CS/HB 1487

1
A bill to be entitled
2An act relating to insurance premium and corporate income
3tax credits; creating part XII of ch. 288, F.S.,
4consisting of ss. 288.991 and 288.992, F.S.; providing
5definitions; providing that taxpayers who hold a qualified
6equity investment on a credit allowance date of the
7investment are entitled to a nonrefundable,
8nontransferable tax credit for the taxable year in which
9the credit allowance date falls; providing for calculating
10the amount of the tax credit; limiting the amount of the
11tax credit that may be redeemed in a fiscal year;
12authorizing a taxpayer to carryover any amount of the tax
13credit that the taxpayer is prohibited from redeeming in a
14taxable year to any subsequent taxable year; providing for
15the redemption of tax credits earned by certain business
16entities and by the partners, members, or shareholders of
17those entities; authorizing the Office of Tourism, Trade,
18and Economic Development to qualify equity investments as
19eligible for tax credits; providing an application
20process; requiring a fee; requiring the office to limit
21the monetary amount of qualified equity investments to a
22level necessary to limit the use of tax credits to a
23specified amount in each fiscal year; providing a basis
24for such limitation; authorizing the office to adjust tax
25credits under certain circumstances; requiring
26certifications to be accompanied by audited financial
27statements and other information; requiring taxpayers to
28make an election as to the taxes to which to apply the
29credit; requiring the office to order and the Department
30of Revenue to recapture tax credits from certain taxpayers
31under certain circumstances; requiring the office to
32administer the allocation of tax credits for certain
33qualified investments in a specified manner; requiring
34certain community development entities to report certain
35information to the office; requiring the office to file
36annual reports on certain community investments;
37authorizing the office to conduct examinations and audits
38to verify receipt and application of tax credits;
39authorizing the department to pursue recovery of certain
40funds; providing notice requirements; providing annual
41reporting requirements for community development entities;
42requiring the office to file annual reports on certain
43investments; authorizing the office to conduct
44examinations to verify receipt and application of tax
45credits; authorizing the office to revoke or modify
46certain decisions relating to eligibility for tax credits
47under certain circumstances; providing for liability for
48certain costs and fees relating to investigations of
49fraudulent claims; providing for taxpayer liability for
50reimbursement of fraudulently claimed tax credits;
51providing a penalty; providing application; requiring the
52office and department to adopt rules; providing for future
53repeal; amending s. 213.053, F.S.; providing for
54disclosure of certain tax credit information to the Office
55of Tourism, Trade, and Economic Development for certain
56purpose; amending s. 220.02, F.S.; revising legislative
57intent with respect to the order of tax credits to
58conform; amending s. 220.13, F.S.; revising a definition
59to conform; providing an effective date.
60
61Be It Enacted by the Legislature of the State of Florida:
62
63     Section 1.  Part XII of chapter 288, Florida Statutes,
64consisting of sections 288.991 and 288.992, is created to read:
65     288.991  New Markets Tax Credit Act.--This part may be
66cited as the "New Markets Tax Credit Act."
67     288.992  New markets tax credit.--
68     (1)  DEFINITIONS.--As used in this section, the term:
69     (a)  "Adjusted purchase price" means the product of the
70amount paid at issuance for a qualified equity investment and a
71fraction the numerator of which is the dollar amount of
72qualified low-income community investments in this state made
73with the proceeds of the issuance of the qualified equity
74investment and held by the qualified community development
75entity on the applicable credit allowance date and the
76denominator of which is the total dollar amount of qualified
77low-income community investments made with the proceeds of the
78issuance of the qualified equity investment held by the
79qualified community development entity on such date.
80     (b)  "Credit allowance date" means:
81     1.  The first anniversary of the date on which any
82qualified equity investment is initially made; and
83     2.  Each of the five subsequent anniversaries of such date.
