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The Committee on Commerce (Saunders) recommended the following

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amendment:

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     Senate Amendment (with title amendment)

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     Delete everything after the enacting clause

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and insert:

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Section 1.  Part XIII of chapter 288, Florida Statutes,

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consisting of section 288.991, is created to read:

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     288.991 New Markets Tax Credit.--

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     (1) PURPOSE.--The New Markets Tax Credit program is

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established to encourage capital investment in rural and urban

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low-income communities by allowing state taxpayers to receive

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future credit against specified state taxes by investing in

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community development entities that make quality equity

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investments in qualified active low-income community businesses

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that create jobs by leveraging credit available from the federal

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New Markets Tax Credit Program.

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     (2) DEFINITIONS.--As used in this section, the term:

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     (a) "Adjusted purchase price" means the product of the

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amount paid at issuance for a qualified equity investment and a

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fraction of which:

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     1. The numerator is the dollar amount of qualified

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low-income community investments made in this state from the

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issuance of a qualified equity investment held by a qualified

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community development entity on the applicable credit allowance

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date; and

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     2. The denominator is the total dollar amount of qualified

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low-income community investments made from the issuance of a

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qualified equity investment held by a qualified community

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development entity on the applicable credit allowance date.

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     (b) "Credit allowance date" means:

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     1. The first anniversary of the date that a qualified

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equity investment is initially made; and

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     2. Each of the six subsequent anniversaries of that date.

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     (c) "Department" means the Department of Revenue.

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     (d) "Long-term debt security" means a debt instrument

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issued by a qualified community development entity, at par value

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or a premium, having an original maturity date of at least 7

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years from the date of issuance, with no acceleration for

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repayment, amortization, or prepayment features before its

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original maturity date and having no distribution, payment, or

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interest features related to the profitability of the qualified

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community development entity or the performance of the entity's

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investment portfolio. This paragraph does not limit the holder's

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ability to accelerate payments on the debt instrument in

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situations where the qualified community development entity has

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defaulted on covenants designed to ensure compliance with this

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section or s. 45D of the Internal Revenue Code of 1986, as

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amended.

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     (e) "Low-income community" means any population census

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tract within the state where:

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     1. The federal individual poverty rate is at least 20

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percent; or

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     2. In the case of a tract that is:

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     a. Not located within a metropolitan area, the median

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family income does not exceed 80 percent of the statewide median

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family income; or

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     b. Located within a metropolitan area, the median family

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income does not exceed 80 percent of the greater of the

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statewide median family income or the metropolitan area median

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income.

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     (f) "Office" means the Office of Tourism, Trade, and

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Economic Development.

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     (g) "Qualified active low-income community business" has

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the same meaning as in s. 45D of the Internal Revenue Code of

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1986, as amended, but excludes any trade or business:

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     1. That derives or projects to derive 15 percent or more

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of its annual revenue from the rental or sale of real estate;

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     2. That engages predominantly in the development or

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holding of intangibles for sale or license;

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     3. That operates a private or commercial golf course,

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country club, massage parlor, hot tub facility, suntan facility,

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racetrack, or other facility used for gambling, or a store the

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principal business of which is the sale of alcoholic beverages

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for consumption off premises; and

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     4. The principal activity of which is farming if the sum

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of the aggregate unadjusted bases or the fair market value of

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the assets owned by the business which are used in such trade or

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business, whichever is greater, and the aggregate value of the

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assets leased by the business used in such trade or business

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exceeds $500,000. For the purposes of this subparagraph, two or

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more trades or businesses are treated as a single trade or

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business.

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A business shall be considered a qualified active low-income

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community business for the duration of the qualified community

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development entity's investment in or loan to the business if

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the entity reasonably expects, at the time it makes the

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investment or loan that the business will continue to satisfy

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the requirements of being a qualified active low-income

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community business throughout the entire period of the

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investment or loan. The subsequent insolvency, including

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reorganization or liquidation in bankruptcy, receivership,

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winding up, or dissolution of a business does not disqualify the

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business from being a qualified active low-income community

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business if all other requirements of this section continue to

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be met.

