HB 293

1
A bill to be entitled
2An act relating to corporate income tax credits;
3creating part XIII of ch. 288, F.S., consisting of s.
4288.991, F.S.; creating the New Markets Tax Credit
5Program; providing definitions; authorizing the Office
6of Tourism, Trade, and Economic Development to qualify
7certain equity investments as eligible for tax credits;
8providing an application process; requiring an
9application fee; providing for the certification of an
10investment; providing for notice to the applicant and
11the Department of Revenue; providing for a limit on the
12amount of investments the office may certify; requiring
13the certified equity investments to be issued within a
14certain timeframe; requiring the taxpayer to elect how
15the credit will be applied; providing that a taxpayer
16who holds a qualified equity investment in a qualified
17low-income business on the credit allowance date of the
18investment is entitled to a nonrefundable,
19nontransferable tax credit for the taxable year in which
20the credit allowance date falls; providing how the
21amount of tax credits available to the taxpayer will be
22calculated; limiting the amount of the tax credit that
23may be redeemed in a fiscal year; authorizing a taxpayer
24to carry over any amount of the tax credit that the
25taxpayer is prohibited from redeeming in a taxable year
26to a subsequent taxable year; providing for the
27redemption of tax credits earned by certain business
28entities and by the partners, members, or shareholders
29of those entities; specifying how tax credits may be
30claimed by insurance companies; requiring the
31calculations to be certified and accompanied by audited
32financial statements and notarized affidavits; requiring
33the department to recapture tax credits from certain
34taxpayers under certain circumstances; requiring notice;
35requiring community development entities that have
36certified investments to report certain information to
37the office; requiring the office to prepare annual
38reports on low-income community investments made in this
39state; authorizing the department to conduct
40examinations to verify receipt and application of tax
41credits; authorizing the department to pursue recovery
42of certain funds; authorizing the office to revoke or
43modify certain decisions relating to eligibility for tax
44credits under certain circumstances; providing for
45applicant liability for costs and fees relating to
46investigations of fraudulent claims; providing for
47taxpayer liability for reimbursement of fraudulently
48claimed tax credits; providing a penalty; authorizing
49the office and the department to adopt rules; providing
50for future repeal of the tax credit program; amending s.
51220.02, F.S.; revising legislative intent with respect
52to the order of tax credits to include the New Markets
53Tax Credit; amending s. 220.13, F.S.; revising a
54definition; amending s. 213.053, F.S.; authorizing the
55Department of Revenue to share confidential taxpayer
56information with the Office of Tourism, Trade, and
57Economic Development; providing for application of the
58tax credit; providing an effective date.
59
60Be It Enacted by the Legislature of the State of Florida:
61
62     Section 1.  Part XIII of chapter 288, Florida Statutes,
63consisting of section 288.991, is created to read:
64     288.991  New Markets Tax Credit.--
65     (1)  PURPOSE.--The New Markets Tax Credit Program is
66established to encourage capital investment in rural and urban
67low-income communities by allowing state taxpayers to receive
68future credit against specified state taxes by investing in
69community development entities that make quality equity
70investments in qualified active low-income community
71businesses that create jobs by leveraging credit available
72from the federal New Markets Tax Credit Program.
73     (2)  DEFINITIONS.--As used in this section, the term:
74     (a)  "Adjusted purchase price" means the product of the
75amount paid at issuance for a qualified equity investment and
76a fraction of which:
77     1.  The numerator is the dollar amount of qualified
78low-income community investments made in this state from the
79issuance of a qualified equity investment held by a qualified
80community development entity on the applicable credit
81allowance date; and
82     2.  The denominator is the total dollar amount of
83qualified low-income community investments made from the
84issuance of a qualified equity investment held by a qualified
85community development entity on the applicable credit
86allowance date.
87     (b)  "Credit allowance date" means:
88     1.  The first anniversary of the date that a qualified
89equity investment is initially made; and
90     2.  Each of the five subsequent anniversaries of that
91date.
92     (c)  "Department" means the Department of Revenue.
93     (d)  "Long-term debt security" means a debt instrument
94issued by a qualified community development entity, at par
95value or a premium, having an original maturity date of at
96least 7 years from the date of issuance, with no acceleration
97for repayment, amortization, or prepayment features before its
98original maturity date and having no distribution, payment, or
99interest features related to the profitability of the
100qualified community development entity or the performance of
101the entity's investment portfolio. This paragraph does not
102limit the holder's ability to accelerate payments on the debt
103instrument in situations where the qualified community
104development entity has defaulted on covenants designed to
105ensure compliance with this section or s. 45D of the Internal
106Revenue Code of 1986, as amended.