84     (c)  "Long-term debt security" means any debt instrument
85issued by a qualified community development entity, at par value
86or a premium, having an original maturity date of at least 7
87years after the date of its issuance, with no acceleration of
88repayment, amortization, or prepayment features before its
89original maturity date, and having no distribution, payment, or
90interest features related to the profitability of the qualified
91community development entity or the performance of the qualified
92community development entity's investment portfolio. This
93paragraph does not limit the holder's ability to accelerate
94payments on the debt instrument in situations in which the
95qualified community development entity has defaulted on
96covenants designed to ensure compliance with this section or s.
9745D of the Internal Revenue Code of 1986, as amended.
98     (d)  "Low-income community" means any population census
99tract within this state for which:
100     1.  The federal individual poverty rate of such tract is at
101least 20 percent; or
102     2.a.  In the case of a tract not located within a
103metropolitan area, the median family income for such tract does
104not exceed 80 percent of statewide median family income; or
105     b.  In the case of a tract located within a metropolitan
106area, the median family income for such a tract does not exceed
10780 percent of the greater of statewide median family income or
108the metropolitan area median income.
109     (e)  "Qualified active low-income community business" has
110the same meaning as in s. 45D of the Internal Revenue Code of
1111986, as amended, provided the term "qualified active low-income
112community business" does not include any trade or business:
113     1.  That derives or projects to derive 15 percent or more
114of its annual revenue from the rental or sale of real estate;
115     2.  That consists predominantly of the development or
116holding of intangibles for sale or license;
117     3.  That consists of the operation of any private or
118commercial golf course, country club, massage parlor, hot tub
119facility, tanning facility, racetrack or other facility used for
120gambling, or any store the principal business of which is the
121sale of alcoholic beverages for consumption off premises; or
122     4.  The principal activity of which is farming if the sum
123of the aggregate unadjusted bases or, if greater, the fair
124market value of the assets owned by the business that are used
125in such trade or business and the aggregate value of the assets
126leased by the business used in such trade or business exceeds
127$500,000. For the purposes of this paragraph, two or more trades
128or businesses will be treated as a single trade or business.
129     (f)  "Qualified community development entity" means any
130entity that has been certified as a qualified community
131development entity by the Community Development Financial
132Institutions Fund of the United States Treasury Department
133pursuant to s. 45D of the Internal Revenue Code of 1986, as
134amended, whose certification has not been revoked and who has
135entered into an allocation agreement with the Community
136Development Financial Institutions Fund with respect to tax
137credits authorized by s. 45D of the Internal Revenue Code of
1381986, as amended.
139     (g)  "Qualified equity investment" means any equity
140investment or long-term debt security issued by a qualified
141community development entity that:
142     1.  Is acquired on or after July 1, 2007, at its original
143issuance solely in exchange for cash;
144     2.  Has at least 85 percent of its cash purchase price used
145by the qualified community development entity to make qualified
146low-income community investments within the 12-month period
147beginning on the date the cash is paid by the taxpayer to the
148community development entity; and
149     3.  Is certified by the Office of Tourism, Trade, and
150Economic Development as a qualified equity investment pursuant
151to this section.
152     (h)  "Qualified low-income community investment" means any
153capital or equity investment in or loan to any qualified active
154low-income community business made after July 1, 2007. With
155respect to any one qualified active low-income community
156business, the maximum amount of debt or equity issued by it, on
157a collective basis with all of its affiliates, that may be
158included in the calculation of any numerator described in
159paragraph (1)(a) shall be $10 million, whether such investments
160are issued to one or more qualified community development
161entities.
162     (i)  "Office" means the Office of Tourism, Trade, and
163Economic Development.
164     (2)  AUTHORIZATION OF TAX CREDITS.--
165     (a)  A taxpayer holding a qualified equity investment on a
166credit allowance date of such qualified equity investment shall
167be entitled to a tax credit against the taxes imposed by s.
168220.11 or s. 624.509 during the tax year that includes the
169credit allowance date. The tax credit amount is equal to 8.33
170percent of the adjusted purchase price of the qualified equity
171investment.