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     (h) "Qualified community development entity" means an

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entity that is certified as a qualified community development

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entity by the Community Development Financial Institutions Fund

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of the United States Department of the Treasury pursuant to s.

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45D of the Internal Revenue Code of 1986, as amended, and that

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has entered into an allocation agreement with the fund with

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respect to tax credits authorized by section 45D, and includes

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this state within the service area set forth in the agreement.

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     (i) "Qualified equity investment" means an equity

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investment or long-term debt security issued by a qualified

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community development entity which:

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     1. Is acquired on or after July 1, 2008, solely in

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exchange for cash at the time of its original issuance;

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     2. Has at least 85 percent of its cash purchase price used

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by the qualified community development entity to make qualified

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low-income community investments within the 12-month period

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beginning on the date the cash is paid by the purchaser to the

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entity; and

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     3. Is certified by the Office of Tourism, Trade, and

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Economic Development as a qualified equity investment pursuant

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to this section.

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     (j) "Qualified low-income community investment" means a

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capital or equity investment in or loan to a qualified active

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low-income community business which is made after July 1, 2008.

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The maximum amount of debt or equity issued by any one qualified

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active low-income community business on a collective basis with

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all of its affiliates, which may be included in the calculation

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of the numerator described in paragraph (a), is $10 million,

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whether the investment is issued to one or more qualified

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community development entities.

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     (3) QUALIFIED EQUITY INVESTMENTS.--

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     (a) The office shall designate a comprehensive list of

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industries using the North American Industry Classification

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System, in consultation with Enterprise Florida, Inc., that will

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be used to direct investments for this program. The industries

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listed should lead to strong positive impacts on or benefits to

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the state and regional economies. The office shall submit a copy

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of the list to the President of the Senate and the Speaker of

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the House of Representatives upon completion of the list and any

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further modifications.

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     (b) A qualified community development entity that seeks to

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have an equity investment or long-term debt security designated

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as a qualified equity investment and eligible for tax credits

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under this section shall apply to the office. The qualified

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community development entity must submit an application on a

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form that the office prescribes, and that includes, but need not

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be limited to:

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     1. The name, address, tax identification number of the

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entity, and evidence of the entity's certification as a

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qualified community development entity;

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     2. A copy of the allocation agreement executed by the

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entity and the Community Development Financial Institutions

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Fund;

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     3. A certificate executed by an executive officer of the

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entity attesting that the allocation agreement remains in effect

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and has not been revoked or cancelled by the Community

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Development Financial Institutions Fund;

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     4. A description of the proposed amount, structure, and

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purchaser of the equity investment or long-term debt security;

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     5. The name and tax identification number of any taxpayer

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eligible to redeem tax credits earned as a result of the

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issuance of the qualified equity investment;

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     6. Information regarding the proposed use of proceeds from

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the issuance of a qualified equity investment, which must

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include the types of qualified active low-income community

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businesses that will be funded and an estimate of the percentage

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of qualified low-income community investments that will be made

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statewide;

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     7. A statement setting forth the entity's plans to invest

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in only those entities engaged in industries identified for this

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program by the office;

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     8. A statement setting forth the entity's plans for the

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development of relationships with community-based organizations,

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local community development offices and organizations, and

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economic development organizations, as well as any steps the

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entity has taken to implement these relationships; and

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     9. A nonrefundable application fee of $1,000 per

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application submitted.

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     (c) Within 30 days after receipt of a completed

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application containing the information necessary for the office

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to certify a potential qualified equity investment, including

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payment of the application fee, the office shall grant or deny

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the application in full or in part. If the office denies any

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part of the application, it shall inform the qualified community

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development entity of the grounds for the denial. If the

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qualified community development entity fails to provide the

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information or complete its application within the 15-day

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period, the application remains denied and must be resubmitted

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in full with a new submission date.

