| 1 | Representative Coley offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 849 and 850, insert: |
| 5 | Section 10. Subsection (2) of section 220.191, Florida |
| 6 | Statutes, is amended to read: |
| 7 | 220.191 Capital investment tax credit.-- |
| 8 | (2) An annual credit against the tax imposed by this |
| 9 | chapter shall be granted to any qualifying business in an amount |
| 10 | equal to 5 percent of the eligible capital costs generated by a |
| 11 | qualifying project, for a period not to exceed 20 years |
| 12 | beginning with the commencement of operations of the project. |
| 13 | Unless assigned as described in this subsection, the tax credit |
| 14 | shall be granted against only the corporate income tax liability |
| 15 | or the premium tax liability generated by or arising out of the |
| 16 | qualifying project, and the sum of all tax credits provided |
| 17 | pursuant to this section shall not exceed 100 percent of the |
| 18 | eligible capital costs of the project. In no event may any |
| 19 | credit granted under this section be carried forward or backward |
| 20 | by any qualifying business with respect to a subsequent or prior |
| 21 | year. The annual tax credit granted under this section shall not |
| 22 | exceed the following percentages of the annual corporate income |
| 23 | tax liability or the premium tax liability generated by or |
| 24 | arising out of a qualifying project: |
| 25 | (a) One hundred percent for a qualifying project which |
| 26 | results in a cumulative capital investment of at least $100 |
| 27 | million. |
| 28 | (b) Seventy-five percent for a qualifying project which |
| 29 | results in a cumulative capital investment of at least $50 |
| 30 | million but less than $100 million. |
| 31 | (c) Fifty percent for a qualifying project which results |
| 32 | in a cumulative capital investment of at least $25 million but |
| 33 | less than $50 million. |
| 34 |
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| 35 | A qualifying project which results in a cumulative capital |
| 36 | investment of less than $25 million is not eligible for the |
| 37 | capital investment tax credit. An insurance company claiming a |
| 38 | credit against premium tax liability under this program shall |
| 39 | not be required to pay any additional retaliatory tax levied |
| 40 | pursuant to s. 624.5091 as a result of claiming such credit. |
| 41 | Because credits under this section are available to an insurance |
| 42 | company, s. 624.5091 does not limit such credit in any manner. |
| 43 |
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| 44 | A qualifying project that includes locating a new solar panel |
| 45 | manufacturing facility in this state during the 2008-2009 fiscal |
| 46 | year and that generates a minimum of 400 jobs within 6 months |
| 47 | after commencement of operations with an average salary of at |
| 48 | least $50,000 shall be eligible to assign or transfer the entire |
| 49 | credit, or any portion thereof, granted under this section to |
| 50 | any other business. Any credit may be used by the business that |
| 51 | receives the transferred or assigned credit to the same extent |
| 52 | as it could have been used by the qualifying business. However, |
| 53 | any such use shall not operate to increase the amount of the |
| 54 | credit or extend the period within which the credit must be |
| 55 | used. |
| 56 |
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| 57 |
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| 58 | ----------------------------------------------------- |
| 59 | T I T L E A M E N D M E N T |
| 60 | Remove line 38 and insert: |
| 61 | exemption; that certain qualifying projects are eligible to |
| 62 | transfer capital investment tax credits to other businesses |
| 63 | under certain circumstances; providing limitations on the use of |
| 64 | such transferred credits; amending s. 220.192, F.S.; defining |
| 65 | terms |