172     (b)  A taxpayer may not redeem any portion of such tax
173credit in any tax year that exceeds the taxpayer's state tax
174liability for such tax year. Any amount of the tax credit that
175the taxpayer is so prohibited from redeeming in a tax year may
176be carried forward for use in any subsequent tax year; however,
177all unused tax credits shall expire on December 31, 2028.
178     (c)  The taxpayer's cash investment received by the
179community development entity is treated as invested in a
180qualified low-income community investment only to the extent
181that the cash is so invested within the 12-month period
182beginning on the date the cash is paid by the taxpayer to the
183community development entity.
184     (d)  A tax credit authorized under this section is not
185refundable or transferable. However, if a qualified equity
186investment is transferred, the tax credits for future credit
187allowance dates, if any, shall transfer with the qualified
188equity investment. Credit amounts, including any carryover
189amounts, from credit allowance dates prior to the date of
190transfer do not transfer with the qualified equity investment.
191Tax credits earned by a partnership, limited liability company,
192S corporation, or other pass-through entity may be allocated to
193the partners, members, or shareholders of such entity for their
194direct redemption in accordance with the provisions of any
195agreement among the partners, members, or shareholders.
196     (3)  DESIGNATION OF QUALIFIED EQUITY INVESTMENTS.--
197     (a)  Any qualified community development entity that
198desires to have an equity investment or long-term debt security
199designated as a qualified equity investment and eligible for tax
200credits under this section shall apply to the office. The
201qualified community development entity shall file an application
202on a form which the office may prescribe by rule, which shall
203include, but not be limited to, the following:
204     1.  The name, address, tax identification number of the
205entity, and evidence of the entity's certification as a
206qualified community development entity by the Community
207Development Financial Institutions Fund of the United States
208Department of Treasury.
209     2.  A copy of an allocation agreement executed by the
210qualified community development entity and the Community
211Development Financial Institutions Fund with respect to an
212allocation of tax credits under s. 45D of the Internal Revenue
213Code of 1986, as amended.
214     3.  A certificate, executed by an executive of the
215qualified community development entity, attesting that such
216allocation agreement remains in effect and has not been revoked
217or cancelled by the Community Development Financial Institutions
218Fund.
219     4.  A description of the proposed amount, structure, and
220purchaser of the equity investment or long-term debt security.
221     5.  The name and tax identification number of any person or
222entity that will be eligible to redeem tax credits earned as a
223result of the issuance of the qualified equity investment.
224     6.  Information regarding the proposed use of proceeds from
225the issuance of the qualified equity investment, which shall
226include the types of qualified active low-income community
227businesses that will be funded and an estimate of the percentage
228of qualified low-income community investments that will be made
229in the state with the proceeds of the qualified equity
230investment. In addition, the entity shall submit a nonrefundable
231application fee of $1,000 to the office in connection with each
232application filed with the office.
233     7.  A statement setting forth the applicant's plans for the
234development of relationships with community-based organizations,
235local community development offices and organizations, and
236economic development organizations, as well as any steps the
237community development entity has taken to implement these
238relationships.
239     (b)  Within 30 days after receipt of a completed
240application containing all information necessary for the office
241to certify a potential qualified equity investment, including
242payment of the application fee, the office shall grant or deny
243the application in full or in part. If the office denies any
244part of the application, it shall inform the qualified community
245development entity of the grounds for the denial. If the
246qualified community development entity provides any additional
247information required by the office or otherwise completes its
248application within 15 days' notice of denial, the application
249shall be considered completed as of its original date of
250submission. If the qualified community development entity fails
251to provide such information or complete its application within
252this 15-day period, the application will remain denied and will
253be required to be resubmitted in full with a new submission
254date.
