HB 7057

1
A bill to be entitled
2An act relating to the Florida Industrial Development
3Corporation; repealing provisions of chapter 289, F.S.,
4relating to the Florida Industrial Development
5Corporation; amending ss. 212.08, 220.183, 220.62,
6440.491, and 658.67, F.S.; deleting references to conform
7to changes made by the act; providing an effective date.
8
9Be It Enacted by the Legislature of the State of Florida:
10
11     Section 1.  Sections 289.011, 289.021, 289.031, 289.041,
12289.051, 289.061, 289.071, 289.081, 289.091, 289.101, 289.111,
13289.121, 289.131, 289.141, 289.151, 289.161, 289.171, 289.181,
14289.191, and 289.201, Florida Statutes, are repealed.
15     Section 2.  Paragraph (p) of subsection (5) of section
16212.08, Florida Statutes, is amended to read:
17     212.08  Sales, rental, use, consumption, distribution, and
18storage tax; specified exemptions.-The sale at retail, the
19rental, the use, the consumption, the distribution, and the
20storage to be used or consumed in this state of the following
21are hereby specifically exempt from the tax imposed by this
22chapter.
23     (5)  EXEMPTIONS; ACCOUNT OF USE.-
24     (p)  Community contribution tax credit for donations.-
25     1.  Authorization.-Persons who are registered with the
26department under s. 212.18 to collect or remit sales or use tax
27and who make donations to eligible sponsors are eligible for tax
28credits against their state sales and use tax liabilities as
29provided in this paragraph:
30     a.  The credit shall be computed as 50 percent of the
31person's approved annual community contribution.
32     b.  The credit shall be granted as a refund against state
33sales and use taxes reported on returns and remitted in the 12
34months preceding the date of application to the department for
35the credit as required in sub-subparagraph 3.c. If the annual
36credit is not fully used through such refund because of
37insufficient tax payments during the applicable 12-month period,
38the unused amount may be included in an application for a refund
39made pursuant to sub-subparagraph 3.c. in subsequent years
40against the total tax payments made for such year. Carryover
41credits may be applied for a 3-year period without regard to any
42time limitation that would otherwise apply under s. 215.26.
43     c.  A person may not receive more than $200,000 in annual
44tax credits for all approved community contributions made in any
45one year.
46     d.  All proposals for the granting of the tax credit
47require the prior approval of the Office of Tourism, Trade, and
48Economic Development.
49     e.  The total amount of tax credits which may be granted
50for all programs approved under this paragraph, s. 220.183, and
51s. 624.5105 is $10.5 million annually for projects that provide
52homeownership opportunities for low-income or very-low-income
53households as defined in s. 420.9071(19) and (28) and $3.5
54million annually for all other projects.
55     f.  A person who is eligible to receive the credit provided
56for in this paragraph, s. 220.183, or s. 624.5105 may receive
57the credit only under the one section of the person's choice.
58     2.  Eligibility requirements.-
59     a.  A community contribution by a person must be in the
60following form:
61     (I)  Cash or other liquid assets;
62     (II)  Real property;
63     (III)  Goods or inventory; or
64     (IV)  Other physical resources as identified by the Office
65of Tourism, Trade, and Economic Development.
66     b.  All community contributions must be reserved
67exclusively for use in a project. As used in this sub-
68subparagraph, the term "project" means any activity undertaken
69by an eligible sponsor which is designed to construct, improve,
70or substantially rehabilitate housing that is affordable to low-
71income or very-low-income households as defined in s.
72420.9071(19) and (28); designed to provide commercial,
73industrial, or public resources and facilities; or designed to
74improve entrepreneurial and job-development opportunities for
75low-income persons. A project may be the investment necessary to
76increase access to high-speed broadband capability in rural
77communities with enterprise zones, including projects that
78result in improvements to communications assets that are owned
79by a business. A project may include the provision of museum
80educational programs and materials that are directly related to
81any project approved between January 1, 1996, and December 31,
821999, and located in an enterprise zone designated pursuant to
83s. 290.0065. This paragraph does not preclude projects that
84propose to construct or rehabilitate housing for low-income or
85very-low-income households on scattered sites. With respect to
86housing, contributions may be used to pay the following eligible
87low-income and very-low-income housing-related activities:
88     (I)  Project development impact and management fees for
89low-income or very-low-income housing projects;
90     (II)  Down payment and closing costs for eligible persons,
91as defined in s. 420.9071(19) and (28);
92     (III)  Administrative costs, including housing counseling
93and marketing fees, not to exceed 10 percent of the community
94contribution, directly related to low-income or very-low-income
95projects; and
96     (IV)  Removal of liens recorded against residential
97property by municipal, county, or special district local
98governments when satisfaction of the lien is a necessary
99precedent to the transfer of the property to an eligible person,
100as defined in s. 420.9071(19) and (28), for the purpose of
101promoting home ownership. Contributions for lien removal must be
102received from a nonrelated third party.
103     c.  The project must be undertaken by an "eligible
104sponsor," which includes:
105     (I)  A community action program;
106     (II)  A nonprofit community-based development organization
107whose mission is the provision of housing for low-income or
108very-low-income households or increasing entrepreneurial and
109job-development opportunities for low-income persons;
110     (III)  A neighborhood housing services corporation;
111     (IV)  A local housing authority created under chapter 421;
112     (V)  A community redevelopment agency created under s.
