CS/HB 293

1
A bill to be entitled
2An act relating to corporate income tax credits; creating
3part XIII of ch. 288, F.S., consisting of s. 288.991,
4F.S.; creating the New Markets Tax Credit Program;
5providing definitions; authorizing the Office of Tourism,
6Trade, and Economic Development to qualify certain equity
7investments as eligible for tax credits; requiring the
8office to designate a comprehensive list of certain
9industries to be used to direct program investments;
10providing industry requirements; authorizing the office to
11waive the requirement under certain circumstances;
12providing an application process; requiring an application
13fee; providing for the certification of an investment;
14providing for notice to the applicant and the Department
15of Revenue; providing for a limit on the amount of
16investments the office may certify; requiring the
17certified equity investments to be issued within a certain
18timeframe; providing that a taxpayer who holds a qualified
19equity investment in a qualified low-income business on
20the credit allowance date of the investment is entitled to
21a nonrefundable, nontransferable tax credit for the
22taxable year in which the credit allowance date falls;
23providing how the amount of tax credits available to the
24taxpayer will be calculated; limiting the amount of the
25tax credit that may be redeemed in a fiscal year;
26authorizing a taxpayer to carry over any amount of the tax
27credit that the taxpayer is prohibited from redeeming in a
28taxable year to a subsequent taxable year; providing for
29the redemption of tax credits earned by certain business
30entities and by the partners, members, or shareholders of
31those entities; specifying how tax credits may be claimed
32by insurance companies; requiring the calculations to be
33certified and accompanied by audited financial statements
34and notarized affidavits; requiring the department to
35recapture tax credits from certain taxpayers under certain
36circumstances; requiring notice; requiring community
37development entities that have certified investments to
38report certain information to the office; requiring the
39office to prepare annual reports on low-income community
40investments made in this state; authorizing the department
41to conduct examinations to verify receipt and application
42of tax credits; authorizing the department to pursue
43recovery of certain funds; authorizing the office to
44revoke or modify certain decisions relating to eligibility
45for tax credits under certain circumstances; providing for
46applicant liability for costs and fees relating to
47investigations of fraudulent claims; providing for
48taxpayer liability for reimbursement of fraudulently
49claimed tax credits; providing a penalty; authorizing the
50office and the department to adopt rules; providing for
51future repeal of the tax credit program; amending s.
52220.02, F.S.; revising legislative intent with respect to
53the order of tax credits to include the New Markets Tax
54Credit; amending s. 220.13, F.S.; revising a definition;
55amending s. 213.053, F.S.; authorizing the Department of
56Revenue to share confidential taxpayer information with
57the Office of Tourism, Trade, and Economic Development;
58providing for application of the tax credit; providing an
59effective date.
60
61Be It Enacted by the Legislature of the State of Florida:
62
63     Section 1.  Part XIII of chapter 288, Florida Statutes,
64consisting of section 288.991, is created to read:
65     288.991  New Markets Tax Credit.--
66     (1)  PURPOSE.--The New Markets Tax Credit Program is
67established to encourage capital investment in rural and urban
68low-income communities by allowing state taxpayers to receive
69future credit against specified state taxes by investing in
70community development entities that make quality equity
71investments in qualified active low-income community businesses
72that create jobs by leveraging credit available from the federal
73New Markets Tax Credit Program.
74     (2)  DEFINITIONS.--As used in this section, the term:
75     (a)  "Adjusted purchase price" means the product of the
76amount paid at issuance for a qualified equity investment and a
77fraction of which:
78     1.  The numerator is the dollar amount of qualified
79low-income community investments made in this state from the
80issuance of a qualified equity investment held by a qualified
81community development entity on the applicable credit allowance
82date; and
83     2.  The denominator is the total dollar amount of qualified
84low-income community investments made from the issuance of a
85qualified equity investment held by a qualified community
86development entity on the applicable credit allowance 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 six subsequent anniversaries of that date.
91     (c)  "Department" means the Department of Revenue.