255     (c)  If an application is deemed complete by the office, it
256shall certify the proposed equity investment or long-term debt
257security as a qualified equity investment and eligible for tax
258credits under this section. The office shall provide written
259notice of that certification to the qualified community
260development entity and the Department of Revenue. The written
261notice shall include the maximum amount of tax credits that may
262be earned as a result of the issuance of the qualified equity
263investment, which shall be calculated with reference to the
264percentage of qualified low-income community investments
265estimated to be made in this state by the qualified community
266development entity in its application, and the names of those
267taxpayers who are eligible to redeem the credits and their
268respective credit amounts. The office shall certify qualified
269equity investments in the order which applications for their
270certification are received. Any applications received on the
271same day shall be deemed to have been received simultaneously.
272     (d)  Once the office has certified qualified equity
273investments on a cumulative basis that are eligible for $105
274million in tax credits, of which no more than $15 million may be
275claimed per state fiscal year, exclusive of tax credits carried
276forward, and on or after June 30, 2014, the office may not
277certify any more qualified equity investments. Tax credits
278subject to appropriations in any year must be approved and
279enacted by the Legislature. If a pending request for
280certification of a qualified equity investment can be partially
281certified but not fully certified because of the application of
282this section, the office shall certify that portion of the
283qualified equity investment that may be certified unless the
284qualified community development entity elects to withdraw its
285request rather than receive partial credits.
286     (e)  Within 30 days' notice of certification from the
287office, the qualified community development entity must issue
288the qualified equity investment and receive cash in the amount
289of the certified amount. The qualified community development
290entity shall provide the office with evidence of the receipt of
291the investment within 10 business days after its receipt. If the
292qualified community development entity does not issue the
293qualified equity investment and receive the cash investment
294within the 30 days after receipt of the certification notice,
295the certification shall lapse and the qualified community
296development entity shall no longer be entitled to issue such
297qualified equity investment without reapplying to the office for
298certification. Any certifications that lapse pursuant to the
299preceding sentence shall revert back to the office and may be
300reissued in accordance with the application process outlined in
301this section.
302     (f)  On the date on which a qualified equity investment is
303initially made, the purchaser thereof shall make an election to
304apply the credit against taxes due under chapter 220 or chapter
305624 or against a stated combination of the two taxes and shall
306provide notice of such election to the office and Department of
307Revenue. A purchaser, subsequent holder of the qualified equity
308investment, or member, partner, or shareholder of the holder who
309is eligible to take the credit may not alter this election
310without prior notice to and approval by the Department of
311Revenue.
312     (4)  ANNUAL CALCULATION OF CREDIT.--
313     (a)  Within 30 days after each credit allowance date, each
314qualified community development entity shall submit to the
315office the following with respect to each qualified equity
316investment issued by it, including, but not limited to:
317     1.  A listing, certified by an executive officer of the
318qualified community development entity, of all qualified low-
319income community investments made by the qualified community
320development entity with the proceeds of a qualified equity
321investment and held as of the credit allowance date, which shall
322include the name of each qualified active low-income business
323funded, the location of the principal office of each such
324business, the type of business and the amount of the qualified
325low-income community investment in each such business, and the
326total of qualified low-income community investments by all
327community development entities in each such business.
328     2.  Bank records, wire transfer records, or other similar
329documents that reflect the investments listed in subparagraph 1.
330     3.  A calculation certified by the chief financial officer
331or accounting officer of the qualified community development
332entity of the amount of qualified low-income community
333investments in this state made with the proceeds of the issuance
334of the qualified equity investment held by the qualified
335community development entity as of the credit allowance date and
336the total qualified low-income community investments made with
337the proceeds of the issuance of the qualified equity investment
338held by the qualified community development entity on the credit
339allowance date. In making this calculation, an investment in
340this state shall be deemed to be held by a qualified community
341development entity, even if the investment has been sold or
342repaid, if the qualified community development entity reinvests
343an amount equal to the capital returned to or recovered from the
344original investment, exclusive of any profits realized, in
345another qualified low-income community investment in this state
346within 12 months after receipt of such capital. A qualified
347community development entity is not required to reinvest capital
348returned from qualified low-income community investments after
349the sixth anniversary of the issuance of the qualified equity
350investment for which the proceeds were used to make the
351qualified low-income community investment. The qualified low-
352income community investment shall be deemed to be held by the
353qualified community development entity through the seventh
354anniversary of the qualified equity investment's issuance.