107     (e)  "Low-income community" means any population census
108tract within the state where:
109     1.  The federal individual poverty rate is at least 20
110percent; or
111     2.  In the case of a tract that is:
112     a.  Not located within a metropolitan area, the median
113family income does not exceed 80 percent of the statewide
114median family income; or
115     b.  Located within a metropolitan area, the median family
116income does not exceed 80 percent of the greater of the
117statewide median family income or the metropolitan area median
118income.
119     (f)  "Office" means the Office of Tourism, Trade, and
120Economic Development.
121     (g)  "Qualified active low-income community business" has
122the same meaning as in s. 45D of the Internal Revenue Code of
1231986, as amended, but excludes any trade or business:
124     1.  That derives or projects to derive 15 percent or more
125of its annual revenue from the rental or sale of real estate;
126     2.  That engages predominantly in the development or
127holding of intangibles for sale or license;
128     3.  That operates a private or commercial golf course,
129country club, massage parlor, hot tub facility, suntan
130facility, racetrack, or other facility used for gambling, or a
131store the principal business of which is the sale of alcoholic
132beverages for consumption off premises; or
133     4.  The principal activity of which is farming if the sum
134of the aggregate unadjusted bases or the fair market value of
135the assets owned by the business which are used in such trade
136or business, whichever is greater, and the aggregate value of
137the assets leased by the business used in such trade or
138business exceeds $500,000. For the purposes of this
139subparagraph, two or more trades or businesses are treated as
140a single trade or business.
141
142A business shall be considered a qualified active low-income
143community business for the duration of the qualified community
144development entity's investment in or loan to the business if
145the entity reasonably expects, at the time it makes the
146investment or loan that the business will continue to satisfy
147the requirements of being a qualified active low-income
148community business throughout the entire period of the
149investment or loan. The subsequent insolvency, including
150reorganization or liquidation in bankruptcy, receivership,
151winding up, or dissolution of a business does not disqualify
152the business from being a qualified active low-income
153community business if all other requirements of this section
154continue to be met.
155     (h)  "Qualified community development entity" means an
156entity that is certified as a qualified community development
157entity by the Community Development Financial Institutions
158Fund of the United States Department of the Treasury pursuant
159to s. 45D of the Internal Revenue Code of 1986, as amended,
160and that has entered into an allocation agreement with the
161fund with respect to tax credits authorized by section 45D,
162and includes this state within the service area set forth in
163the agreement.
164     (i)  "Qualified equity investment" means an equity
165investment or long-term debt security issued by a qualified
166community development entity which:
167     1.  Is acquired on or after July 1, 2008, solely in
168exchange for cash at the time of its original issuance;
169     2.  Has at least 85 percent of its cash purchase price
170used by the qualified community development entity to make
171qualified low-income community investments within the 12-month
172period beginning on the date the cash is paid by the purchaser
173to the entity; and
174     3.  Is certified by the Office of Tourism, Trade, and
175Economic Development as a qualified equity investment pursuant
176to this section.
177     (j)  "Qualified low-income community investment" means a
178capital or equity investment in or loan to a qualified active
179low-income community business which is made after July 1,
1802008. The maximum amount of debt or equity issued by any one
181qualified active low-income community business on a collective
182basis with all of its affiliates, which may be included in the
183calculation of the numerator described in paragraph (a), is
184$10 million, whether the investment is issued to one or more
185qualified community development entities.
186     (3)  QUALIFIED EQUITY INVESTMENTS.--
187     (a)  A qualified community development entity that seeks
188to have an equity investment or long-term debt security
189designated as a qualified equity investment and eligible for
190tax credits under this section shall apply to the office. The
191qualified community development entity must submit an
192application on a form that the office prescribes by rule, and
193that includes, but need not be limited to:
194     1.  The name, address, tax identification number of the
195entity, and evidence of the entity's certification as a
196qualified community development entity;
197     2.  A copy of the allocation agreement executed by the
198entity and the Community Development Financial Institutions
199Fund;
200     3.  A certificate executed by an executive officer of the
201entity attesting that the allocation agreement remains in
202effect and has not been revoked or cancelled by the Community
203Development Financial Institutions Fund;
204     4.  A description of the proposed amount, structure, and
205purchaser of the equity investment or long-term debt security;
206     5.  The name and tax identification number of any
207taxpayer eligible to redeem tax credits earned as a result of
208the issuance of the qualified equity investment;
209     6.  Information regarding the proposed use of proceeds
210from the issuance of a qualified equity investment, which must
211include the types of qualified active low-income community
212businesses that will be funded and an estimate of the
213percentage of qualified low-income community investments that
214will be made statewide;
215     7.  A statement setting forth the entity's plans for the
216development of relationships with community-based
217organizations, local community development offices and
218organizations, and economic development organizations, as well
219as any steps the entity has taken to implement these
220relationships; and
221     8.  A nonrefundable application fee of $1,000 per
222application submitted.
