Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1310
       
       
       
       
       
       
                                Barcode 409224                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/01/2009           .                                
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       The Committee on Finance and Tax (Pruitt) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 360 and 361
    4  insert:
    5  
    6         Section 8. If an insurance company that filed corporate
    7  income tax returns under chapter 220, Florida Statutes, on a
    8  separate-company basis and made an eligible contribution under
    9  s. 220.187, Florida Statutes, for its tax year that began during
   10  calendar year 2006, 2007, or 2008, but did not receive a dollar
   11  for-dollar benefit for making the contribution, taking into
   12  account its net corporate income tax liability and corresponding
   13  insurance premium tax liability, the insurance company may apply
   14  to the Department of Revenue by July 31, 2009, to apply the
   15  credits against its 2009 corporate income tax liability, and
   16  carry over unused credit amounts as allowed by s. 220.187,
   17  Florida Statutes. An insurer’s scholarship credit amounts from
   18  2006, 2007, and 2008 which are moved to 2009 shall be treated as
   19  corporate income taxes paid for purposes of computing the amount
   20  of insurance premium taxes owed by the insurance company.
   21  Notwithstanding ss. 95.091 and 215.26, Florida Statutes, the
   22  insurer must file amended corporate income tax returns as part
   23  of its application for its tax years that began during calendar
   24  years 2006, 2007, and 2008 in order to remove all credits
   25  claimed under s. 220.187, Florida Statutes, for those years and
   26  correct the amount of corporate income tax paid. The insurer
   27  must also file amended insurance premium tax returns as part of
   28  its application. This section does not increase the annual cap
   29  per fiscal year on total tax credits and carryforwards of tax
   30  credits set forth in s. 220.187(5)(b), Florida Statutes.
   31  
   32  ================= T I T L E  A M E N D M E N T ================
   33         And the title is amended as follows:
   34         Delete line 25
   35  and insert:
   36  
   37  made by the act; authorizing certain insurers that made past
   38  contributions to the Tax Credit Scholarship Program to claim the
   39  credits against future corporate income tax liability; requiring
   40  the insurer to apply to the Department of Revenue for the tax
   41  credits; providing for severability; providing