355     4.  An attestation from the qualified community development
356entity's chief financial or accounting officer that no
357redemption or principal payment was made with respect to the
358qualified equity investment since the previous credit allowance
359date.
360     5.  Any information with respect to a recapture of the
361federal tax credits available with respect to a qualified equity
362investment that the qualified community development entity has
363received since the prior credit allowance date.
364     (b)  Within 20 days after receipt of the information listed
365in paragraph (a), the office shall certify in writing to the
366qualified community development entity and to the Department of
367Revenue the amount of credit that is eligible for use for such
368credit allowance date. The notice shall include a listing of
369those taxpayers that are eligible to redeem the tax credit for
370such credit allowance date.
371     (5)  AUDIT AND RECAPTURE.--
372     (a)  A qualified community development entity that receives
373an annual allocation of tax credits in an amount equal to or in
374excess of $500,000 shall be treated as a recipient pursuant to
375s. 215.97(2) and required to participate in a state single audit
376pursuant to the provisions of s. 215.97. In addition to the
377financial reporting package required therein, the audit shall
378attest to the qualified community development entity's adherence
379to the performance conditions enumerated in this section as they
380relate to the potential for recapture of the tax credit required
381by paragraph (b). The office shall be deemed the state awarding
382agency and state coordinating agency pursuant to s. 215.97(2).
383Taxpayers that are not qualified community development entities
384shall not be treated as subrecipients pursuant to s. 215.97(2)
385or otherwise required to participate in the state single audit
386program as a result of their receipt of tax credits that were
387allocated to the qualified community development entity since
388such persons do not control adherence to the performance
389standards of this program.
390     (b)  The office shall order recapture of any tax credit
391allowed under this section with respect to a qualified equity
392investment if:
393     1.  Any amount of the federal tax credit available with
394respect to a qualified equity investment that is eligible for a
395tax credit under this section is recaptured under s. 45D of the
396Internal Revenue Code of 1986, as amended;
397     2.  The qualified community development entity redeems or
398makes any principal repayment with respect to a qualified equity
399investment before the seventh anniversary of the issuance of the
400qualified equity investment;
401     3.  The qualified community development entity fails to
402maintain at least 85 percent of the proceeds of the qualified
403equity investment in qualified low-income community investments
404at any time before the seventh anniversary of the issuance of
405the qualified equity investment and remains in compliance with
406subparagraph (1)(g)2.;
407     4.  The qualified community development entity fails to
408provide to the office and the Department of Revenue any of the
409information or reports required by this section; or
410     5.  The office determines, as a result of a state single
411audit or an examination by the office, that a taxpayer received
412tax credits pursuant to this section to which the taxpayer was
413not entitled.
414     (c)  The office shall provide notice to the qualified
415community development entity and to the Department of Revenue of
416any proposed recapture of tax credits pursuant to this section.
417The qualified community development entity shall have 90 days to
418cure any deficiency indicated in the office's original recapture
419notice and avoid such recapture. If the qualified community
420development entity fails or is unable to cure such deficiency
421within such 90-day period, the office shall provide the
422qualified community development entity and the Department of
423Revenue with a final order of recapture. The qualified community
424development entity shall be responsible for providing copies of
425such final order of recapture to persons owning the tax credits
426at issue.
427     (d)  Any tax credit for which a final recapture order has
428been issued shall be recaptured by the Department of Revenue
429from the taxpayer who claimed the tax credit on a tax return, or
430in the case of multiple succeeding entities, in the order of tax
431credit succession, and such funds shall be paid into the General
432Revenue Fund. Such action by the Department of Revenue shall not
433constitute an audit or otherwise alter the Department of
434Revenue's ability to audit the taxpayer.