223     (b)  Within 30 days after receipt of a completed
224application containing the information necessary for the
225office to certify a potential qualified equity investment,
226including payment of the application fee, the office shall
227grant or deny the application in full or in part. If the
228office denies any part of the application, it shall inform the
229qualified community development entity of the grounds for the
230denial. If the qualified community development entity provides
231any additional information required by the office or otherwise
232completes its application within 15 days after the notice of
233denial, the application shall be considered completed as of
234the original date of submission. If the qualified community
235development entity fails to provide the information or
236complete its application within the 15-day period, the
237application remains denied and must be resubmitted in full
238with a new submission date.
239     (c)  If an application is deemed complete, the office
240shall certify the proposed equity investment or long-term debt
241security as a qualified equity investment and eligible for tax
242credits under this section. The office shall provide written
243notice of the certification to the qualified community
244development entity and the department. The notice must include
245the maximum amount of tax credits that may be earned from the
246issuance of the qualified equity investment, which shall be
247calculated with reference to the estimate of the percentage of
248qualified low-income community investments made in this state
249by the qualified community development entity included in the
250application, and the names of those taxpayers who are eligible
251to redeem the credits and their respective credit amounts. The
252office shall certify qualified equity investments in the order
253applications are received. Applications received on the same
254day shall be deemed to have been received simultaneously.
255     (d)  Once the office has certified qualified equity
256investments that, on a cumulative basis, are eligible for $105
257million in tax credits, of which no more than $15 million may
258be claimed per state fiscal year exclusive of tax credits
259carried forward, and on or after June 30, 2015, the office may
260not certify any more qualified equity investments. If a
261pending request cannot be fully certified, the office shall
262certify the portion that may be certified unless the qualified
263community development entity elects to withdraw its request
264rather than receive partial credit.
265     (e)  Within 30 days after receiving notice of
266certification, the qualified community development entity
267shall issue the qualified equity investment and receive cash
268in the amount of the certified amount. The qualified community
269development entity must provide the office with evidence of
270the receipt of the cash investment within 10 business days
271after receipt. If the qualified community development entity
272does not receive the cash investment and issue the qualified
273equity investment within 30 days following receipt of the
274certification notice, the certification lapses and the entity
275may not issue the qualified equity investment without
276reapplying to the office for certification. A certification
277that lapses reverts back to the office and must be reissued in
278accordance with the application process outlined in this
279subsection.
280     (f)  On the date that a qualified equity investment is
281initially made, the purchaser must make an election to apply
282the credit against taxes due under s. 220.11 or s. 624.509 or
283against a stated combination of the two taxes, and must
284provide notice of such election to the office and department.
285The purchaser or subsequent holder of the qualified equity
286investment or a member, partner, or shareholder of the holder
287who is eligible to take the credit or a portion of the credit
288may not alter this election without prior notice to and
289approval from the department.
290     (4)  TAX CREDITS.--
291     (a)  A taxpayer that makes a qualified equity investment
292earns a vested tax credit against taxes imposed by s. 220.11
293or s. 624.509. The taxpayer or a subsequent holder of the
294qualified equity investment on the credit allowance date of
295the qualified equity investment may use a portion of the
296vested tax credit equal to 8.33 percent of the adjusted
297purchase price of the qualified equity investment during the
298calendar year in which the credit allowance date falls.
299     (b)  A taxpayer's cash investment in a qualified equity
300investment is considered a qualified low-income community
301investment only to the extent that the cash is invested within
302the 12-month period beginning on the date the cash is paid by
303the taxpayer to the community development entity.
