CS/HB 485

1	A bill to be entitled
2	An act relating to fast track economic stimulus for small
3	businesses; amending s. 213.053, F.S.; authorizing the
4	Department of Revenue to share certain confidential
5	taxpayer information with the Office of Tourism, Trade,
6	and Economic Development; preserving certain
7	confidentiality of such information; amending s. 220.02,
8	F.S.; revising legislative intent with respect to the
9	order of tax credits to include the New Markets
10	Development Program tax credit; amending s. 220.13, F.S.;
11	revising a definition; creating ss. 288.991-288.9922,
12	F.S.; providing a short title; establishing the New
13	Markets Development Program; providing a purpose;
14	providing definitions; providing for a tax credit for
15	making certain qualified equity investments; specifying a
16	credit amount; providing for uses of the credit;
17	prohibiting sale or transfer of such credits; authorizing
18	allocation of the credit; specifying limitations on such
19	credits; specifying application and certification
20	requirements and procedures for the Office of Tourism,
21	Trade, and Economic Development to qualify certain equity
22	investments as eligible for tax credits; providing for
23	application fees; providing duties and responsibilities of
24	the Department of Revenue; limiting the amount of
25	investments the office may certify; providing requirements
26	and limitations on issuance of certified equity
27	investments; providing for calculation of tax credits;
28	limiting the amount of the tax credit that may be redeemed
29	in a fiscal year; providing for carryover of unredeemed
30	tax credits under certain circumstances; providing for
31	redemption of tax credits; specifying how tax credits may
32	be claimed by insurance companies; requiring the
33	calculations to be certified and accompanied by audited
34	financial statements and notarized affidavits; providing
35	requirements for recapture of tax credits under certain
36	circumstances; requiring notice of proposed recapture;
37	providing requirements for compliance and audits of
38	qualified equity investments; providing annual reporting
39	requirements for certain community development entities;
40	providing annual reporting requirements for the office;
41	authorizing the office to conduct certain examinations;
42	authorizing the office to revoke or modify tax credit
43	authorizations under certain circumstances; providing for
44	taxpayer liability for reimbursement of fraudulently
45	claimed tax credits; providing penalties; authorizing the
46	office and the department to adopt rules; providing for
47	future repeal of the tax credit program; providing an
48	effective date.
49
50	Be It Enacted by the Legislature of the State of Florida:
51
52	Section 1.  Subsection (19) is added to section 213.053,
53	Florida Statutes, to read:
54	213.053  Confidentiality and information sharing.--
55	(19)  The department may disclose information relative to
56	tax credits taken by a taxpayer pursuant to s. 288.9916 to the
57	Office of Tourism, Trade, and Economic Development or its
58	employees or agents. Such employees must be identified in
59	writing by the office to the department. All information
60	disclosed under this subsection is subject to the same
61	requirements of confidentiality and the same penalties for
62	violation of the requirements as the department.
63	Section 2.  Subsection (8) of section 220.02, Florida
64	Statutes, is amended to read:
65	220.02  Legislative intent.--
66	(8)  It is the intent of the Legislature that credits
67	against either the corporate income tax or the franchise tax be
68	applied in the following order: those enumerated in s. 631.828,
69	those enumerated in s. 220.191, those enumerated in s. 220.181,
70	those enumerated in s. 220.183, those enumerated in s. 220.182,
71	those enumerated in s. 220.1895, those enumerated in s. 221.02,
72	those enumerated in s. 220.184, those enumerated in s. 220.186,
73	those enumerated in s. 220.1845, those enumerated in s. 220.19,
74	those enumerated in s. 220.185, those enumerated in s. 220.187,
75	those enumerated in s. 220.192, and those enumerated in s.
76	220.193, and those enumerated in s. 288.9916.
77	Section 3.  Paragraph (a) of subsection (1) of section
78	220.13, Florida Statutes, is amended to read:
79	220.13  "Adjusted federal income" defined.--
80	(1)  The term "adjusted federal income" means an amount
81	equal to the taxpayer's taxable income as defined in subsection
82	(2), or such taxable income of more than one taxpayer as
83	provided in s. 220.131, for the taxable year, adjusted as
84	follows:
85	(a)  Additions.--There shall be added to such taxable
86	income:
87	1.  The amount of any tax upon or measured by income,
88	excluding taxes based on gross receipts or revenues, paid or
89	accrued as a liability to the District of Columbia or any state
90	of the United States which is deductible from gross income in
91	the computation of taxable income for the taxable year.