92     (d)  "Long-term debt security" means a debt instrument
93issued by a qualified community development entity, at par value
94or a premium, having an original maturity date of at least 7
95years from the date of issuance, with no acceleration for
96repayment, amortization, or prepayment features before its
97original maturity date and having no distribution, payment, or
98interest features related to the profitability of the qualified
99community development entity or the performance of the entity's
100investment portfolio. This paragraph does not limit the holder's
101ability to accelerate payments on the debt instrument in
102situations where the qualified community development entity has
103defaulted on covenants designed to ensure compliance with this
104section or s. 45D of the Internal Revenue Code of 1986, as
105amended.
106     (e)  "Low-income community" means any population census
107tract within the state where:
108     1.  The federal individual poverty rate is at least 20
109percent; or
110     2.  In the case of a tract that is:
111     a.  Not located within a metropolitan area, the median
112family income does not exceed 80 percent of the statewide median
113family income; or
114     b.  Located within a metropolitan area, the median family
115income does not exceed 80 percent of the greater of the
116statewide median family income or the metropolitan area median
117income.
118     (f)  "Office" means the Office of Tourism, Trade, and
119Economic Development.
120     (g)  "Qualified active low-income community business" has
121the same meaning as in s. 45D of the Internal Revenue Code of
1221986, as amended, but excludes any trade or business:
123     1.  That derives or projects to derive 15 percent or more
124of its annual revenue from the rental or sale of real estate;
125     2.  That engages predominantly in the development or
126holding of intangibles for sale or license;
127     3.  That operates a private or commercial golf course,
128country club, massage parlor, hot tub facility, suntan facility,
129racetrack, or other facility used for gambling, or a store the
130principal business of which is the sale of alcoholic beverages
131for consumption off premises; or
132     4.  The principal activity of which is farming if the sum
133of the aggregate unadjusted bases or the fair market value of
134the assets owned by the business which are used in such trade or
135business, whichever is greater, and the aggregate value of the
136assets leased by the business used in such trade or business
137exceeds $500,000. For the purposes of this subparagraph, two or
138more trades or businesses are treated as a single trade or
139business.
140
141A business shall be considered a qualified active low-income
142community business for the duration of the qualified community
143development entity's investment in or loan to the business if
144the entity reasonably expects, at the time it makes the
145investment or loan that the business will continue to satisfy
146the requirements of being a qualified active low-income
147community business throughout the entire period of the
148investment or loan. The subsequent insolvency, including
149reorganization or liquidation in bankruptcy, receivership,
150winding up, or dissolution of a business does not disqualify the
151business from being a qualified active low-income community
152business if all other requirements of this section continue to
153be met.
154     (h)  "Qualified community development entity" means an
155entity that is certified as a qualified community development
156entity by the Community Development Financial Institutions Fund
157of the United States Department of the Treasury pursuant to s.
15845D of the Internal Revenue Code of 1986, as amended, and that
159has entered into an allocation agreement with the fund with
160respect to tax credits authorized by section 45D, and includes
161this state within the service area set forth in the agreement.
162     (i)  "Qualified equity investment" means an equity
163investment or long-term debt security issued by a qualified
164community development entity which:
165     1.  Is acquired on or after July 1, 2008, solely in
166exchange for cash at the time of its original issuance;
167     2.  Has at least 85 percent of its cash purchase price used
168by the qualified community development entity to make qualified
169low-income community investments within the 12-month period
170beginning on the date the cash is paid by the purchaser to the
171entity; and
172     3.  Is certified by the Office of Tourism, Trade, and
173Economic Development as a qualified equity investment pursuant
174to this section.
175     (j)  "Qualified low-income community investment" means a
176capital or equity investment in or loan to a qualified active
177low-income community business which is made after July 1, 2008.
178The maximum amount of debt or equity issued by any one qualified
179active low-income community business on a collective basis with
180all of its affiliates, which may be included in the calculation
181of the numerator described in paragraph (a), is $10 million,
182whether the investment is issued to one or more qualified
183community development entities.
