HB 485

1
A bill to be entitled
2An act relating to fast track economic stimulus for small
3businesses; creating part XIII of ch. 288, F.S.,
4consisting of s. 288.991, F.S.; providing a short title;
5establishing the New Markets Development Program;
6providing a purpose; providing definitions; providing for
7a tax credit for making certain qualified equity
8investments; specifying a credit amount; providing for
9uses of the credit; prohibiting sale or transfer of such
10credits; authorizing allocation of the credit; specifying
11limitations on such credits; specifying application and
12certification requirements and procedures for the Office
13of Tourism, Trade, and Economic Development to qualify
14certain equity investments as eligible for tax credits;
15providing for application fees; providing duties and
16responsibilities of the Department of Revenue; limiting
17the amount of investments the office may certify;
18providing requirements and limitations on issuance of
19certified equity investments; providing for calculation of
20tax credits; limiting the amount of the tax credit that
21may be redeemed in a fiscal year; providing for carryover
22of unredeemed tax credits under certain circumstances;
23providing for redemption of tax credits; specifying how
24tax credits may be claimed by insurance companies;
25requiring the calculations to be certified and accompanied
26by audited financial statements and notarized affidavits;
27providing requirements for recapture of tax credits under
28certain circumstances; requiring notice of proposed
29recapture; providing requirements for compliance and
30audits of qualified equity investments; providing annual
31reporting requirements for certain community development
32entities; providing annual reporting requirements for the
33office; authorizing the office to conduct certain
34examinations; authorizing the office to revoke or modify
35tax credit authorizations under certain circumstances;
36providing for taxpayer liability for reimbursement of
37fraudulently claimed tax credits; providing penalties;
38authorizing the office and the department to adopt rules;
39providing for future repeal of the tax credit program;
40amending s. 220.02, F.S.; revising legislative intent with
41respect to the order of tax credits to include the New
42Markets Development Program tax credit; amending s.
43220.13, F.S.; revising a definition; amending s. 213.053,
44F.S.; authorizing the Department of Revenue to share
45certain confidential taxpayer information with the Office
46of Tourism, Trade, and Economic Development; preserving
47certain confidentiality of such information; providing for
48application; providing an effective date.
49
50Be It Enacted by the Legislature of the State of Florida:
51
52     Section 1.  Part XIII of chapter 288, Florida Statutes,
53consisting of section 288.991, is created to read:
54
PART XIII
55
NEW MARKETS DEVELOPMENT
56     288.991  New Markets Development Program.--
57     (1)  SHORT TITLE.--This section may be cited as the "New
58Markets Development Program."
59     (2)  ESTABLISHMENT; PURPOSE.--The New Markets Development
60Program is established to encourage capital investment in low-
61income communities in rural and urban areas by allowing state
62taxpayers to earn credits applicable against specified state
63taxes by investing in community development entities that make
64qualified low-income community investments in qualified active
65low-income community businesses that create jobs.
66     (3)  DEFINITIONS.--As used in this section:
67     (a)  "Applicable percentage" means zero percent for each of
68the first two credit allowance dates, 7 percent for the third
69credit allowance date, and 8 percent for the next four credit
70allowance dates.
71     (b)  "Credit allowance date" means, with respect to any
72qualified equity investment:
73     1.  The date on which such investment is initially made.
74     2.  Each of the six anniversary dates of such date
75thereafter.
76     (c)  "Department" means the Department of Revenue.
77     (d)  "Long-term debt security" means any debt instrument
78issued by a qualified community development entity, at par value
79or a premium, with an original maturity date of at least 7 years
80after the date of its issuance and with no acceleration of
81repayment, amortization, or prepayment features prior to its
82original maturity date.
83     (e)  "Low-income community" means any population census
84tract within this state in which:
85     1.  The poverty rate is at least 20 percent; or
86     2.  In the case of a tract that is:
87     a.  Not located within a metropolitan area, the median
88family income does not exceed 80 percent of statewide median
89family income; or
90     b.  Located within a metropolitan area, the median family
91income does not exceed 80 percent of the greater of statewide
92median family income or the metropolitan area median income.
