Florida Senate - 2010 CS for CS for SB 1992 By the Committees on Transportation; and Commerce; and Senators Ring and Rich 596-05223-10 20101992c2 1 A bill to be entitled 2 An act relating to Florida ports investments; creating 3 s. 311.23, F.S.; providing a short title; providing a 4 purpose; providing definitions; creating the Florida 5 Ports Investment Corporation; subjecting the 6 corporation to certain public-meetings and public 7 records requirements; providing authority and 8 requirements for the corporation; providing for a 9 board of directors; providing for appointment of board 10 members; providing for investments by the corporation 11 in certain port projects; providing port project 12 funding criteria; providing requirements for capital 13 allocation and investments; providing requirements for 14 certain uninvested capital; providing requirements for 15 investments; providing for tax credits against 16 specified taxes; providing for carryforward of the 17 credit; providing limitations on the credit; providing 18 limitations on the amount of tax credits; providing 19 investment requirements; providing procedures, 20 requirements, and limitations for transfers of unused 21 credits; authorizing the corporation and the Office of 22 Tourism, Trade, and Economic Development to charge 23 certain fees; providing reporting requirements; 24 authorizing the Department of Revenue and the office 25 to adopt rules; creating s. 212.1831, F.S.; providing 26 a tax credit against certain sales and use taxes; 27 amending s. 213.053, F.S.; authorizing the Department 28 of Revenue to provide confidential information 29 relating to the Florida Ports Investment Act to the 30 Office of Tourism, Trade, and Economic Development; 31 amending s. 220.02, F.S.; revising the order in which 32 corporate income tax credits may be taken; amending s. 33 220.13, F.S.; revising the determination of additions 34 to adjusted federal income; creating s. 220.195, F.S.; 35 providing a tax credit against corporate income taxes 36 pursuant to the Florida Ports Investment Act; creating 37 s. 624.51056, F.S.; providing a tax credit against the 38 insurance premium tax pursuant to the Florida Ports 39 Investment Act; providing an effective date. 40 41 Be It Enacted by the Legislature of the State of Florida: 42 43 Section 1. Section 311.23, Florida Statutes, is created to 44 read: 45 311.23 Florida Ports Investment Act.— 46 (1) SHORT TITLE.—This section may be cited as the “Florida 47 Ports Investment Act.” 48 (2) PURPOSE.—The primary purpose of this program is to 49 stimulate a substantial increase in the state’s port 50 infrastructure by providing an incentive for investment in new 51 or expanding port and port-related projects. This investment 52 capital flowing into new or expanding port activities and port 53 related businesses is intended to contribute to employment 54 growth, create jobs that exceed the average wage for the county 55 in which the jobs are located, and expand or diversify the 56 economic base of this state. 57 (3) DEFINITIONS.—As used in this section, the term: 58 (a) “Board” means the board of directors of the Florida 59 Ports Investment Corporation created under subsection (4). 60 (b) “Corporation” means the Florida Ports Investment 61 Corporation created under subsection (4). 62 (c) “Department” means the Department of Revenue. 63 (d) “Investment capital” means an investment of cash by a 64 participating investor in the corporation in exchange for the 65 tax credits provided in this section. 66 (e) “Office” means the Office of Tourism, Trade, and 67 Economic Development. 68 (f) “Participating investor” means any qualified investor 69 that is subject to the Internal Revenue Code and that 70 contributes investment capital pursuant to this section. 71 (g) “Qualified port project” means a project at a port 72 listed in s. 403.021(9)(b) or any associated business or project 73 that uses those ports for the movement of goods and people and 74 meets the requirements in subsection (5). 75 (h)“Return on investment,” for purposes of the annual 76 report required under subsection (10), means the gain in state 77 revenues as a percentage of the state’s total investment in an 78 economic development project. 79 (4) FLORIDA PORTS INVESTMENT CORPORATION; CREATION; 80 AUTHORITY; BOARD OF DIRECTORS.