304     (c)  A taxpayer may not redeem any portion of a tax
305credit in a tax year in which the tax credit exceeds the
306taxpayer's state tax liability for the tax year. Such portion
307may be carried forward for use in a subsequent tax year;
308however, all unused tax credits expire on December 31, 2029.
309     (d)  A tax credit authorized under this section is not
310refundable or transferable. However, if a qualified equity
311investment is transferred, any unused tax credits transfer
312with the investment. Tax credit amounts, including any
313carryover amounts, from credit allowance dates before the date
314of transfer do not transfer with the qualified equity
315investment. Tax credits earned by a partnership, limited
316liability company, S corporation, or other pass-through entity
317may be allocated to the partners, members, or shareholders of
318such entity for direct redemption in accordance with any
319agreement between the partners, members, or shareholders.
320     (e)  Tax credits for taxpayers who are insurance
321companies subject to the insurance premium tax under s.
322624.509 must be claimed against the insurance premium tax. An
323insurance company claiming a credit against the insurance
324premium tax is not required to pay any additional retaliatory
325tax levied pursuant to s. 624.5091. Because credits under this
326section are available to an insurance company, s. 624.5091
327does not limit such credit in any manner.
328     (5)  CALCULATION OF CREDIT.--
329     (a)  Within 30 days after each credit allowance date,
330each qualified community development entity shall submit to
331the office the following with respect to each qualified equity
332investment issued by the entity:
333     1.  A listing, certified by an executive officer of the
334entity, of all qualified low-income community investments made
335by the entity from the proceeds of a qualified equity
336investment and held as of the credit allowance date, which
337must include the name of each qualified active low-income
338community business funded, the location of the principal
339office of each such business, the type of business, the amount
340of the qualified low-income community investment in each
341business, and the total of qualified low-income community
342investments by all community development entities in each
343business;
344     2.  Bank records, records of wire transfers of funds, or
345other similar documents that reflect the investments listed
346above;
347     3.  A calculation, certified by the chief financial or
348accounting officer of the entity, of the amount of qualified
349low-income community investments made in this state using
350proceeds from the issuance of the qualified equity investment
351held by the entity as of the credit allowance date, and the
352total qualified low-income community investments made using
353proceeds of the issuance of the qualified equity investment
354held by the entity on the credit allowance date. In making
355this calculation, an investment shall be deemed to be held by
356a qualified community development entity even if the
357investment has been sold or repaid if the entity reinvests an
358amount equal to the capital returned to or recovered from the
359original investment, exclusive of any profits realized, in
360another qualified low-income community investment within 12
361months after receipt of such capital. An entity is not
362required to reinvest capital returned from a qualified low-
363income community investment after the sixth anniversary of the
364issuance of the qualified equity investment for which the
365proceeds were used to make the qualified low-income community
366investment, and the qualified low-income community investment
367shall be deemed to be held by the entity through the seventh
368anniversary of the qualified equity investment's issuance;
369     4.  An attestation from the entity's chief financial or
370accounting officer that no redemption or principal payment was
371made with respect to the qualified equity investment since the
372previous credit allowance date; and
373     5.  Any information relating to the recapture of any
374federal tax credits available with respect to a qualified
375equity investment which the entity received since the prior
376credit allowance date.
377     (b)  Within 20 days after receipt of the information
378listed in paragraph (a), the office shall certify in writing
379to the qualified community development entity and to the
380department the amount of credit that is eligible for use for
381the credit allowance date. The notice must include a listing
382of those taxpayers that are eligible to redeem the tax credit
383for the credit allowance date.
384     (6)  AUDIT AND RECAPTURE.--
385     (a)  A qualified community development entity that
386receives an annual allocation of tax credits in an amount
387equal to or in excess of $500,000 shall be treated as a
388recipient and required to participate in a state single audit
389pursuant to s. 215.97. The office shall be deemed the state
390awarding agency and coordinating agency. In addition to the
391required financial reporting package, the audit must attest to
392the entity's adherence to the performance conditions
393enumerated in this section as they relate to the recapture of
394the tax credit under paragraph (b). Taxpayers that are not
395qualified community development entities may not be treated as
396subrecipients or otherwise required to participate in the
397state single audit program since such persons do not control
398adherence to the performance standards of this program.
