HB 1575

1
A bill to be entitled
2An act relating to corporate income tax credits; creating
3s. 220.1855, F.S.; providing for a corporate income tax
4credit for new or expanded renewable energy production;
5amending s. 220.02, F.S.; including the credit for new or
6expanded renewable energy production in the priority list
7of application of certain corporate income tax credits;
8providing an effective date.
9
10     WHEREAS, the Legislature has determined that it is in the
11public interest to promote the development of renewable energy
12resources in this state, and
13     WHEREAS, Florida must provide the diversification of fuel
14types used for production of energy, and
15     WHEREAS, increased production of renewable energy will
16assist in diversifying the state's fuel types in the most
17environmentally sensitive manner, NOW, THEREFORE,
18
19Be It Enacted by the Legislature of the State of Florida:
20
21     Section 1.  Section 220.1855, Florida Statutes, is created
22to read:
23     220.1855  Renewable energy producer tax credit.--
24     (1)  A credit against the tax imposed by this chapter shall
25be allowed to the owner of any commercial facility that
26initiates production of renewable energy as defined in s.
27366.91(2), or, if already engaged in renewable energy
28production, increases the production of such energy. The credit
29for the new or additional renewable energy produced shall be an
30amount equal to 0.75 cent per kilowatt hour.
31     (2)  If any credit granted pursuant to this section is not
32fully used in the first year for which it becomes available, the
33unused amount may be carried forward for a period not to exceed
3410 years. The carryover may be used in any subsequent year in
35which the tax imposed by this chapter exceeds the credit for
36such year under this section after applying the other credits
37and unused credit carryovers in the order provided in s.
38220.02(8).
39     Section 2.  Subsection (8) of section 220.02, Florida
40Statutes, is amended to read:
41     220.02  Legislative intent.--
42     (8)  It is the intent of the Legislature that credits
43against either the corporate income tax or the franchise tax be
44applied in the following order: those enumerated in s. 631.828,
45those enumerated in s. 220.191, those enumerated in s. 220.181,
46those enumerated in s. 220.183, those enumerated in s. 220.182,
47those enumerated in s. 220.1895, those enumerated in s. 221.02,
48those enumerated in s. 220.184, those enumerated in s. 220.186,
49those enumerated in s. 220.1845, those enumerated in s. 220.19,
50those enumerated in s. 220.185, and those enumerated in s.
51220.187, and those enumerated in s. 220.1855.
52     Section 3.  This act shall take effect July 1, 2006.


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