— 81 (a) The Florida Ports Investment Corporation is created as 82 a corporation not for profit, to be incorporated under the 83 provisions of chapter 617, and registered with the Department of 84 State as a Florida entity. The Legislature determines that 85 public policy dictates that the corporation operate in the most 86 open and accessible manner consistent with its public purpose. 87 Therefore, the Legislature specifically declares that the 88 corporation and its advisory company are subject to the public 89 records and public-meetings requirements of chapters 119 and 90 286. 91 (b) The corporation: 92 1. May receive, hold, invest, and administer funds and make 93 expenditures consistent with the purposes of this section. 94 2. May make purchases, sales, exchanges, investments, and 95 reinvestments for and on behalf of the funds received pursuant 96 to this section. 97 3. Shall maintain all official records related to its 98 activities. 99 4. Shall file with the office and the Department of 100 Financial Services quarterly financial reports and annual 101 financial statements audited by a certified public accountant. 102 5. Shall timely provide the office with information about 103 its participating investors and the amount of their investments 104 in order to assist the office in awarding the available tax 105 credits, and shall provide to the office a list of certified 106 port projects. 107 6. Shall retain, pursuant to the provisions of s. 287.055, 108 at least one investment advisory company domiciled in this 109 state, which has at least 5 years of experience in working with 110 investors seeking tax credits or other debt-driven instruments, 111 to assist the corporation in carrying out the provisions of this 112 section. 113 7. Shall assist the office in developing the annual report 114 required by subsection (10). 115 8. Employ staff, as necessary, to manage the operations of 116 the corporation and perform other duties to assist the 117 corporation in reviewing project applications and notifying 118 applicants of the corporation’s investment decisions. 119 (c) The corporation shall be governed by a board of 120 directors comprised of: 121 1. The director of the office, who shall serve as the 122 chair. 123 2. Two members appointed by the Governor, two members 124 appointed by the President of the Senate, and two members 125 appointed by the Speaker of the House of Representatives. These 126 appointed members must have significant experience in 127 international business, transportation, law, or logistics. 128 Appointed members are subject to any restrictions on conflicts 129 of interest specified in the organizational documents of the 130 corporation and may not have any interest in any investments 131 made by the corporation pursuant to subsection (5). Initial 132 appointments must be made by September 1, 2010. 133 3. The chair of the Florida Seaport Transportation and 134 Economic Development Council, as a nonvoting member. 135 4. The Secretary of Transportation. 136 137 The board shall select from a vice chair from among its members 138 every 2 years. 139 5. Each appointed member shall be appointed for a term of 4 140 years. A vacancy on the board shall be filled by the appointing 141 official for the member whose vacancy is to be filled or whose 142 term has expired. An appointed member may be removed for cause 143 by the appointing official for that member. Absence from three 144 consecutive meetings shall result in automatic removal. Any 145 appointed member is eligible for reappointment. 146 6. A member of the board may not have any interest, 147 financial or otherwise, direct or indirect; engage in any 148 business transaction or professional activity; or incur any 149 obligation of any nature which is in substantial conflict with 150 the proper discharge of his or her duties with the corporation. 151 Members of the board shall recuse themselves from voting on the 152 selection of projects that would create a conflict of interest 153 as provided in this subparagraph. 154 7. All board members are subject to s. 112.3145, which 155 requires the disclosure of financial interests and certain 156 clients. 157 8. Members of the board shall serve without compensation, 158 but are entitled to reimbursement for all reasonable, necessary, 159 and actual expenses as determined and approved by the board 160 pursuant to s. 112.061. 161 9. The board may establish a schedule of meetings and 162 meeting locations, but must meet at least quarterly. The initial 163 meeting of the board must occur by October 1, 2010. 