184     (3)  QUALIFIED EQUITY INVESTMENTS.--
185     (a)  The office shall designate a comprehensive list of
186industries using the North American Industry Classification
187System, in consultation with Enterprise Florida, Inc., that will
188be used to direct investments for the program. The industries
189listed should lead to strong positive impacts on or benefits to
190the state, regional, and local economies. The office shall
191submit a copy of the list to the President of the Senate and the
192Speaker of the House of Representatives upon completion of the
193list and any further modifications. The office may waive this
194requirement if the office determines an investment would have a
195positive impact on a community.
196     (b)  A qualified community development entity that seeks to
197have an equity investment or long-term debt security designated
198as a qualified equity investment and eligible for tax credits
199under this section shall apply to the office. The qualified
200community development entity must submit an application on a
201form that the office provides, and that includes, but need not
202be limited to:
203     1.  The name, address, tax identification number of the
204entity, and evidence of the entity's certification as a
205qualified community development entity.
206     2.  A copy of the allocation agreement executed by the
207entity and the Community Development Financial Institutions
208Fund.
209     3.  A certificate executed by an executive officer of the
210entity attesting that the allocation agreement remains in effect
211and has not been revoked or cancelled by the Community
212Development Financial Institutions Fund.
213     4.  A description of the proposed amount, structure, and
214purchaser of the equity investment or long-term debt security.
215     5.  The name and tax identification number of any taxpayer
216eligible to redeem tax credits earned as a result of the
217issuance of the qualified equity investment.
218     6.  Information regarding the proposed use of proceeds from
219the issuance of a qualified equity investment, which must
220include the types of qualified active low-income community
221businesses that will be funded and an estimate of the percentage
222of qualified low-income community investments that will be made
223statewide.
224     7.  A statement setting forth the entity's plans to invest
225in only those entities engaged in industries identified for the
226program by the office.
227     8.  A statement setting forth the entity's plans for the
228development of relationships with community-based organizations,
229local community development offices and organizations, and
230economic development organizations, as well as any steps the
231entity has taken to implement these relationships.
232     9.  A statement setting forth that jobs created will pay an
233average wage no less than 115 percent of the federal poverty
234guideline for a family of four as defined by the Federal
235Register of the United States Department of Health and Human
236Services.
237     10.  A nonrefundable application fee for each application
238submitted. The office shall determine the amount of the
239application fee that in the aggregate for all applications shall
240not exceed the cost of administering the program.
241     (c)  Within 30 days after receipt of a completed
242application containing the information necessary for the office
243to certify a potential qualified equity investment, including
244payment of the application fee, the office shall grant or deny
245the application in full or in part. If the office denies any
246part of the application, it shall inform the qualified community
247development entity of the grounds for the denial. If the
248qualified community development entity provides any additional
249information required by the office or otherwise completes its
250application within 15 days after the notice of denial, the
251application shall be considered completed as of the original
252date of submission. If the qualified community development
253entity fails to provide the information or complete its
254application within the 15-day period, the application remains
255denied and must be resubmitted in full with a new submission
256date.
257     (d)  If an application is deemed complete, the office may
258certify the proposed equity investment or long-term debt
259security as a qualified equity investment and eligible for tax
260credits under this section. The office shall provide written
261notice of the certification to the qualified community
262development entity and the department. The notice must include
263the maximum amount of tax credits that may be earned from the
264issuance of the qualified equity investment, which shall be
265calculated with reference to the estimate of the percentage of
266qualified low-income community investments made in this state by
267the qualified community development entity included in the
268application, and the names of those taxpayers who are eligible
269to redeem the credits and their respective credit amounts. The
270office shall certify qualified equity investments in the order
271applications are received. Applications received on the same day
272shall be deemed to have been received simultaneously. For
273applications received on the same day and deemed complete, the
274office shall certify, consistent with remaining tax credit
275authority, qualified equity investments in proportionate
276percentages based upon the amount of qualified equity investment
277requested to be certified in each investment.