93     (f)  "Office" means the Office of Tourism, Trade, and
94Economic Development.
95     (g)  "Purchase price" means the amount of cash paid to a
96qualified community development entity that issues a qualified
97equity investment for such qualified equity investment.
98     (h)  "Qualified active low-income community business" has
99the same meaning provided in s. 45D of the Internal Revenue Code
100of 1986, as amended. A business shall be considered a qualified
101active low-income business for the duration of the qualified
102community development entity's investment in, or loan to, the
103business if the entity reasonably expects, at the time it makes
104the investment or loan, the business to continue to satisfy the
105requirements for being a qualified active low-income community
106business throughout the entire period of the investment or loan.
107The subsequent insolvency, including reorganization or
108liquidation in bankruptcy, receivership, winding up, or
109dissolution of a business, does not disqualify the business from
110being a qualified active low-income community business if the
111other provisions of this section continue to be met. The term
112excludes any business that:
113     1.  Derives or projects to derive 15 percent or more of its
114annual revenue from the rental or sale of real estate. This
115exclusion does not apply to a business that is controlled by, or
116under common control with, another business if the second
117business does not derive or project to derive 15 percent or more
118of its annual revenue from the rental or sale of real estate and
119is the primary tenant of the real estate leased from the first
120business;
121     2.  Engages predominantly in the development or holding of
122intangibles for sale or license;
123     3.  Operates a private or commercial golf course, country
124club, massage establishment, hot tub facility, tanning facility,
125racetrack, or other facility used for gambling or any store the
126principal business of which is the sale of alcoholic beverages
127for consumption off premises; or
128     4.  The principal activity of which is farming if the sum
129of the aggregate unadjusted bases or, if greater, the fair
130market value of the assets owned by the business that are used
131in such trade or business, plus the aggregate value of the
132assets leased by the business used in such trade or business,
133exceeds $500,000. For the purposes of this paragraph, two or
134more trades or businesses shall be treated as a single trade or
135business.
136     (i)  "Qualified community development entity" has the same
137meaning as provided s. 45D of the Internal Revenue Code of 1986,
138as amended; provided such entity has entered into, or is
139controlled by an entity that has entered into, an allocation
140agreement with the Community Development Financial Institutions
141Fund of the United States Treasury Department with respect to
142credits authorized by s. 45D of the Internal Revenue Code of
1431986, as amended, which includes this state within the service
144area set forth in such allocation agreement.
145     (j)  "Qualified equity investment" means any equity
146investment in, or long-term debt security issued by, a qualified
147community development entity that:
148     1.  Is acquired after the effective date of this section at
149its original issuance solely in exchange for cash.
150     2.  Has at least 85 percent of its cash purchase price used
151by the issuer to make qualified low-income community investments
152in qualified active low-income community businesses located in
153this state.
154     3.  Is designated by the issuer as a qualified equity
155investment under this section and is certified by the office as
156a qualified equity investment pursuant to this section. This
157term shall include any qualified equity investment that does not
158meet the provisions of subparagraph 1. if such investment was a
159qualified equity investment in the hands of a prior holder.
160     (k)  "Qualified low-income community investment" means any
161capital or equity investment in or loan to any qualified active
162low-income community business made after July 1, 2009.
163     (l)  "Tax credit" means a credit against any corporate
164income or franchise taxes or insurance premium or retaliatory
165taxes otherwise due under the laws of this state.
166     (m)  "Taxpayer" means any entity subject to any corporate
167income or franchise taxes or insurance premium or retaliatory
168tax under the laws of this state.
169     (4)  CREDIT ESTABLISHED.--A person or entity that makes a
170qualified equity investment earns a vested tax credit against
171taxes imposed by s. 220.11 or s. 624.509 equal to 39 percent of
172the purchase price of the qualified equity investment. The tax
173credit may be used as follows:
174     (a)  The holder of the qualified equity investment on a
175particular credit allowance date of such qualified equity
176investment, whether the original purchaser or a subsequent
177holder of the qualified equity investment, may use a portion of
178the tax credit against its tax liability, for the taxable year
179that includes such credit allowance date, equal to the
180applicable percentage for such credit allowance date multiplied
181by the purchase price paid for such qualified equity investment.