164 10. Staff of the Florida Seaport Transportation and 165 Economic Development Council also shall serve as staff to the 166 board, at least initially, to assist the board with 167 incorporation, establish investment accounts, and initiate other 168 activities essential to commencing the board’s statutory 169 responsibilities. 170 (5) INVESTMENTS BY THE CORPORATION IN PORT PROJECTS AND 171 PORT-RELATED ACTIVITIES.— 172 (a)1. The corporation shall promote the economic 173 competitiveness of Florida’s ports and their related import and 174 export industries by funding projects that increase the ports’ 175 capacity to handle freight; are consistent with approved seaport 176 master plans; and improve economic productivity for the state or 177 the region in which projects are located. Also eligible for 178 investment capital under this section are on-port projects that 179 are eligible for federal financial assistance consistent with 180 criteria developed for federal freight transportation grant 181 programs, including, but not limited to, the Transportation 182 Investment Generating Economic Recovery (TIGER), Projects of 183 National and Regional Significance (PNRS), National 184 Infrastructure Investment (NII), and the National Corridor 185 Infrastructure Improvement (NCII) program. 186 2. The capital received under this section shall be 187 allocated to qualified projects or held pursuant to paragraph 188 (b). 189 3. A minimum 25 percent match in port funds, other local 190 government funds, federal funds, or private funds is required 191 for each qualified project. 192 (b) The corporation shall hold all capital that is received 193 under this section and that is not invested in qualified port 194 projects, and such capital: 195 1. Must be held in a financial institution as defined by s. 196 655.005(1)(h) or held by a broker-dealer registered under s. 197 517.12. 198 2. Must be invested only in: 199 a. United States Treasury obligations; 200 b. Certificates of deposit or other obligations, maturing 201 within 3 years after acquisition of such certificates or 202 obligations, issued by any financial institution or trust 203 company incorporated under the laws of the United States; 204 c. Marketable obligations, maturing within 5 years or less 205 after the acquisition of such obligations, which are rated “A” 206 or better by any nationally recognized credit rating agency; or 207 d. Interests in money market funds, the portfolio of which 208 is limited to cash and obligations described in sub 209 subparagraphs a.-c. 210 3. The corporation may begin accepting investment capital 211 from participating investors when it has established the 212 financial accounts specified under this paragraph. 213 (c)1. All investment decisions shall be made by the 214 corporation, which must certify that each project is of a 215 beneficial nature to a port listed in s. 403.021(9)(b); is ready 216 to proceed within 60 days for design, construction, and 217 permitting; and will create a lasting economic impact as 218 determined by the board. 219 2. Applications for funding by qualified port projects may 220 be submitted to the corporation on or after January 15, 2011. 221 3. By December 1, 2010, the corporation, in consultation 222 with the office, shall establish procedural rules for the 223 application form, application procedures, and criteria for 224 making investment decisions based upon the requirements 225 established in this paragraph. 226 (6) TAX CREDIT; AMOUNT; LIMITATIONS.— 227 (a) Any participating investor that makes an investment of 228 capital shall earn a vested credit against the investor’s state 229 tax liability equal to 100 percent of the face amount of the 230 credits allocated by the office to the participating investor. 231 To obtain the allocation, a participating investor must submit 232 an application to the office, on such forms and provide any 233 additional documentation required by the office. Such credits 234 may not be allocated by the office or vested to any 235 participating investor prior to May 1, 2011. The credits are not 236 subject to recapture, disallowance, forfeiture, or reduction, 237 except as provided in subsection (9). 238 (b) Participating investors are entitled to use no more 239 than 10 percentage points of the vested tax credits per year 240 beginning on or after July 1, 2012. Such amounts include any 241 carryforward credits authorized under this section. The total 242 amount of tax credits which participating investors may claim 243 each year, in the aggregate, against their tax liabilities is 244 $10 million. 