278     (e)  Once the office has certified qualified equity
279investments that, on a cumulative basis, are eligible for $70
280million in tax credits, of which no more than $10 million may be
281claimed per state fiscal year exclusive of tax credits carried
282forward, and on or after June 30, 2015, the office may not
283certify any more qualified equity investments. If a pending
284request cannot be fully certified, the office shall certify the
285portion that may be certified unless the qualified community
286development entity elects to withdraw its request rather than
287receive partial credit.
288     (f)  Within 30 days after receiving notice of
289certification, the qualified community development entity shall
290issue the qualified equity investment and receive cash in the
291amount of the certified amount. The qualified community
292development entity must provide the office with evidence of the
293receipt of the cash investment within 10 business days after
294receipt. If the qualified community development entity does not
295receive the cash investment and issue the qualified equity
296investment within 30 days following receipt of the certification
297notice, the certification lapses and the entity may not issue
298the qualified equity investment without reapplying to the office
299for certification. A certification that lapses reverts back to
300the office and must be reissued in accordance with the
301application process outlined in this subsection.
302     (4)  TAX CREDITS.--
303     (a)  A taxpayer that makes a qualified equity investment
304earns a vested tax credit against taxes imposed by s. 220.11 or
305s. 624.509. The taxpayer or a subsequent holder of the qualified
306equity investment on the credit allowance date of the qualified
307equity investment may use a portion of the vested tax credit
308equal to 6.5 percent of the adjusted purchase price of the
309qualified equity investment during the calendar year in which
310the credit allowance date falls.
311     (b)  A taxpayer's cash investment in a qualified equity
312investment is considered a qualified low-income community
313investment only to the extent that the cash is invested within
314the 12-month period beginning on the date the cash is paid by
315the taxpayer to the community development entity.
316     (c)  A taxpayer may not redeem any portion of a tax credit
317in a tax year in which the tax credit exceeds the taxpayer's
318state tax liability for the tax year. Such portion may be
319carried forward for use in a subsequent tax year; however, all
320unused tax credits expire on December 31, 2021.
321     (d)  A tax credit authorized under this section is not
322refundable or transferable. However, if a qualified equity
323investment is transferred, any unused tax credits transfer with
324the investment. Tax credit amounts, including any carryover
325amounts, from credit allowance dates before the date of transfer
326do not transfer with the qualified equity investment. Tax
327credits earned by a partnership, limited liability company, S
328corporation, or other pass-through entity may be allocated to
329the partners, members, or shareholders of such entity for direct
330redemption in accordance with any agreement between the
331partners, members, or shareholders.
332     (e)  Tax credits for taxpayers who are insurance companies
333subject to the insurance premium tax under s. 624.509 must be
334claimed against the insurance premium tax. An insurance company
335claiming a credit against the insurance premium tax is not
336required to pay any additional retaliatory tax levied pursuant
337to s. 624.5091. Because credits under this section are available
338to an insurance company, s. 624.5091 does not limit such credit
339in any manner.