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     (d) If an application is deemed complete, the office may

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certify the proposed equity investment or long-term debt

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security as a qualified equity investment and eligible for tax

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credits under this section. The office shall provide written

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notice of the certification to the qualified community

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development entity and the department. The notice must include

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the maximum amount of tax credits that may be earned from the

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issuance of the qualified equity investment, which shall be

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calculated with reference to the estimate of the percentage of

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qualified low-income community investments made in this state by

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the qualified community development entity included in the

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application, and the names of those taxpayers who are eligible

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to redeem the credits and their respective credit amounts. The

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office shall certify qualified equity investments in the order

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applications are received. Applications received on the same day

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shall be deemed to have been received simultaneously.

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     (e) Once the office has certified qualified equity

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investments that, on a cumulative basis, are eligible for $105

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million in tax credits, of which no more than $15 million may be

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claimed per state fiscal year exclusive of tax credits carried

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forward, and on or after June 30, 2015, the office may not

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certify any more qualified equity investments. If a pending

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request cannot be fully certified, the office shall certify the

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portion that may be certified unless the qualified community

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development entity elects to withdraw its request rather than

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receive partial credit.

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     (f) Within 30 days after receiving notice of

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certification, the qualified community development entity shall

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issue the qualified equity investment and receive cash in the

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amount of the certified amount. The qualified community

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development entity must provide the office with evidence of the

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receipt of the cash investment within 10 business days after

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receipt. If the qualified community development entity does not

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receive the cash investment and issue the qualified equity

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investment within 30 days following receipt of the certification

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notice, the certification lapses and the entity may not issue

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the qualified equity investment without reapplying to the office

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for certification. A certification that lapses reverts back to

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the office and must be reissued in accordance with the

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application process outlined in this subsection.     

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     (4) TAX CREDITS.--

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     (a) A taxpayer that makes a qualified equity investment

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earns a vested tax credit against taxes imposed by s. 220.11 or

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s. 624.509. The taxpayer or a subsequent holder of the qualified

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equity investment on the credit allowance date of the qualified

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equity investment may use a portion of the vested tax credit

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equal to 8.33 percent of the adjusted purchase price of the

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qualified equity investment during the calendar year in which

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the credit allowance date falls.

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     (b) A taxpayer's cash investment in a qualified equity

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investment is considered a qualified low-income community

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investment only to the extent that the cash is invested within

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the 12-month period beginning on the date the cash is paid by

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the taxpayer to the community development entity.

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     (c) A taxpayer may not redeem any portion of a tax credit

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in a tax year in which the tax credit exceeds the taxpayer's

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state tax liability for the tax year. Such portion may be

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carried forward for use in a subsequent tax year; however, all

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unused tax credits expire on December 31, 2029.

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     (d) A tax credit authorized under this section is not

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refundable or transferable. However, if a qualified equity

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investment is transferred, any unused tax credits transfer with

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the investment. Tax credit amounts, including any carryover

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amounts, from credit allowance dates before the date of transfer

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do not transfer with the qualified equity investment. Tax

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credits earned by a partnership, limited liability company, S

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corporation, or other pass-through entity may be allocated to

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the partners, members, or shareholders of such entity for direct

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redemption in accordance with any agreement between the

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partners, members, or shareholders.

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     (e) Tax credits for taxpayers who are insurance companies

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subject to the insurance premium tax under s. 624.509 must be

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claimed against the insurance premium tax. An insurance company

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claiming a credit against the insurance premium tax is not

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required to pay any additional retaliatory tax levied pursuant

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to s. 624.5091. Because credits under this section are available

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to an insurance company, s. 624.5091 does not limit such credit

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in any manner.