92	2.  The amount of interest which is excluded from taxable
93	income under s. 103(a) of the Internal Revenue Code or any other
94	federal law, less the associated expenses disallowed in the
95	computation of taxable income under s. 265 of the Internal
96	Revenue Code or any other law, excluding 60 percent of any
97	amounts included in alternative minimum taxable income, as
98	defined in s. 55(b)(2) of the Internal Revenue Code, if the
99	taxpayer pays tax under s. 220.11(3).
100	3.  In the case of a regulated investment company or real
101	estate investment trust, an amount equal to the excess of the
102	net long-term capital gain for the taxable year over the amount
103	of the capital gain dividends attributable to the taxable year.
104	4.  That portion of the wages or salaries paid or incurred
105	for the taxable year which is equal to the amount of the credit
106	allowable for the taxable year under s. 220.181. This
107	subparagraph shall expire on the date specified in s. 290.016
108	for the expiration of the Florida Enterprise Zone Act.
109	5.  That portion of the ad valorem school taxes paid or
110	incurred for the taxable year which is equal to the amount of
111	the credit allowable for the taxable year under s. 220.182. This
112	subparagraph shall expire on the date specified in s. 290.016
113	for the expiration of the Florida Enterprise Zone Act.
114	6.  The amount of emergency excise tax paid or accrued as a
115	liability to this state under chapter 221 which tax is
116	deductible from gross income in the computation of taxable
117	income for the taxable year.
118	7.  That portion of assessments to fund a guaranty
119	association incurred for the taxable year which is equal to the
120	amount of the credit allowable for the taxable year.
121	8.  In the case of a nonprofit corporation which holds a
122	pari-mutuel permit and which is exempt from federal income tax
123	as a farmers' cooperative, an amount equal to the excess of the
124	gross income attributable to the pari-mutuel operations over the
125	attributable expenses for the taxable year.
126	9.  The amount taken as a credit for the taxable year under
127	s. 220.1895.
128	10.  Up to nine percent of the eligible basis of any
129	designated project which is equal to the credit allowable for
130	the taxable year under s. 220.185.
131	11.  The amount taken as a credit for the taxable year
132	under s. 220.187.
133	12.  The amount taken as a credit for the taxable year
134	under s. 220.192.
135	13.  The amount taken as a credit for the taxable year
136	under s. 220.193.
137	14.  Any amount in excess of $25,000 allowable as a
138	deduction for federal income tax purposes under s. 179 of the
139	Internal Revenue Code of 1986, as amended, for the taxable year.
140	15.  Any amount allowable as a deduction for federal income
141	tax purposes under s. 167 or s. 168 of the Internal Revenue Code
142	of 1986, as amended, for the taxable year to the extent that
143	such amount includes bonus depreciation allowable as deduction
144	under s. 168(k).
145	16.  Any portion of a qualified investment, as defined in
146	s. 288.9913, which is claimed as a deduction by the taxpayer and
147	taken as a credit against income tax pursuant to s. 288.9916.
148	Section 4.  Section 288.991, Florida Statutes, is created
149	to read:
150	288.991  Short title.--Sections 288.991-288.9922 may be
151	cited as the "New Markets Development Program Act."
152	Section 5.  Section 288.9912, Florida Statutes, is created
153	to read:
154	288.9912  New Markets Development Program; purpose.--The
155	New Markets Development Program is established to encourage
156	capital investment in rural and urban low-income communities by
157	allowing taxpayers to earn credits against specified taxes by
158	investing in qualified community development entities that make
159	qualified low-income community investments in qualified active
160	low-income community businesses to create and retain jobs.
161	Section 6.  Section 288.9913, Florida Statutes, is created
162	to read:
163	288.9913  Definitions.--As used in ss. 288.991-288.9922,
164	the term:
165	(1)  "Credit allowance date" means:
166	(a)  The date on which a qualified investment is made; and
167	(b)  Each of the six anniversaries of that date.
168	(2)  "Department" means the Department of Revenue.
169	(3)  "Long-term debt security" means a debt instrument
170	issued by a qualified community development entity at par value
171	or a premium which has a maturity date of at least 7 years
172	following the date of its issuance, with no acceleration of
173	repayment, amortization, or prepayment features prior to its
174	original maturity date, except in instances of default.