182     (b)  A taxpayer may not claim a tax credit under this
183section for a particular year in excess of its state tax
184liability for such tax year. Any tax credit a taxpayer does not
185use may be carried forward for use in any subsequent tax year;
186however, all unused credits tax credits expire on December 31,
1872022.
188     (c)  Tax credits for taxpayers who are insurance companies
189subject to the insurance premium tax under s. 624.509 must be
190used against the insurance premium tax. An insurance company
191using a credit against the insurance premium tax is not required
192to pay any additional retaliatory tax levied pursuant to s.
193624.5091. Because credits under this section are available to an
194insurance company, s. 624.5091 does not limit such credit in any
195manner.
196     (5)  TRANSFERABILITY.--A tax credit earned under this
197section may not be sold or transferred. Tax credits that a
198partnership, limited liability company, subchapter S
199corporation, or other pass-through entity may use may be
200allocated to the partners, members, or shareholders of such
201entity for direct use in accordance with the provisions of any
202agreement between such partners, members, or shareholders.
203     (6)  LIMITATIONS.--
204     (a)  After the office has certified a cumulative amount of
205qualified equity investments that can result in the use of $20
206million of tax credits in any tax year, the office may not
207certify any more qualified equity investments. Such limitation
208shall be based upon the scheduled use of tax credits without
209regard to the potential for taxpayers to carry forward tax
210credits to later tax years.
211     (b)  The qualified community development entity that issues
212a long-term debt security may not make cash interest payments on
213such security during the period commencing with the issuance of
214the security and ending on the final credit allowance date of
215the security in excess of the sum of such cash interest payments
216and the cumulative operating income, as defined in the
217regulations adopted under s. 45D of the Internal Revenue Code of
2181986, as amended, of such qualified community development entity
219for the same period. Such limitation shall in no way limit the
220security holder's ability to accelerate payments on the security
221in situations where the qualified community development entity
222has defaulted on covenants designed to ensure compliance with
223this section or s. 45D of the Internal Revenue Code of 1986, as
224amended.
225     (c)  With respect to any one qualified active low-income
226community business, the maximum amount of qualified low-income
227community investments that may be made in such business, on a
228collective basis with all of its affiliates, with the proceeds
229of qualified equity investments that have been certified under
230this section shall be $10 million, whether made by one or
231several qualified community development entities.
232     (d)  The qualified community development entity shall keep
233sufficiently detailed books and records with respect to the
234investments made with the proceeds of the qualified equity
235investments to allow the direct tracing of such proceeds into
236qualified low-income community investments in qualified active
237low-income businesses in this state.
238     (7)  APPLICATION AND CERTIFICATION PROCEDURE.--
239     (a)  The office shall designate a comprehensive list of
240industries using the North American Industry Classification
241System, in consultation with Enterprise Florida, Inc., that will
242be used to direct qualified low-income community investments for
243the program and that will produce strong positive impacts on or
244benefits to the state, regional, and local economies. The office
245shall submit a copy of the list to the President of the Senate
246and the Speaker of the House of Representatives upon completion
247of the list and any modifications to the list. The office may
248waive such requirement if the office determines an investment
249would have a positive impact on a community.
250     (b)  A qualified community development entity that seeks to
251have an equity investment or long-term debt security certified
252as a qualified equity investment and eligible for tax credits
253must apply to the office. The qualified community development
254entity must submit an application on a form provided by the
255office that includes:
256     1.  The entity's name, business address, tax identification
257number, and evidence of the entity's certification as a
258qualified community development entity.
259     2.  A copy of an allocation agreement executed by the
260entity, or its controlling entity, and the Community Development
261Financial Institutions Fund, which includes this state in its
262service area.
263     3.  A certificate executed by an executive officer of the
264entity attesting that such allocation agreement remains in
265effect and has not been revoked or canceled by the Community
266Development Financial Institutions Fund.