245 (c) The credit applied against tax liability in any single 246 year may not exceed the tax liability of the participating 247 investor for that taxable year. 248 (d) The the credits authorized by this section are provided 249 under s. 212.1831, s. 220.195, or s. 624.51056. The 250 participating investor shall specify in the application its tax 251 year for which it requests a credit under s. 220.195 or s. 252 624.51056 or the applicable state fiscal year for a credit under 253 s. 212.1831. 254 (e) A participating investor that elects to use a tax 255 credits against premium tax liabilities is not required to pay 256 any additional retaliatory tax levied pursuant to s. 624.5091 as 257 a result of claiming such credits. 258 (f) Tax credits that are not used by a participating 259 investor in any single calendar year may be carried forward and 260 applied against the tax liabilities of that investor in 261 subsequent calendar years. The carryforward credit may be 262 applied against subsequent tax filings through the 2029 calendar 263 year. However, any taxpayer that seeks to carry forward an 264 unused amount of tax credit must submit an application to the 265 office for approval of the carryforward tax credit in the year 266 that the taxpayer intends to use the carryforward. 267 (7) ANNUAL TAX CREDIT; MAXIMUM AMOUNT.— 268 (a) The total amount of tax credits which may be allocated 269 by the office may not exceed $100 million. The office shall 270 award tax credits on a first-come, first-served basis. 271 (b) The office shall allocate the first credits to 272 participating investors on or after May 1, 2011. However, under 273 no circumstance shall such credits be claimed against eligible 274 tax liability before July 1, 2012. 275 (c) The office also shall notify the department in writing 276 that a participating investor has been allocated a specific 277 number of credits. 278 (8) TRANSFER OF TAX CREDITS.— 279 (a) Upon application to and approval by the office, a 280 participating investor may elect to transfer, in whole or in 281 part, any unused credit amount granted under this section. The 282 office shall notify the department of the election and transfer. 283 (b) A participating investor that elects to apply a credit 284 amount against taxes is permitted a one-time transfer of unused 285 credits to one transferee. Such transfer must occur in the same 286 taxable year. 287 (c) The transferee is subject to the same rights and 288 limitations as the participating investor awarded the tax 289 credit, except that the transferee may not sell or otherwise 290 transfer the tax credit. 291 (9) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 292 CREDITS; FRAUDULENT CLAIMS.— 293 (a) Audit authority.—The department may conduct 294 examinations and audits as provided in s. 213.34 to verify that 295 tax credits under this section are received, transferred, and 296 applied according to the requirements of this section. If the 297 department determines that tax credits are not received, 298 transferred, or applied as required by this section, it may, in 299 addition to the remedies provided in this subsection, pursue 300 recovery of such funds pursuant to the laws and rules governing 301 the assessment of taxes. 302 (b) Revocation of tax credits.—The office may revoke or 303 modify any written decision qualifying, certifying, or otherwise 304 granting eligibility for tax credits under this section if it is 305 discovered that the tax credit applicant submitted any false 306 statement, representation, or certification in any application, 307 record, report, plan, or other document filed in an attempt to 308 receive tax credits under this section. The office shall 309 immediately notify the department of any revoked or modified 310 orders affecting previously granted tax credits. Additionally, 311 the applicant must notify the department of any change in its 312 tax credit claimed. 313 (c) Forfeiture of tax credits.—A determination by the 314 department, as a result of an audit or examination by the 315 department or from information received from the office, that an 316 applicant received tax credits pursuant to this section to which 317 the applicant was not entitled is grounds for forfeiture of 318 previously claimed and received tax credits. The applicant is 319 responsible for returning forfeited tax credits to the 320 department, and such funds shall be paid into the General 321 Revenue Fund of the state. Tax credits purchased in good faith 322 are not subject to forfeiture unless the transferee submitted 323 fraudulent information in the purchase or otherwise failed to 324 meet the requirements of this section. 