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     (5) CALCULATION OF CREDIT.--

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     (a) Within 30 days after each credit allowance date, each

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qualified community development entity shall submit to the

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office the following with respect to each qualified equity

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investment issued by the entity:

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     1. A listing, certified by an executive officer of the

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entity, of all qualified low-income community investments made

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by the entity from the proceeds of a qualified equity investment

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and held as of the credit allowance date, which must include the

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name of each qualified active low-income community business

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funded, the location of the principal office of each such

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business, the type of business, the amount of the qualified low-

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income community investment in each business, and the total of

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qualified low-income community investments by all community

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development entities in each business;

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     2. Bank records, records of wire transfers of funds, or

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other similar documents that reflect the investments listed

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above;

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     3. A calculation, certified by the chief financial or

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accounting officer of the entity, of the amount of qualified

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low-income community investments made in this state using

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proceeds from the issuance of the qualified equity investment

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held by the entity as of the credit allowance date, and the

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total qualified low-income community investments made using

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proceeds of the issuance of the qualified equity investment held

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by the entity on the credit allowance date. In making this

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calculation, an investment shall be deemed to be held by a

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qualified community development entity even if the investment

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has been sold or repaid if the entity reinvests an amount equal

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to the capital returned to or recovered from the original

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investment, exclusive of any profits realized, in another

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qualified low-income community investment within 12 months after

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receipt of such capital. An entity is not required to reinvest

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capital returned from a qualified low-income community

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investment after the sixth anniversary of the issuance of the

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qualified equity investment for which the proceeds were used to

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make the qualified low-income community investment, and the

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qualified low-income community investment shall be deemed to be

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held by the entity through the seventh anniversary of the

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qualified equity investment's issuance;

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     4. An attestation from the entity's chief financial or

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accounting officer that no redemption or principal payment was

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made with respect to the qualified equity investment since the

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previous credit allowance date; and

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     5. Any information relating to the recapture of any

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federal tax credits available with respect to a qualified equity

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investment which the entity received since the prior credit

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allowance date.

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     (b) Within 20 days after receipt of the information listed

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in paragraph (a), the office shall certify in writing to the

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qualified community development entity and to the department the

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amount of credit that is eligible for use for the credit

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allowance date. The notice must include a listing of those

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taxpayers that are eligible to redeem the tax credit for the

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credit allowance date.

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     (6) AUDIT AND RECAPTURE.--

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     (a) A qualified community development entity that receives

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an annual allocation of tax credits in an amount equal to or in

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excess of $500,000 shall be treated as a recipient and required

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to participate in a state single audit pursuant to s. 215.97.

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The office shall be deemed the state awarding agency and

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coordinating agency. In addition to the required financial

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reporting package, the audit must attest to the entity's

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adherence to the performance conditions enumerated in this

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section as they relate to the recapture of the tax credit under

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paragraph (b). Taxpayers that are not qualified community

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development entities may not be treated as subrecipients or

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otherwise required to participate in the state single audit

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program since such persons do not control adherence to the

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performance standards of this program.

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     (c) The office shall disqualify a qualified community

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development entity from receiving additional Florida markets tax

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credits if more than 50 percent of qualified equity investments

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during the first 3 years of operation become insolvent,

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reorganized, or liquidated in bankruptcy, receivership, winding

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up, or dissolved. In addition, the office shall recapture 50

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percent of all credits issued to such qualified community

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development entity.

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     (b) The office shall order recapture of any tax credit

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authorized under this section with respect to a qualified equity

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investment if:

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     1. Any amount of any federal tax credit which is eligible

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for a tax credit under this section is recaptured under s. 45D

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of the Internal Revenue Code of 1986, as amended;

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     2. The qualified community development entity is not

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deemed to be a qualified community development entity under the

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federal New Markets Tax Credit Program;

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3. The qualified community development entity redeems or

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makes a principal repayment before the seventh anniversary of

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the issuance of the qualified equity investment;

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     4. The qualified community development entity fails to

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make qualified low-income community investments in qualified

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active low-income community businesses;

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     5. The qualified community development entity fails to

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maintain at least 85 percent of the proceeds of the qualified

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equity investment in qualified low-income community investments

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at any time before the seventh anniversary of the issuance of

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the qualified equity investment and remains in compliance with

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subparagraph (2)(i)2.;

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     6. The qualified community development entity fails to

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provide to the office and the department any of the information

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or reports required by this section; or

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     7. The office determines as a result of a state single

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audit or an examination by the office that a taxpayer received

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tax credits pursuant to this section to which the taxpayer was

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not entitled.