267     4.  A description of the proposed amount, structure, and
268purchaser of the equity investment or long-term debt security.
269     5.  The name and tax identification number of any person or
270entity eligible to use tax credits earned as a result of the
271issuance of the qualified equity investment.
272     6.  Information regarding the proposed use of proceeds from
273the issuance of the qualified equity investment.
274     7.  A nonrefundable application fee of $1,000. This fee
275shall be paid to the department and shall be required for each
276application submitted.
277     8.  A statement setting forth the entity's plans to invest
278in only those entities engaged in industries identified as
279targeted qualified low-income community businesses for the
280program by the office.
281     9.  A statement setting forth the entity's plans for the
282development of relationships with community-based organizations,
283local community development offices and organizations, and
284economic development organizations, as well as any steps the
285entity has taken to implement such relationships.
286     10.  A statement declaring that jobs created will pay an
287average wage no less than 115 percent of the federal poverty
288guideline for a family of four as defined by the Federal
289Register of the United States Department of Health and Human
290Services.
291     (c)  Within 30 days after receipt of a completed
292application containing the information necessary for the office
293to certify a potential qualified equity investment, including
294the payment of the application fee, the office shall grant or
295deny the application in full or in part. If the office denies
296any part of the application, the office shall inform the
297qualified community development entity of the grounds for the
298denial. If the qualified community development entity provides
299any additional information required by the office or otherwise
300completes its application within 15 days after the notice of
301denial, the application shall be considered complete as of the
302original date of submission. If the qualified community
303development entity fails to provide the information or complete
304its application within the 15-day period, the application
305remains denied and must be resubmitted in full with a new
306submission date.
307     (d)  If the application is deemed complete, the office
308shall certify the proposed equity investment or long-term debt
309security as a qualified equity investment and eligible for tax
310credits under this section, subject to the limitations contained
311in subsection (5). The office shall provide written notice of
312the certification to the qualified community development entity
313and the department. The notice shall include the names of those
314taxpayers who are eligible to use the credits and their
315respective credit amounts. If the names of the persons or
316entities that are eligible to use the credits change due to a
317transfer of a qualified equity investment or a change in an
318allocation pursuant to subsection (4), the qualified community
319development entity shall notify the department of such change.
320     (e)  Within 60 days after receiving notice of
321certification, the qualified community development entity shall
322issue the qualified equity investment and receive payment in the
323amount of the certified purchase price. The qualified community
324development entity shall provide the office with evidence of the
325receipt of the cash investment within 30 business days after
326receipt. If the qualified community development entity does not
327receive the cash investment and issue the qualified equity
328investment within 60 days following receipt of the certification
329notice, the certification shall lapse and the entity may not
330issue the qualified equity investment without reapplying to the
331office for certification. A certification that lapses reverts to
332the office and may be reissued only in accordance with the
333application process outlined in this section.
334     (f)  The office shall certify qualified equity investments
335in the order applications are received by the department.
336Applications received on the same day shall be deemed to have
337been received simultaneously. For applications received on the
338same day and deemed complete, the office shall certify,
339consistent with remaining tax credit capacity, qualified equity
340investments in proportionate percentages based upon the ratio of
341the amount of qualified equity investment requested in an
342application to the total amount of qualified equity investments
343requested in all applications received on the same day. If a
344pending request cannot be fully certified because of the
345limitations of subsection (5), the office shall certify the
346portion that may be certified unless the qualified community
347development entity elects to withdraw its request rather than
348receive partial credit.