340     (5)  CALCULATION OF CREDIT.--
341     (a)  Within 30 days after each credit allowance date, each
342qualified community development entity shall submit to the
343office the following with respect to each qualified equity
344investment issued by the entity:
345     1.  A listing, certified by an executive officer of the
346entity, of all qualified low-income community investments made
347by the entity from the proceeds of a qualified equity investment
348and held as of the credit allowance date, which must include the
349name of each qualified active low-income community business
350funded, the location of the principal office of each such
351business, the type of business, the amount of the qualified low-
352income community investment in each business, and the total of
353qualified low-income community investments by all community
354development entities in each business;
355     2.  Bank records, records of wire transfers of funds, or
356other similar documents that reflect the investments listed
357above;
358     3.  A calculation, certified by the chief financial or
359accounting officer of the entity, of the amount of qualified
360low-income community investments made in this state using
361proceeds from the issuance of the qualified equity investment
362held by the entity as of the credit allowance date, and the
363total qualified low-income community investments made using
364proceeds of the issuance of the qualified equity investment held
365by the entity on the credit allowance date. In making this
366calculation, an investment shall be deemed to be held by a
367qualified community development entity even if the investment
368has been sold or repaid if the entity reinvests an amount equal
369to the capital returned to or recovered from the original
370investment, exclusive of any profits realized, in another
371qualified low-income community investment within 12 months after
372receipt of such capital. An entity is not required to reinvest
373capital returned from a qualified low-income community
374investment after the sixth anniversary of the issuance of the
375qualified equity investment for which the proceeds were used to
376make the qualified low-income community investment, and the
377qualified low-income community investment shall be deemed to be
378held by the entity through the seventh anniversary of the
379qualified equity investment's issuance;
380     4.  An attestation from the entity's chief financial or
381accounting officer that no redemption or principal payment was
382made with respect to the qualified equity investment since the
383previous credit allowance date; and
384     5.  Any information relating to the recapture of any
385federal tax credits available with respect to a qualified equity
386investment which the entity received since the prior credit
387allowance date.
388     (b)  Within 20 days after receipt of the information listed
389in paragraph (a), the office shall certify in writing to the
390qualified community development entity and to the department the
391amount of credit that is eligible for use for the credit
392allowance date. The notice must include a listing of those
393taxpayers that are eligible to redeem the tax credit for the
394credit allowance date.
395     (6)  AUDIT AND RECAPTURE.--
396     (a)  A qualified community development entity that receives
397an annual allocation of tax credits in an amount equal to or in
398excess of $500,000 shall be treated as a recipient and required
399to participate in a state single audit pursuant to s. 215.97.
400The office shall be deemed the state awarding agency and
401coordinating agency. In addition to the required financial
402reporting package, the audit must attest to the entity's
403adherence to the performance conditions enumerated in this
404section as they relate to the recapture of the tax credit under
405paragraph (c). Taxpayers that are not qualified community
406development entities may not be treated as subrecipients or
407otherwise required to participate in the state single audit
408program since such persons do not control adherence to the
409performance standards of this program.
410     (b)  The office shall disqualify a qualified community
411development entity from receiving additional Florida markets tax
412credits if more than 50 percent of qualified equity investments
413during the first 3 years of operation become insolvent,
414reorganized or liquidated in bankruptcy, receivership, or
415winding up, or dissolved. In addition, the office shall
416recapture 50 percent of all credits issued to such qualified
417community development entity.
418     (c)  The office shall order the department to recapture any
419tax credit authorized under this section with respect to a
420qualified equity investment if:
421     1.  Any amount of any federal tax credit which is eligible
422for a tax credit under this section is recaptured under s. 45D
423of the Internal Revenue Code of 1986, as amended;
424     2.  The qualified community development entity is not
425deemed to be a qualified community development entity under the
426federal New Markets Tax Credit Program;
427     3.  The qualified community development entity redeems or
428makes a principal repayment before the seventh anniversary of
429the issuance of the qualified equity investment;
430     4.  The qualified community development entity fails to
431make qualified low-income community investments in qualified
432active low-income community businesses;
433     5.  The qualified community development entity fails to
434maintain at least 85 percent of the proceeds of the qualified
435equity investment in qualified low-income community investments
436at any time before the seventh anniversary of the issuance of
437the qualified equity investment and remains in compliance with
438subparagraph (2)(i)2.;
439     6.  The qualified community development entity fails to
440provide to the office and the department any of the information
441or reports required by this section; or
442     7.  The office determines as a result of a state single
443audit or an examination by the office that a taxpayer received
444tax credits pursuant to this section to which the taxpayer was
445not entitled.
446     (d)  The office shall provide notice to the qualified
447community development entity and to the department of any
448proposed recapture of tax credits pursuant to this subsection.
449The entity shall have 90 days to cure any deficiency indicated
450in the office's original recapture notice and avoid such
451recapture. If the entity fails or is unable to cure such
452deficiency within the 90-day period, the office shall provide
453the entity and the department with a final order of recapture.
