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Senator Gaetz moved the following amendment:

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     Senate Amendment (with directory and title amendments)

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     Delete line(s) 115-162

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and insert:

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     2. Beginning July 1, 2008, 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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     (6)  OBLIGATIONS OF ELIGIBLE NONPROFIT SCHOLARSHIP-FUNDING

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ORGANIZATIONS.--An eligible nonprofit scholarship-funding

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organization:

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     (d)1. Must provide scholarships, from eligible

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contributions, to eligible students for the cost of:

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     a.1. Tuition and fees or textbook expenses for, or

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transportation to, an eligible private school. At least 75

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percent of the scholarship funding must be used to pay tuition

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expenses; or

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     b.2. Transportation expenses to a Florida public school

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that is located outside the district in which the student resides

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or to a lab school as defined in s. 1002.32.

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     2. Beginning in the 2009-2010 state fiscal year, must

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provide a premium payment to a scholarship student who

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participates in the statewide assessments pursuant to s. 1008.22

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and who attends an eligible private school that has at least 95-

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percent participation of eligible scholarship students in the

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statewide assessments. This premium payment shall be applied to

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transportation costs related to participation in the statewide

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assessments, statewide assessment preparation costs, and other

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school fees incurred by a student that are not otherwise covered

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under this paragraph.

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      (i) 1. May use up to 3 percent of eligible contributions

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received during the state fiscal year in which such contributions

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are collected for administrative expenses if the organization has

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operated under this section for at least 3 state fiscal years and

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did not have any negative financial findings in its most recent

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audit under paragraph (l). Such administrative expenses must be

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reasonable and necessary for the organization's management and

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distribution of eligible contributions under this section. No

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more than one-third of the funds authorized for administrative

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expenses under this subparagraph may be used for expenses related

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to the recruitment of contributions from corporate taxpayers.

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     2. Must expend for annual or partial-year scholarships an

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amount equal to or greater than 75 percent of the net eligible

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contributions remaining after administrative expenses during the

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state fiscal year in which such contributions are collected. No

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more than 25 percent of such net eligible contributions may be

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carried forward to the following state fiscal year. Any amounts

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carried forward shall be expended for Must obligate, in the same

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fiscal year in which the contribution was received, 100 percent

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of the eligible contribution to provide annual or partial-year

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scholarships; however, up to 25 percent of the total contribution

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may be carried forward for expenditure in the following state

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fiscal year. Net eligible contributions remaining on June 30 of

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each year that are in excess of the 25 percent that may be

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carried forward shall be returned to the State Treasury for

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deposit in the General Revenue Fund.

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     3. A scholarship-funding organization Must, before granting

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a scholarship for an academic year, document each scholarship

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student's eligibility for that academic year. A scholarship-

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funding organization may not grant multiyear scholarships in one

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approval process. No portion of eligible contributions may be

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used for administrative expenses. All interest accrued from

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contributions must be used for scholarships.

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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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     Delete line 16

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and insert:

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contributions received by a scholarship-funding

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organization during a state fiscal year; authorizing

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expenditure of contributions for specified administrative

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expenses by certain scholarship-funding organizations;

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providing for the annual return of specified eligible

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contributions to the State Treasury;

4/28/2008  4:49:00 PM     ED.4.08856