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     (c) The office shall provide notice to the qualified

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community development entity and to the department of any

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proposed recapture of tax credits pursuant to this subsection.

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The entity shall have 90 days to cure any deficiency indicated

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in the office's original recapture notice and avoid such

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recapture. If the entity fails or is unable to cure such

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deficiency within the 90-day period, the office shall provide

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the entity and the department with a final order of recapture.

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The qualified community development entity is responsible for

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providing copies of the final order of recapture to taxpayers

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owning the tax credits at issue.

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     (d) Any tax credit for which a final recapture order has

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been issued shall be recaptured by the department from the

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taxpayer who claimed the tax credit on a tax return, or in the

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case of multiple succeeding entities, in the order of tax-credit

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succession, and such funds shall be paid into the General

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Revenue Fund. Such action by the department does not constitute

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an audit or otherwise alter the department's ability to audit

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the taxpayer.

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     (7) ANNUAL REPORTING.--

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     (a) Within 120 days after the end of a calendar year that

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includes a credit allowance date, each community development

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entity that has an equity investment or long-term debt security

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certified as a qualified equity investment under this section

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shall provide the office with:

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     1. The entity's annual financial statements for the

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immediately preceding calendar year, audited by an independent

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certified public accountant;

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     2. Using the North American Industry Classification System

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Code, the types of businesses funded, the counties where the

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qualified active low-income community businesses are located,

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the dollars invested, and the number of jobs created and

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retained by qualified active low-income community businesses

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funded in a form satisfactory to the office;

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     3. A statement describing the relationships that the

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entity has established with community-based organizations, local

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community development offices and organizations, and economic

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development organizations, and a summary of the outcomes

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resulting from those relationships; and

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     4. Other information as prescribed by the office and

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documentation to demonstrate continued certification by the

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federal program.

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     (b) The office shall prepare an annual report of all

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qualified low-income community investments made in this state

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from the proceeds of qualified equity investments which includes

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relevant statistics from the North American Industry

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Classification System Code, the county or counties where the

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qualified low-income community investments are located, the

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dollars invested, the number of jobs created and retained by

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business in which qualified low-income community investments

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have been made, and the value of applicable state tax credits

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claimed for the latest year for which such information is

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available. The office shall submit a copy to the Governor, the

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President of the Senate, and the Speaker of the House of

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Representatives each July 1, beginning in 2010, and may post the

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annual report on the office's website.

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     (8) EXAMINATION.--

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     (a) The office may conduct examinations to verify that tax

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credits under this section have been received and applied

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according to the requirements of this section and to verify

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information provided by qualified community development entities

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to the office.

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     (b) The office may revoke or modify any written decision

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qualifying, certifying, or otherwise granting eligibility for

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tax credits under this section if it is discovered that the

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qualified community development entity submitted any false

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statement, representation, or certification in any application,

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record, report, plan, or other document filed in an attempt to

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receive the tax credits.

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     (c) A qualified community development entity that submits

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information under this section which includes fraudulent

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information is liable for reimbursement of the reasonable costs

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and fees associated with the review, processing, investigation,

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and prosecution of the fraudulent claim plus a penalty in an

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amount double the credit amount certified and claimed by the

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holders of the entity's qualified equity investments, which

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penalty is in addition to any criminal penalty to which the

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taxpayer is liable for the same acts.

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     (9) RULEMAKING AUTHORITY.--

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     (a) The office may adopt rules pursuant to ss. 120.536(1)

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and 120.54 to administer this section.