349     (8)  RECAPTURE.--
350     (a)  The office may direct the department to recapture any
351portion of a tax credit allowed under this section if:
352     1.  Any amount of federal tax credit that might be
353available with respect to the qualified equity investment that
354generated the tax credit under this section is recaptured under
355s. 45D of the Internal Revenue Code of 1986, as amended. In such
356case, the department's recapture shall be proportionate to the
357federal recapture with respect to such qualified equity
358investment;
359     2.  The qualified community development entity redeems or
360makes a principal repayment with respect to the qualified equity
361investment that generated the tax credit prior to the final
362credit allowance date of such qualified equity investment. In
363such case the department's recapture shall be proportionate to
364the amount of the redemption or repayment with respect to such
365qualified equity investment;
366     3.  The qualified community development entity fails to
367invest at least 85 percent of the purchase price of the
368qualified equity investment in qualified low-income community
369investments in qualified active low-income community businesses
370located in this state within 12 months after the issuance of the
371qualified equity investment and maintain such level of
372investment in qualified low-income community investments in
373qualified active low-income community businesses located in this
374state until the last credit allowance date for such qualified
375equity investment. For purposes of calculating the amount of
376qualified low-income community investments held by a qualified
377community development entity, an investment shall be considered
378held by the qualified community development entity even if the
379investment has been sold or repaid, provided the qualified
380community development entity reinvests an amount equal to the
381capital returned to or recovered from the original investment,
382exclusive of any profits realized, in another qualified active
383low-income community business in this state within 12 months
384after the receipt of such capital. A qualified community
385development entity shall not be required to reinvest capital
386returned from qualified low-income community investments after
387the sixth anniversary of the issuance of the qualified equity
388investment, the proceeds of which were used to make the
389qualified low-income community investment, and the qualified
390low-income community investment shall be considered held by the
391issuer through the qualified equity investment's final credit
392allowance date;
393     4.  The qualified community development entity fails to
394provide to the office and the department any of the information
395or reports required by this section; or
396     5.  The office determines as a result of a state single
397audit or an examination by the office that a taxpayer received
398tax credits pursuant to this section to which the taxpayer was
399not entitled.
400     (b)  The office shall provide notice to the qualified
401community development entity and the department of any proposed
402recapture of tax credits pursuant to this section. The entity
403shall have 90 days to cure any deficiency indicated in the
404office's original recapture notice and avoid such recapture. If
405the entity fails or is unable to cure such deficiency within the
40690-day period, the office shall provide the entity, the
407department, and the taxpayer from whom the credit is to be
408recaptured with a final order of recapture. Any tax credit for
409which a final recapture order has been issued shall be
410recaptured by the department from the taxpayer who claimed the
411tax credit on a tax return, or in the case of multiple
412succeeding entities in the order of tax-credit succession, and
413such funds shall be paid into the General Revenue Fund. Such
414action by the department does not constitute an audit or
415otherwise alter the department's ability to audit the taxpayer.
416     (9)  COMPLIANCE AND AUDIT PROVISIONS.--
417     (a)  Within 30 days after each credit allowance date, each
418qualified community development entity shall submit to the
419office the following with respect to each qualified equity
420investment issued by the entity:
421     1.  A listing, certified by an executive officer of the
422qualified community development entity, of all qualified low-
423income community investments made by the qualified community
424development entity with the proceeds of a qualified equity
425investment and held as of the credit allowance date, which shall
426include the name of each qualified active low-income business
427funded, the location of the principal office of each such
428business, and the amount of the qualified low-income community
429investment in each such business.
430     2.  Bank records, wire transfer records, or other similar
431documents that reflect the investments listed under subparagraph
4321.
433     3.  An attestation from the qualified community development
434entity's chief financial officer or accounting officer that no
435redemption or principal payment was made with respect to the
436qualified equity investment since the previous credit allowance
437date.
438     4.  Any information with respect to a recapture of the
439federal tax credits available with respect to a qualified equity
440investment that the qualified community development entity has
441received since the prior credit allowance date.
442     (b)  Within 20 days after receipt of the information listed
443in paragraph (a), the office shall certify in writing to the
444qualified community development entity and to the department the
445amount of credit that is eligible for use for such credit
446allowance date. The notice shall include a listing of the
447taxpayers eligible to redeem the tax credit for such credit
448allowance date.
449     (c)  A qualified community development entity that receives
450an annual allocation of tax credits in an amount equal to or in
451excess of $500,000 shall be treated as a recipient and required
452to participate in a state single audit pursuant to s. 215.97.
