| 1 | A bill to be entitled |
| 2 | An act relating to corporate income tax credits; creating |
| 3 | s. 220.1855, F.S.; providing for a corporate income tax |
| 4 | credit for new or expanded renewable energy production; |
| 5 | amending s. 220.02, F.S.; including the credit for new or |
| 6 | expanded renewable energy production in the priority list |
| 7 | of application of certain corporate income tax credits; |
| 8 | providing an effective date. |
| 9 |
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| 10 | WHEREAS, the Legislature has determined that it is in the |
| 11 | public interest to promote the development of renewable energy |
| 12 | resources in this state, and |
| 13 | WHEREAS, Florida must provide the diversification of fuel |
| 14 | types used for production of energy, and |
| 15 | WHEREAS, increased production of renewable energy will |
| 16 | assist in diversifying the state's fuel types in the most |
| 17 | environmentally sensitive manner, NOW, THEREFORE, |
| 18 |
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| 19 | Be It Enacted by the Legislature of the State of Florida: |
| 20 |
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| 21 | Section 1. Section 220.1855, Florida Statutes, is created |
| 22 | to read: |
| 23 | 220.1855 Renewable energy producer tax credit.-- |
| 24 | (1) A credit against the tax imposed by this chapter shall |
| 25 | be allowed to the owner of any commercial facility that |
| 26 | initiates production of renewable energy as defined in s. |
| 27 | 366.91(2), or, if already engaged in renewable energy |
| 28 | production, increases the production of such energy. The credit |
| 29 | for the new or additional renewable energy produced shall be an |
| 30 | amount equal to 0.75 cent per kilowatt hour. |
| 31 | (2) If any credit granted pursuant to this section is not |
| 32 | fully used in the first year for which it becomes available, the |
| 33 | unused amount may be carried forward for a period not to exceed |
| 34 | 10 years. The carryover may be used in any subsequent year in |
| 35 | which the tax imposed by this chapter exceeds the credit for |
| 36 | such year under this section after applying the other credits |
| 37 | and unused credit carryovers in the order provided in s. |
| 38 | 220.02(8). |
| 39 | Section 2. Subsection (8) of section 220.02, Florida |
| 40 | Statutes, is amended to read: |
| 41 | 220.02 Legislative intent.-- |
| 42 | (8) It is the intent of the Legislature that credits |
| 43 | against either the corporate income tax or the franchise tax be |
| 44 | applied in the following order: those enumerated in s. 631.828, |
| 45 | those enumerated in s. 220.191, those enumerated in s. 220.181, |
| 46 | those enumerated in s. 220.183, those enumerated in s. 220.182, |
| 47 | those enumerated in s. 220.1895, those enumerated in s. 221.02, |
| 48 | those enumerated in s. 220.184, those enumerated in s. 220.186, |
| 49 | those enumerated in s. 220.1845, those enumerated in s. 220.19, |
| 50 | those enumerated in s. 220.185, and those enumerated in s. |
| 51 | 220.187, and those enumerated in s. 220.1855. |
| 52 | Section 3. This act shall take effect July 1, 2006. |