435     (6)  ANNUAL REPORTING.--Within 120 days after the end of a
436calendar year which includes a credit allowance date, each
437community development entity that has an equity investment or
438long-term debt security certified as a qualified equity
439investment under this section shall provide the office, but
440shall not be limited to:
441     (a)1.  Annual financial statements of the qualified
442community development entity for the immediately preceding
443calendar year, audited by an firm of independent certified
444public accountants.
445     2.  Using the North American Industry Classification System
446Code, the types of businesses funded, the counties where the
447qualified active low-income community businesses are located,
448the dollars invested, and the number of jobs created and
449retained by qualified active low-income businesses funded, in a
450form satisfactory to the office.
451     3.  A statement detailing a description of the
452relationships the community development entity has established
453with community-based organizations, local community development
454offices and organizations, and economic development
455organizations and a summary of the outcomes resulting from those
456relationships.
457     (b)  The office shall file an annual report on all
458qualified low-income community investments made in this state
459with the proceeds of qualified equity investments that includes
460relevant statistics from the North American Industry
461Classification System Code, the county or counties where the
462qualified low-income community investments are located, the
463dollars invested, the number of jobs created and retained by
464business in which qualified low-income community investments
465have been made, and the value of applicable state tax credits
466claimed the latest year for which such information is available.
467The office shall submit a copy to the Governor, the President of
468the Senate, and the Speaker of the House of Representatives each
469July 1, beginning in 2009, and also may post the annual report
470on the office's website.
471     (7)  EXAMINATION.--
472     (a)  The office may conduct examinations to verify that tax
473credits under this section have been received and applied
474according to the requirements of this section and to verify
475information provided by qualified community development entities
476to the office.
477     (b)  The office may revoke or modify any written decision
478qualifying, certifying, or otherwise granting eligibility for
479tax credits under this section if it is discovered that the
480qualified community development entity submitted any false
481statement, representation, or certification in any application,
482record, report, plan, or other document filed in an attempt to
483receive tax credits under this section.
484     (c)  Any qualified community development entity that
485submits information under this section that includes fraudulent
486information is liable for reimbursement of the reasonable costs
487and fees associated with the review, processing, investigation,
488and prosecution of the fraudulent claim plus a penalty in an
489amount double the credit amount certified and claimed by the
490holders of its qualified equity investments, which penalty is in
491addition to any criminal penalty to which the taxpayer is liable
492for the same acts.
493     (8)  APPLICATION.--This section does not apply for any
494fiscal year unless funds sufficient to offset the tax credits to
495be allocated by the Department of Revenue have been appropriated
496from the General Revenue Fund for that fiscal year.
497     (9)  RULEMAKING AUTHORITY.--
498     (a)  The office may adopt rules pursuant to ss. 120.536(1)
499and 120.54 to implement the provisions of this section.
500     (b)  The Department of Revenue may adopt rules pursuant to
501ss. 120.536(1) and 120.54 to implement the provisions of this
502section.
503     (10)  REPEAL.--This section is repealed December 31, 2028.
504     Section 2.  Subsection (19) is added to section 213.053,
505Florida Statutes, to read:
506     213.053  Confidentiality and information sharing.--
507     (19)  Information relative to tax credits taken by a
508taxpayer under s. 288.992 may be disclosed to the Office of
509Tourism, Trade, and Economic Development, or its employees or
510agents that are identified in writing by the office to the
511department, for use in performance of their official duties. The
512office shall be bound by the same requirements of
513confidentiality as the department.
