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Senator Deutch moved the following amendment:

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     Senate Amendment (with directory and title amendments)

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     Delete lines 109-119

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and insert:

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     (5)  AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX CREDITS;

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TAX CREDIT FOR PUBLIC SCHOOL CONTRIBUTIONS; LIMITATIONS ON

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INDIVIDUAL AND TOTAL CREDITS.--

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     (a)  There is allowed a credit of 100 percent of an eligible

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contribution against any tax due for a taxable year under this

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chapter. The term "eligible contribution" shall include a

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contribution made to a public school which is earmarked for the

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purpose of providing special assistance, tutoring, mentoring, and

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remediation services to eligible students meeting the criteria in

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subsection (3) who are attending the public school. However, such

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a credit may not exceed 75 percent of the tax due under this

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chapter for the taxable year, after the application of any other

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allowable credits by the taxpayer. The credit granted by this

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section shall be reduced by the difference between the amount of

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federal corporate income tax taking into account the credit

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granted by this section and the amount of federal corporate

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income tax without application of the credit granted by this

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section.

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     (b)  The total amount of tax credits and carryforward of tax

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credits which may be granted each state fiscal year under this

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section is:

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     1. Through June 30, 2008, $88 million.

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     2. Through June 30, 2009, and thereafter, $118 million. At

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least 1 percent of the total statewide amount authorized for the

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tax credit shall be reserved for taxpayers who meet the

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definition of a small business provided in s. 288.703(1) at the

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time of application.

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     (c)  A taxpayer who files a Florida consolidated return as a

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member of an affiliated group pursuant to s. 220.131(1) may be

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allowed the credit on a consolidated return basis; however, the

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total credit taken by the affiliated group is subject to the

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limitation established under paragraph (a).

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     (d)  Effective for tax years beginning January 1, 2006, a

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taxpayer may rescind all or part of its allocated tax credit

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under this section. The amount rescinded shall become available

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for purposes of the cap for that state fiscal year under this

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section to an eligible taxpayer as approved by the department if

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the taxpayer receives notice from the department that the

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rescindment has been accepted by the department and the taxpayer

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has not previously rescinded any or all of its tax credit

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allocation under this section more than once in the previous 3

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tax years. Any amount rescinded under this paragraph shall become

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available to an eligible taxpayer on a first-come, first-served

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basis based on tax credit applications received after the date

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the rescindment is accepted by the department.

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====== D I R E C T O R Y  C L A U S E  A M E N D M E N T =====

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And the directory clause is amended as follows:

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     Delete lines 31 and 32

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and insert:

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     Section 1. Subsections (1) and (3), subsection (5),

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paragraphs (d), (i), and (m) of subsection (6),

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     On line 10, after the semicolon,

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insert:

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including certain contributions within the scope of the

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term "eligible contribution";

4/23/2008  4:42:00 PM     30-08524-08