
25 costs incurred by the tax credit applicant in conjunction with
26 the rehabilitation of that site during the same time period
27 that state-administered site rehabilitation was underway.
28 Section 4. Subsection (2) of section 288.9015, Florida
29 Statutes, is amended to read:
30 288.9015 Enterprise Florida, Inc.; purpose; duties.--
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1 (2) It shall be the responsibility of Enterprise
2 Florida, Inc., to aggressively market Florida's rural
3 communities, distressed urban communities, brownfields, and
4 enterprise zones as locations for potential new investment, to
5 aggressively assist in the retention and expansion of existing
6 businesses in these communities, and to aggressively assist
7 these communities in the identification and development of new
8 economic development opportunities for job creation, fully
9 marketing state incentive programs such as the Qualified
10 Target Industry Tax Refund Program under s. 288.106 and the
11 Quick Action Closing Fund under s. 288.1088 in economically
12 distressed areas.
13 Section 5. Subsection (1) of section 376.86, Florida
14 Statutes, is amended to read:
15 376.86 Brownfield Areas Loan Guarantee Program.--
16 (1) The Brownfield Areas Loan Guarantee Council is
17 created to review and approve or deny by a majority vote of
18 its membership, the situations and circumstances for
19 participation in partnerships by agreements with local
20 governments, financial institutions, and others associated
21 with the redevelopment of brownfield areas pursuant to the
22 Brownfields Redevelopment Act for a limited state guaranty of
23 up to 5 years of loan guarantees or loan loss reserves issued
24 pursuant to law. The limited state loan guaranty applies only
25 to 25 10 percent of the primary lenders loans for
26 redevelopment projects in brownfield areas. A limited state
27 guaranty of private loans or a loan loss reserve is authorized
28 for lenders licensed to operate in the state upon a
29 determination by the council that such an arrangement would be
30 in the public interest and the likelihood of the success of
31 the loan is great.
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1 Section 6. Sections 376.87 and 376.875, Florida
2 Statutes, are repealed.
3 Section 7. This act shall take effect July 1, 2006.
4
5 *****************************************
6 SENATE SUMMARY
7 Increases the amount and percentage of the credit which
may be applied against the intangible personal property
8 tax and the corporate income tax for the cost of
voluntary cleanup of a contaminated site. Increases the
9 amount that may be received by the taxpayer as an
incentive to complete the cleanup in the final year.
10 Increases the total amount of credits that may be granted
in any year. Requires Enterprise Florida, Inc., to
11 aggressively market brownfields. Increases the percentage
of loans for redevelopment projects in brownfield areas
12 to which the state loan guarantee applies under the
Brownfield Areas Loan Guarantee Program. Deletes sections
13 relating to brownfield property ownership clearance
assistance and the Brownfield Property Ownership
14 Clearance Assistance Revolving Loan Trust Fund.
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CODING: Words stricken are deletions; words underlined are additions.