514     Section 3.  Subsection (8) of section 220.02, Florida
515Statutes, is amended to read:
516     220.02  Legislative intent.--
517     (8)  It is the intent of the Legislature that credits
518against either the corporate income tax or the franchise tax be
519applied in the following order: those enumerated in s. 631.828,
520those enumerated in s. 220.191, those enumerated in s. 220.181,
521those enumerated in s. 220.183, those enumerated in s. 220.182,
522those enumerated in s. 220.1895, those enumerated in s. 221.02,
523those enumerated in s. 220.184, those enumerated in s. 220.186,
524those enumerated in s. 220.1845, those enumerated in s. 220.19,
525those enumerated in s. 220.185, those enumerated in s. 220.187,
526those enumerated in s. 220.192, and those enumerated in s.
527220.193, and those enumerated in s. 288.992.
528     Section 4.  Paragraph (a) of subsection (1) of section
529220.13, Florida Statutes, is amended to read:
530     220.13  "Adjusted federal income" defined.--
531     (1)  The term "adjusted federal income" means an amount
532equal to the taxpayer's taxable income as defined in subsection
533(2), or such taxable income of more than one taxpayer as
534provided in s. 220.131, for the taxable year, adjusted as
535follows:
536     (a)  Additions.--There shall be added to such taxable
537income:
538     1.  The amount of any tax upon or measured by income,
539excluding taxes based on gross receipts or revenues, paid or
540accrued as a liability to the District of Columbia or any state
541of the United States which is deductible from gross income in
542the computation of taxable income for the taxable year.
543     2.  The amount of interest which is excluded from taxable
544income under s. 103(a) of the Internal Revenue Code or any other
545federal law, less the associated expenses disallowed in the
546computation of taxable income under s. 265 of the Internal
547Revenue Code or any other law, excluding 60 percent of any
548amounts included in alternative minimum taxable income, as
549defined in s. 55(b)(2) of the Internal Revenue Code, if the
550taxpayer pays tax under s. 220.11(3).
551     3.  In the case of a regulated investment company or real
552estate investment trust, an amount equal to the excess of the
553net long-term capital gain for the taxable year over the amount
554of the capital gain dividends attributable to the taxable year.
555     4.  That portion of the wages or salaries paid or incurred
556for the taxable year which is equal to the amount of the credit
557allowable for the taxable year under s. 220.181. This
558subparagraph shall expire on the date specified in s. 290.016
559for the expiration of the Florida Enterprise Zone Act.
560     5.  That portion of the ad valorem school taxes paid or
561incurred for the taxable year which is equal to the amount of
562the credit allowable for the taxable year under s. 220.182. This
563subparagraph shall expire on the date specified in s. 290.016
564for the expiration of the Florida Enterprise Zone Act.
565     6.  The amount of emergency excise tax paid or accrued as a
566liability to this state under chapter 221 which tax is
567deductible from gross income in the computation of taxable
568income for the taxable year.
569     7.  That portion of assessments to fund a guaranty
570association incurred for the taxable year which is equal to the
571amount of the credit allowable for the taxable year.
572     8.  In the case of a nonprofit corporation which holds a
573pari-mutuel permit and which is exempt from federal income tax
574as a farmers' cooperative, an amount equal to the excess of the
575gross income attributable to the pari-mutuel operations over the
576attributable expenses for the taxable year.
577     9.  The amount taken as a credit for the taxable year under
578s. 220.1895.
579     10.  Up to nine percent of the eligible basis of any
580designated project which is equal to the credit allowable for
581the taxable year under s. 220.185.
582     11.  The amount taken as a credit for the taxable year
583under s. 220.187.
584     12.  The amount taken as a credit for the taxable year
585under s. 220.192.
586     13.  The amount taken as a credit for the taxable year
587under s. 220.193.
588     14.  Any portion of a qualified equity investment, as
589defined in s. 288.992(1)(g), that has been claimed as a
590deduction by the taxpayer for purposes of computing the
591taxpayer's net income.
592     Section 5.  This act shall take effect July 1, 2007, and
593shall apply to tax years ending after December 31, 2007.


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