175	(4)  "Low-income community" means any population census
176	tract within the state where:
177	1.  The poverty rate of such tract is at least 20 percent;
178	or
179	2.  In the case of a tract that is:
180	a.  Not located within a metropolitan area, the median
181	family income for such tract does not exceed 80 percent of the
182	statewide median family income; or
183	b.  Located within a metropolitan area, the median family
184	income for such tract does not exceed 80 percent of the greater
185	of the statewide median family income or the metropolitan area
186	median income.
187	(5)  "Office" means the Office of Tourism, Trade, and
188	Economic Development.
189	(6)  "Purchase price" means the amount of cash paid to a
190	qualified community development entity in exchange for a
191	qualified investment.
192	(7)  "Qualified active low-income community business" means
193	a corporation, including a nonprofit corporation, or partnership
194	that:
195	(a)1.  Derives at least 50 percent of its total gross
196	income from the active conduct of business within any low-income
197	community for any taxable year;
198	2.  Uses a substantial portion of its tangible property,
199	whether owned or leased, within any low-income community for any
200	taxable year;
201	3.  Performs a substantial portion of its services through
202	its employees in a low-income community for any taxable year;
203	4.  Attributes less than 5 percent of the average of the
204	aggregate unadjusted bases of the property of the entity to
205	collectibles, as defined in 26 U.S.C. s. 408(m)(2), other than
206	collectibles that are held primarily for sale to customers in
207	the ordinary course of the business for any taxable year; and
208	5.  Attributes less than 5 percent of the average of the
209	aggregate unadjusted bases of the property of the entity to
210	nonqualified financial property, as defined in 26 U.S.C. s.
211	1397C(e), for any taxable year.
212	(b)  Is reasonably expected by a qualified community
213	development entity at the time of an investment to continue to
214	satisfy the requirements of paragraphs (a), (c), and (d) for the
215	duration of the investment.
216	(c)  Satisfies the requirements of paragraphs (a) and (b),
217	but does not:
218	1.  Derive or project to derive 15 percent or more of its
219	annual revenue from the rental or sale of real estate;
220	2.  Engage predominantly in the development or holding of
221	intangibles for sale or license;
222	3.  Operate a private or commercial golf course, country
223	club, massage parlor, hot tub facility, suntan facility,
224	racetrack, gambling facility, or a store the principal business
225	of which is the sale of alcoholic beverages for consumption off
226	premises; or
227	4.  Engage principally in farming and owns or leases assets
228	the sum of the aggregate unadjusted bases or the fair market
229	value of which exceeds $500,000.
230	(d)  Will create or retain jobs that pay an average wage of
231	at least 115 percent of the federal poverty income guidelines
232	for a family of four.
233	(8)  "Qualified community development entity" means an
234	entity that:
235	(a)  Is certified by the Secretary of the United States
236	Department of the Treasury as a qualified community development
237	entity under 26 U.S.C. s. 45D; and
238	(b)  Has entered into, or is controlled by an entity that
239	has entered into, an allocation agreement with the Community
240	Development Financial Institutions Fund of the United States
241	Department of the Treasury with respect to tax credits under 26
242	U.S.C. s. 45D and is authorized to serve businesses in this
243	state under the agreement.
244	(9)  "Qualified investment" means an equity investment in,
245	or a long-term debt security issued by, a qualified community
246	development entity that:
247	(a)  Is issued solely in exchange for cash; and
248	(b)  Is designated by the qualified community development
249	entity as a qualified investment under this paragraph and is
250	approved by the office as a qualified investment.
251	(10)  "Qualified low-income community investment" means a
252	capital or equity investment in, or loan to, any qualified
253	active low-income community business.
254	Section 7.  Section 288.9914, Florida Statutes, is created
255	to read:
256	288.9914  Certification of qualified investments;
257	investment issuance reporting.--
258	(1)  ELIGIBLE INDUSTRIES.--
259	(a)  The office, in consultation with Enterprise Florida,
260	Inc., shall designate industries using the North American
261	Industry Classification System which are eligible to receive
262	low-income community investments. The designated industries must
263	be those industries that have the greatest potential to create
264	strong positive impacts on or benefits to the state, regional,
265	and local economies.
266	(b)  A qualified community development entity may not make
267	a qualified low-income community investment in a business unless
268	the principal activities of the business are within an eligible
269	industry. The office may waive this limitation if the office
270	determines that the investment will have a positive impact on a
271	community.
272	(2)  APPLICATION.--A qualified community development entity
273	must submit an application to the office to approve a proposed
274	investment as a qualified investment. The application must
275	include:
276	(a)  The name, address, and tax identification number of
277	the qualified community development entity.