453The office shall be the state awarding agency and coordinating
454agency. In addition to the required financial reporting package,
455the audit must attest to the entity's adherence to the
456performance conditions enumerated in this section as such
457conditions relate to the recapture of the tax credit under
458subsection (8). Taxpayers that are not qualified community
459development entities may not be treated as subrecipients or
460otherwise required to participate in the state single audit
461program.
462     (10)  ANNUAL REPORTING.--
463     (a)  Within 120 days after the end of a calendar year that
464includes a credit allowance date, each community development
465entity that has an equity investment or long-term debt security
466certified as a qualified equity investment under this section
467shall provide the office with:
468     1.  The entity's annual financial statements for the
469immediately preceding tax year, audited by an independent
470certified public accountant.
471     2.  Using the North American Industry Classification System
472Code, the types of businesses funded, the counties where the
473qualified active low-income community businesses are located,
474the amount of money invested, and the number of jobs created and
475retained by qualified active low-income community businesses
476funded, in a form satisfactory to the office.
477     3.  A statement describing the relationships the entity has
478established with community-based organizations, local community
479development offices and organizations, and economic development
480organizations and a summary of the outcomes resulting from such
481relationships.
482     4.  Other information as prescribed by the office and
483documentation to demonstrate continued certification by the
484federal program.
485     (b)  The office shall prepare an annual report of all
486qualified low-income community investments made in this state
487from the proceeds of qualified equity investments, which shall
488include relevant statistics from the North American Industry
489Classification System Code, the county or counties where the
490qualified low-income community investments are located, the
491amount of money invested, the number of jobs created and
492retained by businesses in which qualified low-income community
493investments have been made, and the value of applicable state
494tax credits claimed for the latest year for which such
495information is available. The office shall submit a copy to the
496Governor, the President of the Senate, and the Speaker of the
497House of Representatives each July 1, beginning in 2011, and may
498post the annual report on the office's website.
499     (11)  EXAMINATION.--
500     (a)  The office may conduct examinations to verify that tax
501credits under this section have been received and applied
502according to the requirements of this section and to verify
503information provided by qualified community development entities
504to the office.
505     (b)  The office may revoke or modify any written decision
506qualifying, certifying, or otherwise granting eligibility for
507tax credits under this section if it is discovered that the
508qualified community development entity submitted any false
509statement, representation, or certification in any application,
510record, report, plan, or other document filed in an attempt to
511receive the tax credits.
512     (c)  A qualified community development entity that submits
513information under this section that includes fraudulent
514information is liable for reimbursement of the reasonable costs
515and fees associated with the review, processing, investigation,
516and prosecution of the fraudulent claim plus a penalty in an
517amount double the credit amount certified and claimed by the
518holders of the entity's qualified equity investments, which
519penalty is in addition to any criminal penalty to which the
520taxpayer is liable for the same acts.
521     (12)  RULEMAKING.--The office and the department may adopt
522rules pursuant to ss. 120.536(1) and 120.54 to administer this
523section.
524     (13)  EXPIRATION.--This section is repealed December 31,
5252021.
526     Section 2.  Subsection (8) of section 220.02, Florida
527Statutes, is amended to read:
528     220.02  Legislative intent.--
529     (8)  It is the intent of the Legislature that credits
530against either the corporate income tax or the franchise tax be
531applied in the following order: those enumerated in s. 631.828,
532those enumerated in s. 220.191, those enumerated in s. 220.181,
533those enumerated in s. 220.183, those enumerated in s. 220.182,
534those enumerated in s. 220.1895, those enumerated in s. 221.02,
535those enumerated in s. 220.184, those enumerated in s. 220.186,
536those enumerated in s. 220.1845, those enumerated in s. 220.19,
537those enumerated in s. 220.185, those enumerated in s. 220.187,
538those enumerated in s. 220.192, and those enumerated in s.
539220.193; and those enumerated in s. 288.991.
