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A bill to be entitled

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An act relating to community reinvestment plans; providing

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definitions; authorizing a business to develop and

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implement a community reinvestment plan for tax-credit

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purposes; providing certain requirements for a community

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reinvestment plan; providing a tax credit for a business

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that meets the requirements of its community reinvestment

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plan; providing for the carryover of credit; providing

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duties of the Financial Services Commission; requiring the

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commission to adopt rules, in consultation with the

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Department of Community Affairs and the Florida Housing

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Finance Corporation, regarding community reinvestment

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plans; authorizing a business to list its community

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reinvestment plan on its website; requiring the Financial

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Service Commission, the Department of Community Affairs,

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the Office of Tourism, Trade, and Economic Development,

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and the Florida Housing Finance Corporation to prepare a

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strategic plan relating to access to financial capital in

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certain areas of the state; providing requirements for the

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strategic plan; requiring the commission to create and

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maintain a website that includes certain public

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information concerning financial matters; providing an

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effective date.

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

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     Section 1. Community reinvestment plans.--

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     (1) DEFINITIONS.--As used in this section, the term:

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     (a) "Business" or "business firm" means any business entity

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authorized to do business in this state as defined in paragraph

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(d), and any bank or savings and loan association as defined in

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s. 220.62, Florida Statutes, which is subject to the tax imposed

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by chapter 220, Florida Statutes.

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     (b) "Community reinvestment plan" means an annual strategic

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plan developed and implemented by a business under this section.

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     (c) "Commission" means the Financial Services Commission.

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     (d) "Corporation" includes all domestic corporations;

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foreign corporations qualified to do business in this state or

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actually doing business in this state; joint-stock companies;

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limited liability companies under chapter 608, Florida Statutes;

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common-law declarations of trust under chapter 609, Florida

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Statutes; corporations not for profit under chapter 617, Florida

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Statutes; agricultural cooperative marketing associations under

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chapter 618, Florida Statutes; professional service corporations

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under chapter 621, Florida Statutes; foreign unincorporated

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associations under chapter 622, Florida Statutes; private school

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corporations under chapter 623, Florida Statutes; foreign

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corporations not for profit which are carrying on their

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activities in this state; and all other organizations,

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associations, legal entities, and artificial persons that are

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created by or pursuant to the laws of this state, the United

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States, or any other state, territory, possession, or

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jurisdiction. The term does not include proprietorships, even if

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using a fictitious name; partnerships of any type, as such;

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limited liability companies that are taxable as partnerships for

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federal income tax purposes; state or public fairs or expositions

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under chapter 616, Florida Statutes; estates of decedents or

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incompetents; testamentary trusts; or private trusts.

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     (e) "Targeted population" means individuals or an

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identifiable group of individuals who are low-income persons or

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otherwise lack adequate access to loans or equity investments.

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     (f) "Underserved area" means an investment area as defined

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by the Community Development Banking and Financial Institutions

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Act of 1994, 12 U.S.C. s. 4702, as amended.

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     (2) APPLICABILITY.--This section applies only to a business

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that is subject to a corporate income tax.

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     (3) COMMUNITY REINVESTMENT PLAN.--A business, in accordance

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with rules adopted by the commission under subsection (5), may

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develop and implement an annual community reinvestment plan in

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order to be eligible to receive a tax credit as provided in

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subsection (4). A business's plan must include the business's

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specific targets for the expenditure of funds for community

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reinvestment purposes, including:

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     (a) Lending money to members of a targeted population or

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underserved areas in the state; and

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     (b) Investing in or with nonprofit lending institutions for

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lending activities in underserved areas or with members of a

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targeted population in the state.

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     (4)(a) TAX CREDIT.--There shall be allowed a credit against

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the tax imposed by chapter 220, Florida Statutes, to any business

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that meets each target set forth in its community reinvestment

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plan as certified by rule of the commission.