278	(b)  Proof of certification as a qualified community
279	development entity under 26 U.S.C. s. 45D.
280	(c)  A copy of an allocation agreement executed by the
281	entity, or its controlling entity, and the Community Development
282	Financial Institutions Fund, which authorizes the entity to
283	serve businesses in this state.
284	(d)  A verified statement by the chief executive officer of
285	the entity that the allocation agreement remains in effect.
286	(e)  A description of the proposed amount, structure, and
287	purchaser of an equity investment or long-term debt security.
288	(f)  The name and tax identification number of any person
289	authorized to claim a tax credit earned as a result of the
290	purchase of the proposed qualified investment.
291	(g)  A detailed explanation of the proposed use of the
292	proceeds from a proposed qualified investment.
293	(h)  A nonrefundable application fee of $1,000, payable to
294	the office.
295	(i)  A statement that the entity will invest only in the
296	industries designated by the office.
297	(j)  The entity's plans for the development of
298	relationships with community-based organizations, local
299	community development offices and organizations, and economic
300	development organizations. The entity must also explain steps it
301	has taken to implement its plans to develop these relationships.
302	(k)  A statement that the entity will not invest in a
303	qualified active low-income community business unless the
304	business will create or retain jobs that pay an average wage of
305	at least 115 percent of the federal poverty income guidelines
306	for a family of four.
307	(3)  REVIEW.--
308	(a)  The office shall review applications to approve an
309	investment as a qualified investment in the order received. The
310	office shall approve or deny an application within 30 days after
311	receipt.
312	(b)  If the office intends to deny the application, the
313	office shall inform the applicant of the basis of the proposed
314	denial. The applicant shall have 15 days after it receives the
315	notice of the intent to deny the application to submit a revised
316	application to the office. The office shall issue a final order
317	approving or denying the revised application within 30 days
318	after receipt.
319	(c)  The office may not approve a cumulative amount of
320	qualified investments that may result in the claim of more than
321	$97.5 million in tax credits during the existence of the program
322	or more than $20 million in tax credits in a single fiscal year.
323	However, the potential for a taxpayer to carry forward an unused
324	tax credit may not be considered in calculating the annual
325	limit.
326	(4)  APPROVAL.--
327	(a)  The office shall provide a copy of the final order
328	approving an investment as a qualified investment to the
329	qualified community development entity and to the department.
330	The notice shall include the identity of the taxpayers who are
331	eligible to claim the tax credits and the amount that may be
332	claimed by each taxpayer.
333	(b)  The office shall approve an application for part of
334	the amount of the proposed investment if the amount of tax
335	credits available are insufficient.
336	(c)  If more than one application is found to comply with
337	subsection (3) on the same day and the amount of tax credits
338	available are insufficient for all of the applications, the tax
339	credits available to each applicant shall be in proportion to
340	the proposed purchase price to the total purchase price of all
341	of the proposed investments.
342	(5)  DURATION OF APPROVAL.--The qualified community
343	development entity must issue the qualified investment in
344	exchange for cash within 60 days after it receives the order
345	approving an investment as a qualified investment, otherwise the
346	order is void.
347	(6)  REPORT OF ISSUANCE OF A QUALIFIED INVESTMENT.--The
348	qualified community development entity must provide the office
349	with evidence of the receipt of the cash in exchange for the
350	qualified investment within 30 business days after receipt.
351	Section 8.  Section 288.9915, Florida Statutes, is created
352	to read:
353	288.9915  Use of proceeds from qualified investments;
354	recordkeeping.--
355	(1)  A qualified community development entity may not make
356	cash interest payments on a long-term debt security that is a
357	qualified investment in excess of the entity's operating income
358	for 6 years following the issuance of the security.
359	(2)  A qualified community development entity shall keep
360	detailed records showing the use of proceeds from qualified
361	investments to fund qualified low-income community investments.
362	(3)  A qualified active low-income community business,
363	including its affiliates, may not receive more than $10 million
364	in qualified low-income community investments under the New
365	Markets Development Program Act.
366	Section 9.  Section 288.9916, Florida Statutes, is created
367	to read:
368	288.9916  New markets tax credit.--
369	(1)  A person or entity that makes a qualified investment
370	earns a vested tax credit pursuant to the New Markets
371	Development Program Act against taxes under s. 220.11 or s.
372	624.509 equal to 39 percent of the purchase price of the
373	qualified investment. The holder of a qualified investment may
374	claim the tax credit as follows:
375	(a)  The holder may apply 7 percent of the purchase price
376	against its tax liability in the tax year containing the third
377	credit allowance date.
