| 1 | A bill to be entitled |
| 2 | An act relating to the community contribution corporate |
| 3 | income tax credit; amending s. 220.03, F.S.; revising a |
| 4 | definition of the term "project" to expand the types of |
| 5 | projects eligible for the credit to include certain public |
| 6 | broadcasting programs and materials; providing an |
| 7 | effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Paragraph (t) of subsection (1) of section |
| 12 | 220.03, Florida Statutes, is amended to read: |
| 13 | 220.03 Definitions.-- |
| 14 | (1) SPECIFIC TERMS.--When used in this code, and when not |
| 15 | otherwise distinctly expressed or manifestly incompatible with |
| 16 | the intent thereof, the following terms shall have the following |
| 17 | meanings: |
| 18 | (t) "Project" means any activity undertaken by an eligible |
| 19 | sponsor, as defined in s. 220.183(2)(c), which is designed to |
| 20 | construct, improve, or substantially rehabilitate housing that |
| 21 | is affordable to low-income or very-low-income households as |
| 22 | defined in s. 420.9071(19) and (28); designed to provide |
| 23 | commercial, industrial, or public resources and facilities; or |
| 24 | designed to improve entrepreneurial and job-development |
| 25 | opportunities for low-income persons. A project may be the |
| 26 | investment necessary to increase access to high-speed broadband |
| 27 | capability in rural communities with enterprise zones, including |
| 28 | projects that result in improvements to communications assets |
| 29 | that are owned by a business. A project may include the |
| 30 | provision of museum or public broadcasting educational programs |
| 31 | and materials that are directly related to any project approved |
| 32 | between January 1, 1996, and December 31, 2006 1999, and located |
| 33 | in an enterprise zone designated pursuant to s. 290.0065. This |
| 34 | paragraph does not preclude projects that propose to construct |
| 35 | or rehabilitate low-income or very-low-income housing on |
| 36 | scattered sites. With respect to housing, contributions may be |
| 37 | used to pay the following eligible project-related activities: |
| 38 | 1. Project development, impact, and management fees for |
| 39 | low-income or very-low-income housing projects; |
| 40 | 2. Down payment and closing costs for eligible persons, as |
| 41 | defined in s. 420.9071(19) and (28); |
| 42 | 3. Administrative costs, including housing counseling and |
| 43 | marketing fees, not to exceed 10 percent of the community |
| 44 | contribution, directly related to low-income or very-low-income |
| 45 | projects; and |
| 46 | 4. Removal of liens recorded against residential property |
| 47 | by municipal, county, or special-district local governments when |
| 48 | satisfaction of the lien is a necessary precedent to the |
| 49 | transfer of the property to an eligible person, as defined in s. |
| 50 | 420.9071(19) and (28), for the purpose of promoting home |
| 51 | ownership. Contributions for lien removal must be received from |
| 52 | a nonrelated third party. |
| 53 |
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| 54 | The provisions of this paragraph shall expire and be void on |
| 55 | June 30, 2015. |
| 56 | Section 2. This act shall take effect July 1, 2008. |