1

Senator Deutch moved the following amendment:

2

3

     Senate Amendment (with directory and title amendments)

4

     Delete line(s) 91-101

5

and insert:

6

7

     (5)  AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX CREDITS;

8

TAX CREDIT FOR PUBLIC SCHOOL CONTRIBUTIONS; LIMITATIONS ON

9

INDIVIDUAL AND TOTAL CREDITS.--

10

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

11

contribution against any tax due for a taxable year under this

12

chapter. The term "eligible contribution" shall include a

13

contribution made to a public school which is earmarked for the

14

purpose of providing special assistance, tutoring, mentoring, and

15

remediation services to eligible students meeting the criteria in

16

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

17

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

18

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

19

allowable credits by the taxpayer. The credit granted by this

20

section shall be reduced by the difference between the amount of

21

federal corporate income tax taking into account the credit

22

granted by this section and the amount of federal corporate

23

income tax without application of the credit granted by this

24

section.

25

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

26

credits which may be granted each state fiscal year under this

27

section is:

28

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

29

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

30

least 1 percent of the total statewide amount authorized for the

31

tax credit shall be reserved for taxpayers who meet the

32

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

33

time of application.

34

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

35

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

36

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

37

total credit taken by the affiliated group is subject to the

38

limitation established under paragraph (a).

39

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

40

taxpayer may rescind all or part of its allocated tax credit

41

under this section. The amount rescinded shall become available

42

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

43

section to an eligible taxpayer as approved by the department if

44

the taxpayer receives notice from the department that the

45

rescindment has been accepted by the department and the taxpayer

46

has not previously rescinded any or all of its tax credit

47

allocation under this section more than once in the previous 3

48

tax years. Any amount rescinded under this paragraph shall become

49

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

50

basis based on tax credit applications received after the date

51

the rescindment is accepted by the department.

52

53

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

54

And the directory clause is amended as follows:

55

     Delete line(s) 29-30

56

and insert:

57

58

     Section 1.  Subsections (1), (3), and (5), paragraphs (d)

59

and (i) of subsection (6),

60

61

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

62

And the title is amended as follows:

63

     On line(s) 6, after the semicolon,

64

insert:

65

66

including certain contributions within the scope of the

67

term "eligible contribution";

4/29/2008  7:43:00 AM     30-08913-08