378	(b)  The holder may apply 8 percent of the purchase price
379	against its tax liability in the tax years containing the fourth
380	through seventh credit allowance dates.
381	(c)  A taxpayer may not claim a tax credit in excess of the
382	taxpayer's tax liability. If the credit granted pursuant to this
383	section is not fully used in any single year because of
384	insufficient tax liability on the part of the taxpayer, the
385	unused amount may be carried forward for a period not to exceed
386	5 years. The carryover credit may be used in a subsequent year
387	when the tax imposed for such year exceeds the credit for such
388	year, after applying the other credits and unused credit
389	carryovers in the order provided in s. 220.02(8). Carryover
390	credit amounts shall be treated as unused credits for purposes
391	of the transfer of unused credits pursuant to paragraph (2)(b).
392	(d)  An insurance company that is subject to the insurance
393	premium tax under s. 624.509 must apply the tax credit against
394	the insurance premium tax. An insurer that claims a credit
395	against premium tax liability earned by making a qualified
396	investment under this section is not required to pay any
397	additional retaliatory tax levied pursuant to s. 624.5091 as a
398	result of claiming the tax credit. If the credit granted
399	pursuant to this section is not fully used in any single year
400	because of insufficient tax liability on the part of the
401	taxpayer, the unused amount may be carried forward for a period
402	not to exceed 5 years. The carryover credit may be used in a
403	subsequent year when the tax imposed for such year exceeds the
404	credit for such year, after applying the other credits and
405	unused credit carryovers in the order provided in s. 220.02(8).
406	Carryover credit amounts shall be treated as unused credits for
407	purposes of the transfer of unused credits pursuant to paragraph
408	(2)(b).
409	(2)  A tax credit earned under this section may not be sold
410	or transferred, except as provided in this subsection.
411	(a)  A partner, member, or shareholder of a partnership,
412	limited liability company, S-corporation, or other "pass-
413	through" entity may claim the tax credit pursuant to an
414	agreement among the partners, members, or shareholders. Any
415	change in the allocation of a tax credit under the agreement
416	must be reported to the office and to the department.
417	(b)  Eligibility to claim a tax credit transfers to
418	subsequent purchasers of a qualified investment. Such transfers
419	must be reported to the office and to the department along with
420	the identity, tax identification number, and tax credit amount
421	allocated to a taxpayer pursuant to paragraph (a). The notice of
422	transfer also must state whether unused tax credits are being
423	transferred and the amount of unused tax credits being
424	transferred.
425	Section 10.  Section 288.9917, Florida Statutes, is created
426	to read:
427	288.9917  Community development entity reporting after a
428	credit allowance date; certification of tax credit amount.--
429	(1)  A qualified community development entity that has
430	issued a qualified investment shall submit the following to the
431	office within 30 days after each credit allowance date:
432	(a)  A list of all qualified active low-income community
433	businesses in which a qualified low-income community investment
434	was made since the last credit allowance date. The list shall
435	also describe the type and amount of investment in each business
436	and the address of the principal location of each business. The
437	list must be verified by the chief executive officer of the
438	community development entity.
439	(b)  Bank records, wire transfer records, or similar
440	documents that provide evidence of the qualified low-income
441	community investments made since the last credit allowance date.
442	(c)  A verified statement by the chief financial or
443	accounting officer of the community development entity that no
444	redemption or principal repayment was made with respect to the
445	qualified investment since the previous credit allowance date.
446	(d)  Information relating to the recapture of the federal
447	new markets tax credit since the last credit allowance date.
448	(2)  The office shall certify in writing to the qualified
449	community development entity and to the department the amount of
450	the tax credit authorized for each taxpayer eligible to claim
451	the tax credit in the tax year containing the last credit
452	allowance date.
453	Section 11.  Section 288.9918, Florida Statutes, is created
454	to read:
455	288.9918  Annual reporting by a community development
456	entity.--A community development entity that has issued a
457	qualified investment shall submit an annual report to the office
458	by April 30 after the end of each year which includes a credit
459	allowance date. The report shall include:
460	(1)  The entity's annual financial statements for the
461	preceding tax year, audited by an independent certified public
462	accountant.
463	(2)  The identity of the types of industries, identified by
464	the North American Industry Classification System Code, in which
465	qualified low-income community investments were made.