325 (d) Fraudulent claims.—Any applicant that submits 326 fraudulent information under this section is liable for 327 reimbursement of the reasonable costs and fees associated with 328 the review, processing, investigation, and prosecution of the 329 fraudulent claim. An applicant that obtains a credit payment 330 under this section through a claim that is fraudulent is liable 331 for reimbursement of the credit amount plus a penalty in an 332 amount double the credit amount. The penalty is in addition to 333 any criminal penalty to which the applicant is liable for the 334 same acts. The applicant is also liable for costs and fees 335 incurred by the state in investigating and prosecuting the 336 fraudulent claim. 337 (10) REPORTING REQUIREMENTS.—Beginning February 1, 2012, 338 and every year thereafter, the office shall report on an annual 339 basis to the Governor, the President of the Senate, and the 340 Speaker of the House of Representatives: 341 (a) The total dollar amount received by the corporation 342 from all participating investors, the identity of the 343 participating investors, and the total amount of tax credits 344 used by participating investors for the previous calendar year. 345 (b) The total dollar amount invested by the corporation in 346 qualified port projects, the identity and location of those 347 projects, the amount invested in each qualified port project, 348 and the total number of permanent, full-time jobs created or 349 retained by each qualified port project. 350 (c) The return for the state as a result of the investments 351 in qualified port projects, including the extent to which: 352 1. Investments have contributed to employment growth. 353 2. The wage level of businesses in which the corporation 354 has invested exceeds the average wage for the county in which 355 the jobs are located. 356 3. The investments of the corporation in qualified port 357 projects have contributed to expanding or diversifying the 358 economic base of the state. 359 (11) FEES.—The corporation may charge reasonable fees for 360 administering and processing applications by qualified port 361 projects for funding pursuant to paragraph (5)(c), and the 362 office may charge reasonable fees for administering and 363 processing applications by participating investors for tax 364 credits pursuant to subsection (7). Any fee charged by the 365 corporation or office under this subsection for an application 366 may not exceed the actual cost incurred by the corporation or 367 office in administering and processing any application for 368 funding or a tax credit. 369 (12) RULEMAKING AUTHORITY.— 370 (a) The department may adopt rules pursuant to ss. 371 120.536(1) and 120.54 to administer this section, including, but 372 not limited to, rules governing the examination and audit 373 procedures required to administer this section and the manner 374 and form of documentation required to claim tax credits awarded 375 or transferred under this section. 376 (b) The office may adopt rules pursuant to ss. 120.536(1) 377 and 120.54 and develop procedures to administer this section, 378 including, but not limited to, rules specifying requirements for 379 the application and approval process, records required for 380 substantiation for tax credits, and the manner and form of 381 documentation required to claim tax credits awarded or 382 transferred under this section. 383 Section 2. Section 212.1831, Florida Statutes, is created 384 to read: 385 212.1831 Credit for investments in Florida port projects. 386 There is allowed a credit equal to 100 percent of an investment 387 in a qualified port project pursuant to s. 311.23 against any 388 tax imposed by the state and due under this chapter from a 389 direct-pay permitholder as a result of the direct-pay permit 390 held pursuant to s. 212.183. For purposes of the distributions 391 of tax revenue under s. 212.20, the department shall disregard 392 any tax credits allowed under this section to ensure that any 393 reduction in tax revenue received which is attributable to the 394 tax credits results only in a reduction in distributions to the 395 General Revenue Fund. The provisions of s. 311.23 apply to the 396 credit authorized by this section. 