399     (b)  The office shall order recapture of any tax credit
400authorized under this section with respect to a qualified
401equity investment if:
402     1.  Any amount of any federal tax credit which is
403eligible for a tax credit under this section is recaptured
404under s. 45D of the Internal Revenue Code of 1986, as amended;
405     2.  The qualified community development entity redeems or
406makes a principal repayment before the seventh anniversary of
407the issuance of the qualified equity investment;
408     3.  The qualified community development entity fails to
409maintain at least 85 percent of the proceeds of the qualified
410equity investment in qualified low-income community
411investments at any time before the seventh anniversary of the
412issuance of the qualified equity investment and remains in
413compliance with subparagraph (2)(i)2.;
414     4.  The qualified community development entity fails to
415provide to the office and the department any of the
416information or reports required by this section; or
417     5.  The office determines as a result of a state single
418audit or an examination by the office that a taxpayer received
419tax credits pursuant to this section to which the taxpayer was
420not entitled.
421     (c)  The office shall provide notice to the qualified
422community development entity and to the department of any
423proposed recapture of tax credits pursuant to this subsection.
424The entity shall have 90 days to cure any deficiency indicated
425in the office's original recapture notice and avoid such
426recapture. If the entity fails or is unable to cure such
427deficiency within the 90-day period, the office shall provide
428the entity and the department with a final order of recapture.
429The qualified community development entity is responsible for
430providing copies of the final order of recapture to taxpayers
431owning the tax credits at issue.
432     (d)  Any tax credit for which a final recapture order has
433been issued shall be recaptured by the department from the
434taxpayer who claimed the tax credit on a tax return, or in the
435case of multiple succeeding entities, in the order of tax-
436credit succession, and such funds shall be paid into the
437General Revenue Fund. Such action by the department does not
438constitute an audit or otherwise alter the department's
439ability to audit the taxpayer.
440     (7)  ANNUAL REPORTING.--
441     (a)  Within 120 days after the end of a calendar year
442that includes a credit allowance date, each community
443development entity that has an equity investment or long-term
444debt security certified as a qualified equity investment under
445this section shall provide the office with:
446     1.  The entity's annual financial statements for the
447immediately preceding calendar year, audited by an independent
448certified public accountant;
449     2.  Using the North American Industry Classification
450System Code, the types of businesses funded, the counties
451where the qualified active low-income community businesses are
452located, the dollars invested, and the number of jobs created
453and retained by qualified active low-income community
454businesses funded in a form satisfactory to the office; and
455     3.  A statement describing the relationships that the
456entity has established with community-based organizations,
457local community development offices and organizations, and
458economic development organizations, and a summary of the
459outcomes resulting from those relationships.
460     (b)  The office shall prepare an annual report of all
461qualified low-income community investments made in this state
462from the proceeds of qualified equity investments, which
463includes relevant statistics from the North American Industry
464Classification System Code, the county or counties where the
465qualified low-income community investments are located, the
466dollars invested, the number of jobs created and retained by
467business in which qualified low-income community investments
468have been made, and the value of applicable state tax credits
469claimed for the latest year for which such information is
470available. The office shall submit a copy to the Governor, the
471President of the Senate, and the Speaker of the House of
472Representatives each July 1, beginning in 2010, and may post
473the annual report on the office's website.
474     (8)  EXAMINATION.--
475     (a)  The office may conduct examinations to verify that
476tax credits under this section have been received and applied
477according to the requirements of this section and to verify
478information provided by qualified community development
479entities to the office.
480     (b)  The office may revoke or modify any written decision
481qualifying, certifying, or otherwise granting eligibility for
482tax credits under this section if it is discovered that the
483qualified community development entity submitted any false
484statement, representation, or certification in any
485application, record, report, plan, or other document filed in
486an attempt to receive the tax credits.
487     (c)  A qualified community development entity that
488submits information under this section which includes
489fraudulent information is liable for reimbursement of the
490reasonable costs and fees associated with the review,
491processing, investigation, and prosecution of the fraudulent
492claim plus a penalty in an amount double the credit amount
493certified and claimed by the holders of the entity's qualified
494equity investments, which penalty is in addition to any
495criminal penalty to which the taxpayer is liable for the same
496acts.
497     (9)  RULEMAKING AUTHORITY.--
498     (a)  The office may adopt rules pursuant to ss.
499120.536(1) and 120.54 to administer this section.
500     (b)  The department may adopt rules pursuant to ss.
501120.536(1) and 120.54 to administer this section.
502     (10)  EXPIRATION.--This section expires December 31,
5032029.
504     Section 2.  Subsection (8) of section 220.02, Florida
505Statutes, is amended to read:
506     220.02  Legislative intent.--
507     (8)  It is the intent of the Legislature that credits
508against either the corporate income tax or the franchise tax
509be applied in the following order: those enumerated in s.
