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.
   41  Be It Enacted by the Legislature of the State of Florida:
   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.
   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.
  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.
  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.
  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.
  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.
  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.
  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  and those 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         220.195Florida 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         624.51056Credit 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.