Florida Senate - 2009                          SENATOR AMENDMENT
       Bill No. CS for CS for HB 453
       
       
       
       
       
       
                                Barcode 517784                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                 Floor: WD/2R          .                                
             04/27/2009 05:52 PM       .                                
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       Senators Deutch, Wilson, and Rich moved the following:
       
    1         Senate Amendment (with directory and title amendments)
    2  
    3         Delete lines 62 - 127
    4  and insert:
    5         (c)(b) “Eligible contribution” means a monetary
    6  contribution from a taxpayer, subject to the restrictions
    7  provided in this section, to an eligible nonprofit scholarship
    8  funding organization. The taxpayer making the contribution may
    9  not designate a specific child as the beneficiary of the
   10  contribution. The term includes a contribution made to a public
   11  school which is earmarked for the purpose of providing special
   12  assistance, tutoring, mentoring, and remediation services to
   13  eligible students meeting the criteria in subsection (3) who are
   14  attending the public school.
   15         (d)(c) “Eligible nonprofit scholarship-funding
   16  organization” means a charitable organization that:
   17         1. Is exempt from federal income tax pursuant to s.
   18  501(c)(3) of the Internal Revenue Code;
   19         2. Is a Florida entity formed under chapter 607, chapter
   20  608, or chapter 617 and whose principal office is located in the
   21  state; and
   22         3. Complies with the provisions of subsection (6).
   23         (e)(d) “Eligible private school” means a private school, as
   24  defined in s. 1002.01(2), located in this state Florida which
   25  offers an education to students in any grades K-12 and that
   26  meets the requirements in subsection (8).
   27         (f)(e) “Owner or operator” includes:
   28         1. An owner, president, officer, or director of an eligible
   29  nonprofit scholarship-funding organization or a person with
   30  equivalent decisionmaking authority over an eligible nonprofit
   31  scholarship-funding organization.
   32         2. An owner, operator, superintendent, or principal of an
   33  eligible private school or a person with equivalent
   34  decisionmaking authority over an eligible private school.
   35         (3) PROGRAM; SCHOLARSHIP ELIGIBILITY.—The Florida Corporate
   36  Income Tax Credit Scholarship Program is established. A student
   37  is eligible for a Florida corporate income tax credit
   38  scholarship under this section or s. 624.51055 if the student
   39  qualifies for free or reduced-price school lunches under the
   40  National School Lunch Act or is on the direct certification list
   41  and:
   42         (a) Was counted as a full-time equivalent student during
   43  the previous state fiscal year for purposes of state per-student
   44  funding;
   45         (b) Received a scholarship from an eligible nonprofit
   46  scholarship-funding organization or from the state of Florida
   47  during the previous school year;
   48         (c) Is eligible to enter kindergarten or first grade; or
   49         (d) Is currently placed, or during the previous state
   50  fiscal year was placed, in foster care as defined in s. 39.01.
   51  
   52  Contingent upon available funds, a student may continue in the
   53  scholarship program as long as the student’s household income
   54  level does not exceed 200 percent of the federal poverty level.
   55  A sibling of a student who is continuing in the program and
   56  resides in the same household as the student is shall also be
   57  eligible as a first-time corporate income tax credit scholarship
   58  recipient as long as the student’s and sibling’s household
   59  income level does not exceed 200 percent of the federal poverty
   60  level. Household income for purposes of a student who is
   61  currently in foster care as defined in s. 39.01 shall consist
   62  only of the income that may be considered in determining whether
   63  he or she qualifies for free or reduced-price school lunches
   64  under the National School Lunch Act.
   65         (5) AUTHORIZATION TO GRANT SCHOLARSHIP FUNDING TAX CREDITS;
   66  TAX CREDIT FOR PUBLIC SCHOOL CONTRIBUTIONS; LIMITATIONS ON
   67  INDIVIDUAL AND TOTAL CREDITS.
   68         (a) There is allowed a credit of 100 percent of an eligible
   69  contribution against any tax due for a taxable year under this
   70  chapter. However, such a credit may not exceed 75 percent of the
   71  tax due under this chapter for the taxable year, after the
   72  application of any other allowable credits by the taxpayer. The
   73  credit granted by this section shall be reduced by the
   74  difference between the amount of federal corporate income tax,
   75  taking into account the credit granted by this section, and the
   76  amount of federal corporate income tax without application of
   77  the credit granted by this section.
   78         (b) The total amount of tax credits and carryforward of tax
   79  credits which may be granted each state fiscal year under this
   80  section is:
   81         1.Through June 30, 2009, $88 million.
   82         2.Through June 30, 2010, and thereafter, $118 million. At
   83  least 1 percent of the total statewide amount authorized for the
   84  tax credit shall be reserved for taxpayers who meet the
   85  definition of a small business provided in s. 288.703(1) at the
   86  time of application.
   87         (c) A taxpayer who files a Florida consolidated return as a
   88  member of an affiliated group pursuant to s. 220.131(1) may be
   89  allowed the credit on a consolidated return basis; however, the
   90  total credit taken by the affiliated group is subject to the
   91  limitation established under paragraph (a).
   92         (d) Effective for tax years beginning January 1, 2006, a
   93  taxpayer may rescind all or part of its allocated tax credit
   94  under this section. The amount rescinded shall become available
   95  for purposes of the cap for that state fiscal year under this
   96  section to an eligible taxpayer as approved by the department if
   97  the taxpayer receives notice from the department that the
   98  rescindment has been accepted by the department and the taxpayer
   99  has not previously rescinded any or all of its tax credit
  100  allocation under this section more than once in the previous 3
  101  tax years. Any amount rescinded under this paragraph shall
  102  become available to an eligible taxpayer on a first-come, first
  103  served basis based on tax credit applications received after the
  104  date the rescindment is accepted by the department.
  105  
  106  ====== D I R E C T O R Y  C L A U S E  A M E N D M E N T ======
  107         And the directory clause is amended as follows:
  108         Delete lines 43 - 47
  109  and insert:
  110         Section 2. Subsections (2) and (3), subsection (5),
  111  paragraphs (b) and (i) of subsection (6), and paragraphs (a),
  112  (b), (l), and (n) of subsection (9) of section 220.187, Florida
  113  Statutes, are amended, paragraph (o) is added to
  114  
  115  ================= T I T L E  A M E N D M E N T ================
  116         And the title is amended as follows:
  117         Delete lines 8 - 14
  118  and insert:
  119         certification list” and revising the term “eligible
  120         contribution”; expanding the Florida Tax Credit
  121         Scholarship Program to include insurance premium tax
  122         credits; revising the amount of tax credits for
  123         contributions to nonprofit scholarship-funding
  124         organizations; imposing an additional