397 Section 3. Paragraph (k) of subsection (8) of section 398 213.053, Florida Statutes, is amended to read: 399 213.053 Confidentiality and information sharing.— 400 (8) Notwithstanding any other provision of this section, 401 the department may provide: 402 (k)1. Payment information relative to chapters 199, 201, 403 202, 212, 220, 221, and 624 to the Office of Tourism, Trade, and 404 Economic Development, or its employees or agents that are 405 identified in writing by the office to the department, in the 406 administration of the tax refund program for qualified defense 407 contractors and space flight business contractors authorized by 408 s. 288.1045 and the tax refund program for qualified target 409 industry businesses authorized by s. 288.106. 410 2. Information relative to tax credits taken by a business 411 under s. 220.191 and exemptions or tax refunds received by a 412 business under s. 212.08(5)(j) to the Office of Tourism, Trade, 413 and Economic Development, or its employees or agents that are 414 identified in writing by the office to the department, in the 415 administration and evaluation of the capital investment tax 416 credit program authorized in s. 220.191 and the semiconductor, 417 defense, and space tax exemption program authorized in s. 418 212.08(5)(j). 419 3. Information relative to tax credits taken by a taxpayer 420 pursuant to the tax credit programs created in ss. 193.017; 421 212.08(5)(g),(h),(n),(o) and (p); 212.08(15); 212.096; 212.097; 422 212.098; 220.181; 220.182; 220.183; 220.184; 220.1845; 220.185; 423 220.1895; 220.19; 220.191; 220.192; 220.193; 288.0656; 288.99; 424 290.007; 311.23; 376.30781; 420.5093; 420.5099; 550.0951; 425 550.26352; 550.2704; 601.155; 624.509; 624.510; 624.5105; and 426 624.5107 to the Office of Tourism, Trade, and Economic 427 Development, or its employees or agents that are identified in 428 writing by the office to the department, for use in the 429 administration or evaluation of such programs. 430 431 Disclosure of information under this subsection shall be 432 pursuant to a written agreement between the executive director 433 and the agency. Such agencies, governmental or nongovernmental, 434 shall be bound by the same requirements of confidentiality as 435 the Department of Revenue. Breach of confidentiality is a 436 misdemeanor of the first degree, punishable as provided by s. 437 775.082 or s. 775.083. 438 Section 4. Subsection (8) of section 220.02, Florida 439 Statutes, is amended to read: 440 220.02 Legislative intent.— 441 (8) It is the intent of the Legislature that credits 442 against either the corporate income tax or the franchise tax be 443 applied in the following order: those enumerated in s. 631.828, 444 those enumerated in s. 220.191, those enumerated in s. 220.181, 445 those enumerated in s. 220.183, those enumerated in s. 220.182, 446 those enumerated in s. 220.1895, those enumerated in s. 221.02, 447 those enumerated in s. 220.184, those enumerated in s. 220.186, 448 those enumerated in s. 220.1845, those enumerated in s. 220.19, 449 those enumerated in s. 220.185, those enumerated in s. 220.187, 450 those enumerated in s. 220.192, those enumerated in s. 220.193, 451
andthose enumerated in s. 288.9916, and those enumerated in s. 452 311.23. 453 Section 5. Paragraph (a) of subsection (1) of section 454 220.13, Florida Statutes, is amended to read: 455 220.13 “Adjusted federal income” defined.— 456 (1) The term “adjusted federal income” means an amount 457 equal to the taxpayer’s taxable income as defined in subsection 458 (2), or such taxable income of more than one taxpayer as 459 provided in s. 220.131, for the taxable year, adjusted as 460 follows: 461 (a) Additions.—There shall be added to such taxable income: 462 1. The amount of any tax upon or measured by income, 463 excluding taxes based on gross receipts or revenues, paid or 464 accrued as a liability to the District of Columbia or any state 465 of the United States which is deductible from gross income in 466 the computation of taxable income for the taxable year. 467 2. The amount of interest which is excluded from taxable 468 income under s. 103(a) of the Internal Revenue Code or any other 469 federal law, less the associated expenses disallowed in the 470 computation of taxable income under s. 265 of the Internal 471 Revenue Code or any other law, excluding 60 percent of any 472 amounts included in alternative minimum taxable income, as 473 defined in s. 55(b)(2) of the Internal Revenue Code, if the 474 taxpayer pays tax under s. 220.11(3). 