466	(3)  The names of the counties in which the qualified
467	active low-income businesses are located which received
468	qualified low-income community investments.
469	(4)  The number of jobs created and retained by qualified
470	active low-income community businesses receiving qualified low-
471	income community investments, including verification that the
472	average wages paid meet or exceed 115 percent of the federal
473	poverty income guidelines for a family of four.
474	(5)  A description of the relationships that the entity has
475	established with community-based organizations and local
476	community development offices and organizations and a summary of
477	the outcomes resulting from those relationships.
478	(6)  Other information and documentation required by the
479	office to verify continued certification as a qualified
480	community development entity under 26 U.S.C. s. 45D.
481	Section 12.  Section 288.9919, Florida Statutes, is created
482	to read:
483	288.9919  Audits and examinations; penalties.--
484	(1)  AUDITS.--A community development entity that issues an
485	investment approved by the office as a qualified investment
486	shall be deemed a recipient of state financial assistance under
487	s. 215.97, the Florida Single Audit Act. However, an entity that
488	makes a qualified investment or receives a qualified low-income
489	community investment is not a subrecipient for the purposes of
490	s. 215.97.
491	(2)  EXAMINATIONS.--The office may conduct examinations to
492	verify compliance with the New Markets Development Program Act.
493	Section 13.  Section 288.9920, Florida Statutes, is created
494	to read:
495	288.9920  Recapture and penalties.--
496	(1)  Notwithstanding s. 95.091, the office shall direct the
497	department, at any time before December 31, 2022, to recapture
498	all or a portion of a tax credit authorized pursuant to the New
499	Markets Development Program Act if one or more of the following
500	occur:
501	(a)  The Federal Government recaptures any portion of the
502	federal new markets tax credit. The recapture by the department
503	shall equal the recapture by the Federal Government.
504	(b)  The qualified community development entity redeems or
505	makes a principal repayment on a qualified investment before the
506	final allowance date. The recapture by the department shall
507	equal the redemption or principal repayment divided by the
508	purchase price and multiplied by the tax credit authorized to a
509	taxpayer for the qualified investment.
510	(c)1.  The qualified community development entity fails to
511	invest at least 85 percent of the purchase price in qualified
512	low-income community investments within 12 months after the
513	issuance of a qualified investment; or
514	2.  The qualified community development entity fails to
515	maintain 85 percent of the purchase price in qualified low-
516	income community investments until the last credit allowance
517	date for a qualified investment.
518
519	For the purposes of this paragraph, an investment by a qualified
520	community development entity includes principal recovered from
521	an investment for 12 months after its recovery or principal
522	recovered after the sixth credit allowance date. Principal held
523	for longer than 12 months or recovered before the sixth credit
524	allowance date is not an investment unless it is reinvested in a
525	qualified low-income community investment.
526	(d)  The qualified community development entity fails to
527	provide the office with information, reports, or documentation
528	required by the New Markets Development Program Act.
529	(e)  The office determines that a taxpayer received tax
530	credits to which the taxpayer was not entitled.
531	(2)  The office shall provide notice to the qualified
532	community development entity and the department of a proposed
533	recapture of a tax credit. The entity shall have 90 days
534	following the receipt of the notice to cure a deficiency
535	identified in the notice and avoid recapture. The department
536	shall issue a final order of recapture if the entity fails to
537	cure a deficiency within the 90-day period. The final order of
538	recapture shall be provided to the entity, the department, and a
539	taxpayer otherwise authorized to claim the tax credit.
540	Recaptured funds shall be deposited into the General Revenue
541	Fund.
542	(3)  An entity that submits fraudulent information to the
543	office is liable for the costs associated with the investigation
544	and prosecution of the fraudulent claim plus a penalty in an
545	amount equal to double the tax credits claimed by investors in
546	the entity's qualified investments. This penalty is in addition
547	to any other penalty that may be imposed by law.
548	Section 14.  Section 288.9921, Florida Statutes, is created
549	to read:
550	288.9921  Rulemaking.--The office and the department may
551	adopt rules pursuant to ss. 120.536(1) and 120.54 to administer
552	ss. 288.991-288.9920.
553	Section 15.  Section 288.9922, Florida Statutes, is created
554	to read:
555	288.9922  Expiration of the New Markets Development Program
556	Act.--Sections 288.991-288.9921 and this section expire December
557	31, 2022.
558	Section 16.  This act shall take effect July 1, 2009.

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