510631.828, those enumerated in s. 220.191, those enumerated in
511s. 220.181, those enumerated in s. 220.183, those enumerated
512in s. 220.182, those enumerated in s. 220.1895, those
513enumerated in s. 221.02, those enumerated in s. 220.184, those
514enumerated in s. 220.186, those enumerated in s. 220.1845,
515those enumerated in s. 220.19, those enumerated in s. 220.185,
516those enumerated in s. 220.187, those enumerated in s.
517220.192, and those enumerated in s. 220.193, and those
518enumerated in s. 288.991.
519     Section 3.  Paragraph (a) of subsection (1) of section
520220.13, Florida Statutes, is amended to read:
521     220.13  "Adjusted federal income" defined.--
522     (1)  The term "adjusted federal income" means an amount
523equal to the taxpayer's taxable income as defined in
524subsection (2), or such taxable income of more than one
525taxpayer as provided in s. 220.131, for the taxable year,
526adjusted as follows:
527     (a)  Additions.--There shall be added to such taxable
528income:
529     1.  The amount of any tax upon or measured by income,
530excluding taxes based on gross receipts or revenues, paid or
531accrued as a liability to the District of Columbia or any
532state of the United States which is deductible from gross
533income in the computation of taxable income for the taxable
534year.
535     2.  The amount of interest which is excluded from taxable
536income under s. 103(a) of the Internal Revenue Code or any
537other federal law, less the associated expenses disallowed in
538the computation of taxable income under s. 265 of the Internal
539Revenue Code or any other law, excluding 60 percent of any
540amounts included in alternative minimum taxable income, as
541defined in s. 55(b)(2) of the Internal Revenue Code, if the
542taxpayer pays tax under s. 220.11(3).
543     3.  In the case of a regulated investment company or real
544estate investment trust, an amount equal to the excess of the
545net long-term capital gain for the taxable year over the
546amount of the capital gain dividends attributable to the
547taxable year.
548     4.  That portion of the wages or salaries paid or
549incurred for the taxable year which is equal to the amount of
550the credit allowable for the taxable year under s. 220.181.
551This subparagraph shall expire on the date specified in s.
552290.016 for the expiration of the Florida Enterprise Zone Act.
553     5.  That portion of the ad valorem school taxes paid or
554incurred for the taxable year which is equal to the amount of
555the credit allowable for the taxable year under s. 220.182.
556This subparagraph shall expire on the date specified in s.
557290.016 for the expiration of the Florida Enterprise Zone Act.
558     6.  The amount of emergency excise tax paid or accrued as
559a liability to this state under chapter 221 which tax is
560deductible from gross income in the computation of taxable
561income for the taxable year.
562     7.  That portion of assessments to fund a guaranty
563association incurred for the taxable year which is equal to
564the amount of the credit allowable for the taxable year.
565     8.  In the case of a nonprofit corporation which holds a
566pari-mutuel permit and which is exempt from federal income tax
567as a farmers' cooperative, an amount equal to the excess of
568the gross income attributable to the pari-mutuel operations
569over the attributable expenses for the taxable year.
570     9.  The amount taken as a credit for the taxable year
571under s. 220.1895.
572     10.  Up to nine percent of the eligible basis of any
573designated project which is equal to the credit allowable for
574the taxable year under s. 220.185.
575     11.  The amount taken as a credit for the taxable year
576under s. 220.187.
577     12.  The amount taken as a credit for the taxable year
578under s. 220.192.
579     13.  The amount taken as a credit for the taxable year
580under s. 220.193.
581     14.  Any portion of a qualified equity investment, as
582defined in s. 288.991, which is claimed as a deduction by the
583taxpayer for the purpose of calculating the taxpayer's net
584income.
585     Section 4.  Subsection (19) is added to section 213.053,
586Florida Statutes, to read:
587     213.053  Confidentiality and information sharing.--
588     (19)  Information relative to tax credits taken by a
589taxpayer under s. 288.991 may be disclosed to the Office of
590Tourism, Trade, and Economic Development or its employees or
591agents that have been identified in writing by the office to
592the department for use in performance of their official
593duties. All information so obtained is subject to the same
594confidentiality as imposed on the department.
595     Section 5.  This act shall take effect July 1, 2008, and
596applies to tax years ending after December 31, 2008.


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