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     (b) The department may adopt rules pursuant to ss.

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120.536(1) and 120.54 to administer this section.

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     (10) EXPIRATION.--This section expires December 31, 2021.

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     Section 2.  Subsection (8) of section 220.02, Florida

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Statutes, is amended to read:

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     220.02  Legislative intent.--

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     (8)  It is the intent of the Legislature that credits

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against either the corporate income tax or the franchise tax be

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applied in the following order: those enumerated in s. 631.828,

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those enumerated in s. 220.191, those enumerated in s. 220.181,

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those enumerated in s. 220.183, those enumerated in s. 220.182,

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those enumerated in s. 220.1895, those enumerated in s. 221.02,

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those enumerated in s. 220.184, those enumerated in s. 220.186,

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those enumerated in s. 220.1845, those enumerated in s. 220.19,

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those enumerated in s. 220.185, those enumerated in s. 220.187,

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those enumerated in s. 220.192, and those enumerated in s.

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220.193, and those enumerated in s. 288.991.

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     Section 3.  Paragraph (a) of subsection (1) of section

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220.13, Florida Statutes, is amended to read:

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     220.13  "Adjusted federal income" defined.--

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     (1)  The term "adjusted federal income" means an amount

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equal to the taxpayer's taxable income as defined in subsection

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(2), or such taxable income of more than one taxpayer as

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provided in s. 220.131, for the taxable year, adjusted as

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follows:

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     (a)  Additions.--There shall be added to such taxable

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income:

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     1.  The amount of any tax upon or measured by income,

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excluding taxes based on gross receipts or revenues, paid or

482

accrued as a liability to the District of Columbia or any state

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of the United States which is deductible from gross income in

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the computation of taxable income for the taxable year.

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     2.  The amount of interest which is excluded from taxable

486

income under s. 103(a) of the Internal Revenue Code or any other

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federal law, less the associated expenses disallowed in the

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computation of taxable income under s. 265 of the Internal

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Revenue Code or any other law, excluding 60 percent of any

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amounts included in alternative minimum taxable income, as

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defined in s. 55(b)(2) of the Internal Revenue Code, if the

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taxpayer pays tax under s. 220.11(3).

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     3.  In the case of a regulated investment company or real

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estate investment trust, an amount equal to the excess of the

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net long-term capital gain for the taxable year over the amount

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of the capital gain dividends attributable to the taxable year.

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     4.  That portion of the wages or salaries paid or incurred

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for the taxable year which is equal to the amount of the credit

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allowable for the taxable year under s. 220.181. This

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subparagraph shall expire on the date specified in s. 290.016

501

for the expiration of the Florida Enterprise Zone Act.

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     5.  That portion of the ad valorem school taxes paid or

503

incurred for the taxable year which is equal to the amount of

504

the credit allowable for the taxable year under s. 220.182. This

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subparagraph shall expire on the date specified in s. 290.016

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for the expiration of the Florida Enterprise Zone Act.

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     6.  The amount of emergency excise tax paid or accrued as a

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liability to this state under chapter 221 which tax is

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deductible from gross income in the computation of taxable

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income for the taxable year.

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     7.  That portion of assessments to fund a guaranty

512

association incurred for the taxable year which is equal to the

513

amount of the credit allowable for the taxable year.

514

     8.  In the case of a nonprofit corporation which holds a

515

pari-mutuel permit and which is exempt from federal income tax

516

as a farmers' cooperative, an amount equal to the excess of the

517

gross income attributable to the pari-mutuel operations over the

518

attributable expenses for the taxable year.

519

     9.  The amount taken as a credit for the taxable year under

520

s. 220.1895.

521

     10.  Up to nine percent of the eligible basis of any

522

designated project which is equal to the credit allowable for

523

the taxable year under s. 220.185.

524

     11.  The amount taken as a credit for the taxable year

525

under s. 220.187.

526

     12.  The amount taken as a credit for the taxable year

527

under s. 220.192.