475 3. In the case of a regulated investment company or real 476 estate investment trust, an amount equal to the excess of the 477 net long-term capital gain for the taxable year over the amount 478 of the capital gain dividends attributable to the taxable year. 479 4. That portion of the wages or salaries paid or incurred 480 for the taxable year which is equal to the amount of the credit 481 allowable for the taxable year under s. 220.181. This 482 subparagraph shall expire on the date specified in s. 290.016 483 for the expiration of the Florida Enterprise Zone Act. 484 5. That portion of the ad valorem school taxes paid or 485 incurred for the taxable year which is equal to the amount of 486 the credit allowable for the taxable year under s. 220.182. This 487 subparagraph shall expire on the date specified in s. 290.016 488 for the expiration of the Florida Enterprise Zone Act. 489 6. The amount of emergency excise tax paid or accrued as a 490 liability to this state under chapter 221 which tax is 491 deductible from gross income in the computation of taxable 492 income for the taxable year. 493 7. That portion of assessments to fund a guaranty 494 association incurred for the taxable year which is equal to the 495 amount of the credit allowable for the taxable year. 496 8. In the case of a nonprofit corporation which holds a 497 pari-mutuel permit and which is exempt from federal income tax 498 as a farmers’ cooperative, an amount equal to the excess of the 499 gross income attributable to the pari-mutuel operations over the 500 attributable expenses for the taxable year. 501 9. The amount taken as a credit for the taxable year under 502 s. 220.1895. 503 10. Up to nine percent of the eligible basis of any 504 designated project which is equal to the credit allowable for 505 the taxable year under s. 220.185. 506 11. The amount taken as a credit for the taxable year under 507 s. 220.187. 508 12. The amount taken as a credit for the taxable year under 509 s. 220.192. 510 13. The amount taken as a credit for the taxable year under 511 s. 220.193. 512 14. Any portion of a qualified investment, as defined in s. 513 288.9913, which is claimed as a deduction by the taxpayer and 514 taken as a credit against income tax pursuant to s. 288.9916. 515 15. The amount taken as a credit for the taxable year under 516 s. 220.195. 517 Section 6. Section 220.195, Florida Statutes, is created to 518 read: 519 220.195 Florida Ports Investment Tax Credit.— 520 (1) There shall be a credit allowed against the tax imposed 521 by this chapter in the amounts approved by the Office of 522 Tourism, Trade, and Economic Development pursuant to the port 523 investment program in s. 311.23. 524 (2) A participating investor, as defined in s. 311.23(3), 525 which is awarded a tax credit against its investment in a 526 qualified port project pursuant to s. 311.23 may not claim a 527 credit before July 1, 2012. 528 (3) To the extent that a credit amount exceeds the amount 529 due on a return, the balance of the credit may be carried 530 forward to a succeeding reporting period pursuant to s. 531 311.23(6). 532 Section 7. Section 624.51056, Florida Statutes, is created 533 to read: 534 624.51056 Credit for investments in Florida port projects.— 535 (1) There is allowed a credit for investment in a qualified 536 port project pursuant to s. 311.23 against the insurance premium 537 tax imposed under s. 624.509(1) for any tax due for a taxable 538 year. The credit may not exceed 100 percent of the tax due after 539 deducting from such tax deductions for assessments made pursuant 540 to s. 440.51; credits for taxes paid under ss. 175.101 and 541 185.08; credits for income taxes paid under chapter 220; credits 542 for the emergency excise tax paid under chapter 221; and the 543 credit allowed under s. 624.509(5), as such credit is limited by 544 s. 624.509(6). An insurer that claims a credit against premium 545 tax liability under this section is not required to pay any 546 additional retaliatory tax levied pursuant to s. 624.5091 as a 547 result of claiming such credit. Section 624.5091 does not limit 548 such credit in any manner. 549 (2) The provisions of s. 311.23 apply to the credit 550 authorized by this section. 551 Section 8. This act shall take effect July 1, 2010.