540     Section 3.  Paragraph (a) of subsection (1) of section
541220.13, Florida Statutes, is amended to read:
542     220.13  "Adjusted federal income" defined.--
543     (1)  The term "adjusted federal income" means an amount
544equal to the taxpayer's taxable income as defined in subsection
545(2), or such taxable income of more than one taxpayer as
546provided in s. 220.131, for the taxable year, adjusted as
547follows:
548     (a)  Additions.--There shall be added to such taxable
549income:
550     1.  The amount of any tax upon or measured by income,
551excluding taxes based on gross receipts or revenues, paid or
552accrued as a liability to the District of Columbia or any state
553of the United States which is deductible from gross income in
554the computation of taxable income for the taxable year.
555     2.  The amount of interest which is excluded from taxable
556income under s. 103(a) of the Internal Revenue Code or any other
557federal law, less the associated expenses disallowed in the
558computation of taxable income under s. 265 of the Internal
559Revenue Code or any other law, excluding 60 percent of any
560amounts included in alternative minimum taxable income, as
561defined in s. 55(b)(2) of the Internal Revenue Code, if the
562taxpayer pays tax under s. 220.11(3).
563     3.  In the case of a regulated investment company or real
564estate investment trust, an amount equal to the excess of the
565net long-term capital gain for the taxable year over the amount
566of the capital gain dividends attributable to the taxable year.
567     4.  That portion of the wages or salaries paid or incurred
568for the taxable year which is equal to the amount of the credit
569allowable for the taxable year under s. 220.181. This
570subparagraph shall expire on the date specified in s. 290.016
571for the expiration of the Florida Enterprise Zone Act.
572     5.  That portion of the ad valorem school taxes paid or
573incurred for the taxable year which is equal to the amount of
574the credit allowable for the taxable year under s. 220.182. This
575subparagraph shall expire on the date specified in s. 290.016
576for the expiration of the Florida Enterprise Zone Act.
577     6.  The amount of emergency excise tax paid or accrued as a
578liability to this state under chapter 221 which tax is
579deductible from gross income in the computation of taxable
580income for the taxable year.
581     7.  That portion of assessments to fund a guaranty
582association incurred for the taxable year which is equal to the
583amount of the credit allowable for the taxable year.
584     8.  In the case of a nonprofit corporation which holds a
585pari-mutuel permit and which is exempt from federal income tax
586as a farmers' cooperative, an amount equal to the excess of the
587gross income attributable to the pari-mutuel operations over the
588attributable expenses for the taxable year.
589     9.  The amount taken as a credit for the taxable year under
590s. 220.1895.
591     10.  Up to nine percent of the eligible basis of any
592designated project which is equal to the credit allowable for
593the taxable year under s. 220.185.
594     11.  The amount taken as a credit for the taxable year
595under s. 220.187.
596     12.  The amount taken as a credit for the taxable year
597under s. 220.192.
598     13.  The amount taken as a credit for the taxable year
599under s. 220.193.
600     14.  Any amount in excess of $25,000 allowable as a
601deduction for federal income tax purposes under s. 179 of the
602Internal Revenue Code of 1986, as amended, for the taxable year.
603     15.  Any amount allowable as a deduction for federal income
604tax purposes under s. 167 or s. 168 of the Internal Revenue Code
605of 1986, as amended, for the taxable year to the extent that
606such amount includes bonus depreciation allowable as deduction
607under s. 168(k).
608     16.  Any portion of a qualified equity investment, as
609defined in s. 288.991, that is claimed as a deduction by the
610taxpayer for the purpose of calculating the taxpayer's net
611income.
612     Section 4.  Subsection (19) is added to section 213.053,
613Florida Statutes, to read:
614     213.053  Confidentiality and information sharing.--
615     (19)  Information relative to tax credits taken by a
616taxpayer pursuant to s. 288.991 may be disclosed to the Office
617of Tourism, Trade, and Economic Development or its employees or
618agents that have been identified in writing by the office to the
619department for use in the performance of their official duties.
620All information disclosed under this subsection is subject to
621the same requirements of confidentiality and the same penalties
622for violation of the requirements as the department.
623     Section 5.  This act shall take effect July 1, 2009.


CODING: Words stricken are deletions; words underlined are additions.