528

     13.  The amount taken as a credit for the taxable year

529

under s. 220.193.

530

     14. Any portion of a qualified equity investment, as

531

defined in s. 288.991, which is claimed as a deduction by the

532

taxpayer for the purpose of calculating the taxpayer's net

533

income.

534

     Section 4.  Subsection (19) is added to section 213.053,

535

Florida Statutes, to read:

536

     213.053  Confidentiality and information sharing.--

537

     (19) Information relative to tax credits taken by a

538

taxpayer under s. 288.991 may be disclosed to the Office of

539

Tourism, Trade, and Economic Development or its employees or

540

agents that have been identified in writing by the office to the

541

department for use in performance of their official duties. All

542

information so obtained is subject to the same confidentiality

543

as imposed on the department.

544

     Section 5.  This act shall take effect July 1, 2008, and

545

applies to tax years ending after December 31, 2008.

546

547

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

548

And the title is amended as follows:

549

     Delete everything before the enacting clause

550

and insert:

551

A bill to be entitled

552

An act relating to corporate income tax credits; creating

553

part XIII of ch. 288, F.S., consisting of s. 288.991,

554

F.S.; creating the New Markets Tax Credit Program;

555

providing definitions; authorizing the Office of Tourism,

556

Trade, and Economic Development to develop a list of

557

industries, in consultation with Enterprise Florida, Inc.,

558

in which equity investments can be made; qualify certain

559

equity investments as eligible for tax credits; providing

560

an application process; requiring an application fee;

561

providing for the certification of an investment;

562

providing for notice to the applicant and the Department

563

of Revenue; providing for a limit on the amount of

564

investments the office may certify; requiring the

565

certified equity investments to be issued within a certain

566

timeframe; providing that a taxpayer who holds a qualified

567

equity investment in a qualified low-income business on

568

the credit allowance date of the investment is entitled to

569

a nonrefundable, nontransferable tax credit for the

570

taxable year in which the credit allowance date falls;

571

limiting the amount of the tax credit that may be redeemed

572

in a fiscal year; authorizing a taxpayer to carry over any

573

amount of the tax credit that the taxpayer is prohibited

574

from redeeming in a taxable year to a subsequent taxable

575

year; providing for the redemption of tax credits earned

576

by certain business entities and by the partners, members,

577

or shareholders of those entities; specifying how tax

578

credits may be claimed by insurance companies; providing

579

how the amount of tax credits available to the taxpayer

580

will be calculated; requiring the calculations to be

581

certified and accompanied by audited financial statements

582

and notarized affidavits; requiring the office to

583

disqualify community development entities under certain

584

circumstances; requiring the department to recapture tax

585

credits from certain taxpayers under certain

586

circumstances; requiring notice; requiring community

587

development entities that have certified investments to

588

report certain information to the office; requiring the

589

office to prepare annual reports on low-income community

590

investments made in this state; authorizing the department

591

to conduct examinations to verify receipt and application

592

of tax credits; authorizing the department to pursue

593

recovery of certain funds; authorizing the office to

594

revoke or modify certain decisions relating to eligibility

595

for tax credits under certain circumstances; providing for

596

applicant liability for costs and fees relating to

597

investigations of fraudulent claims; providing for

598

taxpayer liability for reimbursement of fraudulently

599

claimed tax credits; providing a penalty; authorizing the

600

office and the department to adopt rules; providing for

601

future repeal of the tax credit program; amending s.

602

220.02, F.S.; revising legislative intent with respect to

603

the order of tax credits to include the New Markets Tax

604

Credit; amending s. 220.13, F.S.; revising a definition;

605

amending s. 213.053, F.S.; authorizing the Department of

606

Revenue to share confidential taxpayer information with

607

the Office of Tourism, Trade, and Economic Development;

608

providing for application of the tax credit; providing an

609

effective date.

3/12/2008  4:21:00 PM     577-04889-08