Senate Bill sb1912c1

    Florida Senate - 2006                           CS for SB 1912

    By the Committee on Commerce and Consumer Services; and
    Senator Smith




    577-2212-06

  1                      A bill to be entitled

  2         An act relating to state incentives in

  3         enterprise zones; amending ss. 212.096 and

  4         220.181, F.S.; authorizing the Department of

  5         Revenue to adopt rules for purposes of

  6         transferring certain enterprise zone jobs

  7         credits; amending s. 290.007, F.S.; authorizing

  8         certain eligible businesses to transfer unused

  9         enterprise zone jobs credits; providing

10         requirements and limitations; providing an

11         effective date.

12  

13  Be It Enacted by the Legislature of the State of Florida:

14  

15         Section 1.  Subsection (11) of section 212.096, Florida

16  Statutes, is renumbered as subsection (12), a new subsection

17  (11) is added to that section, and present subsection (12) of

18  that section is amended, to read:

19         212.096  Sales, rental, storage, use tax; enterprise

20  zone jobs credit against sales tax.--

21         (11)  The department may adopt rules pursuant to ss.

22  120.536(1) and 120.54 governing the manner and form of

23  transfers of credits under s. 290.007(9).

24         (13)(12)  This section, except for subsection (12)

25  (11), expires on the date specified in s. 290.016 for the

26  expiration of the Florida Enterprise Zone Act.

27         Section 2.  Subsection (9) of section 220.181, Florida

28  Statutes, is renumbered as subsection (10) and a new

29  subsection (9) is added to that section to read:

30         220.181  Enterprise zone jobs credit.--

31  

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






    Florida Senate - 2006                           CS for SB 1912
    577-2212-06




 1         (9)  The department may adopt rules pursuant to ss.

 2  120.536(1) and 120.54 governing the manner and form of

 3  transfers of credits under s. 290.007(9).

 4         Section 3.  Subsection (9) is added to section 290.007,

 5  Florida Statutes, to read:

 6         290.007  State incentives available in enterprise

 7  zones.--The following incentives are provided by the state to

 8  encourage the revitalization of enterprise zones:

 9         (9)  An eligible business located in a rural enterprise

10  zone may transfer any unused credit in whole or in units of no

11  less than 25 percent of the remaining credit. The entity

12  acquiring such credit may use the credit in the same manner

13  and with the same limitation as described in ss. 212.096 and

14  220.181. Such transferred credits may not be transferred again

15  but may succeed to a surviving or acquiring entity subject to

16  the same conditions and limitations described in this section.

17         Section 4.  This act shall take effect July 1, 2006.

18  

19          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
20                         Senate Bill 1912

21                                 

22  The committee substitute differs from the bill in the
    following ways: only businesses located in rural enterprise
23  zones, rather than all enterprise zones, may transfer unused
    jobs tax credits; and the Department of Revenue is granted
24  rule-making authority to administer the transfer of credits.

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