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Senator Saunders moved the following amendment:

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     Senate Amendment (with title amendments)

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     Between line(s) 1108-1109

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and insert:

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     Section 11.  Subsection (2) of section 220.191, Florida

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Statutes, is amended to read:

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     220.191  Capital investment tax credit.--

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     (2)(a) An annual credit against the tax imposed by this

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chapter shall be granted to any qualifying business in an amount

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equal to 5 percent of the eligible capital costs generated by a

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qualifying project, for a period not to exceed 20 years beginning

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with the commencement of operations of the project. Unless

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assigned as described in this subsection, the tax credit shall be

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granted against only the corporate income tax liability or the

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premium tax liability generated by or arising out of the

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qualifying project, and the sum of all tax credits provided

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pursuant to this section shall not exceed 100 percent of the

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eligible capital costs of the project. In no event may any credit

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granted under this section be carried forward or backward by any

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qualifying business with respect to a subsequent or prior year.

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The annual tax credit granted under this section shall not exceed

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the following percentages of the annual corporate income tax

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liability or the premium tax liability generated by or arising

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out of a qualifying project:

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     1.(a) One hundred percent for a qualifying project which

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results in a cumulative capital investment of at least $100

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million.

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     2.(b) Seventy-five percent for a qualifying project which

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results in a cumulative capital investment of at least $50

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million but less than $100 million.

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     3.(c) Fifty percent for a qualifying project which results

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in a cumulative capital investment of at least $25 million but

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less than $50 million.

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     (b) A qualifying project which results in a cumulative

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capital investment of less than $25 million is not eligible for

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the capital investment tax credit. An insurance company claiming

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a credit against premium tax liability under this program shall

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not be required to pay any additional retaliatory tax levied

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pursuant to s. 624.5091 as a result of claiming such credit.

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Because credits under this section are available to an insurance

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company, s. 624.5091 does not limit such credit in any manner.

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     (c) A qualifying business that establishes a qualifying

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project that includes locating a new solar panel manufacturing

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facility in this state that generates a minimum of 400 jobs

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within 6 months after commencement of operations with an average

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salary of at least $50,000 may assign or transfer the annual

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credit, or any portion thereof, granted under this section to any

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other business. However, the amount of the tax credit that may be

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transferred in any year shall be the lesser of the qualifying

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business's state corporate income tax liability for that year, as

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limited by the percentages applicable under paragraph (a) and as

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calculated prior to taking any credit pursuant to this section,

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or the credit amount granted for that year. A business receiving

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the transferred or assigned credits may use the credits only in

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the year received, and the credits may not be carried forward or

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backward. To perfect the transfer, the transferor shall provide

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the department with a written transfer statement notifying the

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department of the transferor's intent to transfer the tax credits

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to the transferee; the date the transfer is effective; the

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transferee's name, address, and federal taxpayer identification

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number; the tax period; and the amount of tax credits to be

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transferred. The department shall, upon receipt of a transfer

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statement conforming to the requirements of this paragraph,

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provide the transferee with a certificate reflecting the tax

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credit amounts transferred. A copy of the certificate must be

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attached to each tax return for which the transferee seeks to

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apply such tax credits.

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(Renumber subsequent sections)

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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(s) 51

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and insert:

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claiming a tax exemption; amending s. 220.191, F.S.; providing

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that certain qualifying projects are eligible to transfer capital

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investment tax credits to other businesses under certain

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circumstances; providing limitations on the use of such

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transferred credits; specifying requirements for such transfers;

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amending s. 220.192, F.S.;  

4/29/2008  6:32:00 PM     EP.37.09029