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     (b) If the credit granted under this section is not fully

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used in any one year, the unused amount may be carried forward

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for a period not to exceed 5 years. The carryover credit may be

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used in a subsequent year when the tax imposed by chapter 220,

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Florida Statutes, for such year exceeds the credit for such year

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under this section after applying the other credits and unused

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credit carryovers in the order provided in s. 220.02(8), Florida

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Statutes. The amount of credit taken under this section in any

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one year, however, may not exceed $25,000, or, if no fewer than

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20 percent of the employees of the business are residents of an

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enterprise zone, excluding temporary employees, the amount may

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not exceed $50,000.

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     (5) DUTIES OF THE FINANCIAL SERVICES COMMISSION; RULEMAKING

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AUTHORITY.--

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     (a) The commission, in consultation with the Department of

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Community Affairs and the Office of Tourism, Trade, and Economic

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Development, shall assist businesses in identifying and setting

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community reinvestment targets for the submission of community

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reinvestment plans.

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     (b) The commission shall adopt rules to administer this

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section, including rules that:

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     1. Provide businesses with specific guidelines and

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procedures for the adoption and submission to the commission of

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community reinvestment plans, including a reasonable timeframe

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for implementation of the plan; and

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     2. Create a certification process that meets each target

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set under the businesses' respective plans.

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     (c) The commission may consult with and request information

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relevant to this section from the Department of Community Affairs

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and the Florida Housing Finance Corporation. In developing rules

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under this section, the commission shall consider any information

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obtained under this subsection.

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     (6)(a) INTERNET POSTING.--A business may post its community

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reinvestment plan on any Internet website maintained by the

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business. The plan must be posted in a format that is readily

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accessible to and understandable by the public. The business

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shall notify the commission if it posts a plan.

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     (b) The commission shall maintain on its Internet website a

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link to each business's community reinvestment plan that is

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posted on the Internet.

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     Section 2. Access to financial capital.--

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     (1) DUTY OF CERTAIN AGENCIES TO PREPARE STRATEGIC PLAN

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CONCERNING ACCESS TO FINANCIAL CAPITAL.--The Financial Services

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Commission that oversees the Office of Financial Regulation

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within the Department of Financial Services, the Department of

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Community Affairs, the Office of Tourism, Trade, and Economic

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Development, and the Florida Housing Finance Corporation shall

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prepare a biennial strategic plan relating to access to financial

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capital in unserved and underserved areas of the state.

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     (2) SUBMISSION OF PLAN AND RECOMMENDATIONS.--By November 1

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of each even-numbered year, the commission shall:

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     (a) Submit the strategic plan required by this section to

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the Governor, the President of the Senate, and the Speaker of the

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House of Representatives; and

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     (b) Make recommendations concerning actions that the

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Legislature may take to improve access to capital in unserved and

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underserved areas of the state.

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     (3) CONTENTS OF PLAN.--The strategic plan must:

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     (a) Define and identify unserved and underserved areas in

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the state with regard to housing ownership, small business loans,

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availability of venture capital, lending options, and other

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relevant financial capital issues;

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     (b) Quantify community investment and lending resources

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available by location in the state;

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     (c) Develop specific targets and plans for increasing

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investment in unserved and underserved areas; and

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     (d) Enlist private financial institutions to use the

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strategic plan to set institutional targets.

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     (4) FINANCIAL CAPITAL INFORMATION AVAILABLE ON

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INTERNET.--The commission shall create and maintain an Internet

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website through the state's on-line government portal or any

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successor to that portal which includes:

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     (a) A list of traditional and nontraditional sources for

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loans that can be searched by a borrower based on the borrower's

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financial characteristics;

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     (b) Advice to small businesses on how to develop a business

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plan;

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     (c) Advice on how to enhance credit scores;

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     (d) Advice on how to establish a relationship with a

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financial institution;

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     (e) Information regarding interest rates available in the

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state;

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     (f) Information pertaining to the cost of loans available

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to borrowers of varied risk levels in the state;

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     (g) Information concerning how to compare mortgage loans

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available in the state;

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     (h) Information regarding lending practices of specific

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businesses in the state; and

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     (i) Links to relevant consumer financial websites.

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     Section 3.  This act shall take effect upon becoming a law.