454The qualified community development entity is responsible for
455providing copies of the final order of recapture to taxpayers
456owning the tax credits at issue.
457     (e)  Any tax credit for which a final recapture order has
458been issued shall be recaptured by the department from the
459taxpayer who claimed the tax credit on a tax return, or in the
460case of multiple succeeding entities, in the order of tax-credit
461succession, and such funds shall be paid into the General
462Revenue Fund. Such action by the department does not constitute
463an audit or otherwise alter the department's ability to audit
464the taxpayer.
465     (7)  ANNUAL REPORTING.--
466     (a)  Within 120 days after the end of a calendar year that
467includes a credit allowance date, each community development
468entity that has an equity investment or long-term debt security
469certified as a qualified equity investment under this section
470shall provide the office with:
471     1.  The entity's annual financial statements for the
472immediately preceding calendar year, audited by an independent
473certified public accountant.
474     2.  Using the North American Industry Classification System
475Code, the types of businesses funded, the counties where the
476qualified active low-income community businesses are located,
477the dollars invested, and the number of jobs created and
478retained by qualified active low-income community businesses
479funded in a form satisfactory to the office.
480     3.  A statement describing the relationships that the
481entity has established with community-based organizations, local
482community development offices and organizations, and economic
483development organizations, and a summary of the outcomes
484resulting from those relationships.
485     4.  Other information as prescribed by the office and
486documentation to demonstrate continued certification by the
487federal program.
488     (b)  The office shall prepare an annual report of all
489qualified low-income community investments made in this state
490from the proceeds of qualified equity investments, which
491includes relevant statistics from the North American Industry
492Classification System Code, the county or counties where the
493qualified low-income community investments are located, the
494dollars invested, the number of jobs created and retained by
495business in which qualified low-income community investments
496have been made, and the value of applicable state tax credits
497claimed for the latest year for which such information is
498available. The office shall submit a copy to the Governor, the
499President of the Senate, and the Speaker of the House of
500Representatives each July 1, beginning in 2010, and may post the
501annual report on the office's website.
502     (8)  EXAMINATION.--
503     (a)  The office may conduct examinations to verify that tax
504credits under this section have been received and applied
505according to the requirements of this section and to verify
506information provided by qualified community development entities
507to the office.
508     (b)  The office may revoke or modify any written decision
509qualifying, certifying, or otherwise granting eligibility for
510tax credits under this section if it is discovered that the
511qualified community development entity submitted any false
512statement, representation, or certification in any application,
513record, report, plan, or other document filed in an attempt to
514receive the tax credits.
515     (c)  A qualified community development entity that submits
516information under this section which includes fraudulent
517information is liable for reimbursement of the reasonable costs
518and fees associated with the review, processing, investigation,
519and prosecution of the fraudulent claim plus a penalty in an
520amount double the credit amount certified and claimed by the
521holders of the entity's qualified equity investments, which
522penalty is in addition to any criminal penalty to which the
523taxpayer is liable for the same acts.
524     (9)  RULEMAKING AUTHORITY.--
525     (a)  The office may adopt rules pursuant to ss. 120.536(1)
526and 120.54 to administer this section.
527     (b)  The department may adopt rules pursuant to ss.
528120.536(1) and 120.54 to administer this section.
529     (10)  EXPIRATION.--This section expires December 31, 2021.
530     Section 2.  Subsection (8) of section 220.02, Florida
531Statutes, is amended to read:
532     220.02  Legislative intent.--
533     (8)  It is the intent of the Legislature that credits
534against either the corporate income tax or the franchise tax be
535applied in the following order: those enumerated in s. 631.828,
536those enumerated in s. 220.191, those enumerated in s. 220.181,
537those enumerated in s. 220.183, those enumerated in s. 220.182,
538those enumerated in s. 220.1895, those enumerated in s. 221.02,
539those enumerated in s. 220.184, those enumerated in s. 220.186,
540those enumerated in s. 220.1845, those enumerated in s. 220.19,
541those enumerated in s. 220.185, those enumerated in s. 220.187,
542those enumerated in s. 220.192, and those enumerated in s.
