| 1 | The Economic Development, Trade & Banking Committee recommends |
| 2 | the following: |
| 3 |
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| 4 | Council/Committee Substitute |
| 5 | Remove the entire bill and insert: |
| 6 | A bill to be entitled |
| 7 | An act relating to state incentives in enterprise zones; |
| 8 | amending ss. 212.096 and 220.181, F.S.; authorizing the |
| 9 | Department of Revenue to adopt rules for certain |
| 10 | enterprise zone jobs credit transfer purposes; amending s. |
| 11 | 290.007, F.S.; authorizing certain eligible businesses to |
| 12 | transfer unused enterprise zone jobs credits; providing |
| 13 | requirements and limitations; providing an effective date. |
| 14 |
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| 15 | Be It Enacted by the Legislature of the State of Florida: |
| 16 |
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| 17 | Section 1. Subsection (11) of section 212.096, Florida |
| 18 | Statutes, is renumbered as subsection (12), a new subsection |
| 19 | (11) is added to that section, and present subsection (12) of |
| 20 | that section is amended, to read: |
| 21 | 212.096 Sales, rental, storage, use tax; enterprise zone |
| 22 | jobs credit against sales tax.-- |
| 23 | (11) The department may adopt rules pursuant to ss. |
| 24 | 120.536(1) and 120.54 governing the manner and form of transfers |
| 25 | of credits under s. 290.007(9). |
| 26 | (13)(12) This section, except for subsection (12) (11), |
| 27 | expires on the date specified in s. 290.016 for the expiration |
| 28 | of the Florida Enterprise Zone Act. |
| 29 | Section 2. Subsection (9) of section 220.181, Florida |
| 30 | Statutes, is renumbered as subsection (10) and a new subsection |
| 31 | (9) is added to that section to read: |
| 32 | 220.181 Enterprise zone jobs credit.-- |
| 33 | (9) The department may adopt rules pursuant to ss. |
| 34 | 120.536(1) and 120.54 governing the manner and form of transfers |
| 35 | of credits under s. 290.007(9). |
| 36 | Section 3. Subsection (9) is added to section 290.007, |
| 37 | Florida Statutes, to read: |
| 38 | 290.007 State incentives available in enterprise |
| 39 | zones.--The following incentives are provided by the state to |
| 40 | encourage the revitalization of enterprise zones: |
| 41 | (9) An eligible business located in a rural enterprise |
| 42 | zone may transfer any unused credit in whole or in units of no |
| 43 | less than 25 percent of the remaining credit. The entity |
| 44 | acquiring such credit may use the credit in the same manner and |
| 45 | with the same limitation as described in ss. 212.096 and |
| 46 | 220.181. Such transferred credits may not be transferred again |
| 47 | but may succeed to a surviving or acquiring entity subject to |
| 48 | the same conditions and limitations described in this section. |
| 49 | Section 4. This act shall take effect July 1, 2006. |