543220.193, and those enumerated in s. 288.991.
544     Section 3.  Paragraph (a) of subsection (1) of section
545220.13, Florida Statutes, is amended to read:
546     220.13  "Adjusted federal income" defined.--
547     (1)  The term "adjusted federal income" means an amount
548equal to the taxpayer's taxable income as defined in subsection
549(2), or such taxable income of more than one taxpayer as
550provided in s. 220.131, for the taxable year, adjusted as
551follows:
552     (a)  Additions.--There shall be added to such taxable
553income:
554     1.  The amount of any tax upon or measured by income,
555excluding taxes based on gross receipts or revenues, paid or
556accrued as a liability to the District of Columbia or any state
557of the United States which is deductible from gross income in
558the computation of taxable income for the taxable year.
559     2.  The amount of interest which is excluded from taxable
560income under s. 103(a) of the Internal Revenue Code or any other
561federal law, less the associated expenses disallowed in the
562computation of taxable income under s. 265 of the Internal
563Revenue Code or any other law, excluding 60 percent of any
564amounts included in alternative minimum taxable income, as
565defined in s. 55(b)(2) of the Internal Revenue Code, if the
566taxpayer pays tax under s. 220.11(3).
567     3.  In the case of a regulated investment company or real
568estate investment trust, an amount equal to the excess of the
569net long-term capital gain for the taxable year over the amount
570of the capital gain dividends attributable to the taxable year.
571     4.  That portion of the wages or salaries paid or incurred
572for the taxable year which is equal to the amount of the credit
573allowable for the taxable year under s. 220.181. This
574subparagraph shall expire on the date specified in s. 290.016
575for the expiration of the Florida Enterprise Zone Act.
576     5.  That portion of the ad valorem school taxes paid or
577incurred for the taxable year which is equal to the amount of
578the credit allowable for the taxable year under s. 220.182. This
579subparagraph shall expire on the date specified in s. 290.016
580for the expiration of the Florida Enterprise Zone Act.
581     6.  The amount of emergency excise tax paid or accrued as a
582liability to this state under chapter 221 which tax is
583deductible from gross income in the computation of taxable
584income for the taxable year.
585     7.  That portion of assessments to fund a guaranty
586association incurred for the taxable year which is equal to the
587amount of the credit allowable for the taxable year.
588     8.  In the case of a nonprofit corporation which holds a
589pari-mutuel permit and which is exempt from federal income tax
590as a farmers' cooperative, an amount equal to the excess of the
591gross income attributable to the pari-mutuel operations over the
592attributable expenses for the taxable year.
593     9.  The amount taken as a credit for the taxable year under
594s. 220.1895.
595     10.  Up to nine percent of the eligible basis of any
596designated project which is equal to the credit allowable for
597the taxable year under s. 220.185.
598     11.  The amount taken as a credit for the taxable year
599under s. 220.187.
600     12.  The amount taken as a credit for the taxable year
601under s. 220.192.
602     13.  The amount taken as a credit for the taxable year
603under s. 220.193.
604     14.  Any portion of a qualified equity investment, as
605defined in s. 288.991, which is claimed as a deduction by the
606taxpayer for the purpose of calculating the taxpayer's net
607income.
608     Section 4.  Subsection (19) is added to section 213.053,
609Florida Statutes, to read:
610     213.053  Confidentiality and information sharing.--
611     (19)  Information relative to tax credits taken by a
612taxpayer under s. 288.991 may be disclosed to the Office of
613Tourism, Trade, and Economic Development or its employees or
614agents that have been identified in writing by the office to the
615department for use in performance of their official duties. All
616information so obtained is subject to the same confidentiality
617as imposed on the department.
618     Section 5.  This act shall take effect July 1, 2008, and
619applies to tax years ending after December 31, 2008.


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