113163.356;
114     (VI)  The Florida Industrial Development Corporation;
115     (VI)(VII)  A historic preservation district agency or
116organization;
117     (VII)(VIII)  A regional workforce board;
118     (VIII)(IX)  A direct-support organization as provided in s.
1191009.983;
120     (IX)(X)  An enterprise zone development agency created
121under s. 290.0056;
122     (X)(XI)  A community-based organization incorporated under
123chapter 617 which is recognized as educational, charitable, or
124scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
125and whose bylaws and articles of incorporation include
126affordable housing, economic development, or community
127development as the primary mission of the corporation;
128     (XI)(XII)  Units of local government;
129     (XII)(XIII)  Units of state government; or
130     (XIII)(XIV)  Any other agency that the Office of Tourism,
131Trade, and Economic Development designates by rule.
132
133In no event may a contributing person have a financial interest
134in the eligible sponsor.
135     d.  The project must be located in an area designated an
136enterprise zone or a Front Porch Florida Community pursuant to
137s. 20.18(6), unless the project increases access to high-speed
138broadband capability for rural communities with enterprise zones
139but is physically located outside the designated rural zone
140boundaries. Any project designed to construct or rehabilitate
141housing for low-income or very-low-income households as defined
142in s. 420.9071(19) and (28) is exempt from the area requirement
143of this sub-subparagraph.
144     e.(I)  If, during the first 10 business days of the state
145fiscal year, eligible tax credit applications for projects that
146provide homeownership opportunities for low-income or very-low-
147income households as defined in s. 420.9071(19) and (28) are
148received for less than the annual tax credits available for
149those projects, the Office of Tourism, Trade, and Economic
150Development shall grant tax credits for those applications and
151shall grant remaining tax credits on a first-come, first-served
152basis for any subsequent eligible applications received before
153the end of the state fiscal year. If, during the first 10
154business days of the state fiscal year, eligible tax credit
155applications for projects that provide homeownership
156opportunities for low-income or very-low-income households as
157defined in s. 420.9071(19) and (28) are received for more than
158the annual tax credits available for those projects, the office
159shall grant the tax credits for those applications as follows:
160     (A)  If tax credit applications submitted for approved
161projects of an eligible sponsor do not exceed $200,000 in total,
162the credits shall be granted in full if the tax credit
163applications are approved.
164     (B)  If tax credit applications submitted for approved
165projects of an eligible sponsor exceed $200,000 in total, the
166amount of tax credits granted pursuant to sub-sub-sub-
167subparagraph (A) shall be subtracted from the amount of
168available tax credits, and the remaining credits shall be
169granted to each approved tax credit application on a pro rata
170basis.
171     (II)  If, during the first 10 business days of the state
172fiscal year, eligible tax credit applications for projects other
173than those that provide homeownership opportunities for low-
174income or very-low-income households as defined in s.
175420.9071(19) and (28) are received for less than the annual tax
176credits available for those projects, the office shall grant tax
177credits for those applications and shall grant remaining tax
178credits on a first-come, first-served basis for any subsequent
179eligible applications received before the end of the state
180fiscal year. If, during the first 10 business days of the state
181fiscal year, eligible tax credit applications for projects other
182than those that provide homeownership opportunities for low-
183income or very-low-income households as defined in s.
184420.9071(19) and (28) are received for more than the annual tax
185credits available for those projects, the office shall grant the
186tax credits for those applications on a pro rata basis.
187     3.  Application requirements.-
188     a.  Any eligible sponsor seeking to participate in this
189program must submit a proposal to the Office of Tourism, Trade,
190and Economic Development which sets forth the name of the
191sponsor, a description of the project, and the area in which the
192project is located, together with such supporting information as
193is prescribed by rule. The proposal must also contain a
194resolution from the local governmental unit in which the project
195is located certifying that the project is consistent with local
196plans and regulations.
197     b.  Any person seeking to participate in this program must
198submit an application for tax credit to the office which sets
199forth the name of the sponsor, a description of the project, and
200the type, value, and purpose of the contribution. The sponsor
201shall verify the terms of the application and indicate its
202receipt of the contribution, which verification must be in
203writing and accompany the application for tax credit. The person
204must submit a separate tax credit application to the office for
205each individual contribution that it makes to each individual
206project.
207     c.  Any person who has received notification from the
208office that a tax credit has been approved must apply to the
209department to receive the refund. Application must be made on
210the form prescribed for claiming refunds of sales and use taxes
211and be accompanied by a copy of the notification. A person may
212submit only one application for refund to the department within
213any 12-month period.
214     4.  Administration.-
215     a.  The Office of Tourism, Trade, and Economic Development
216may adopt rules pursuant to ss. 120.536(1) and 120.54 necessary
217to administer this paragraph, including rules for the approval
218or disapproval of proposals by a person.
219     b.  The decision of the office must be in writing, and, if
220approved, the notification shall state the maximum credit
221allowable to the person. Upon approval, the office shall
222transmit a copy of the decision to the Department of Revenue.
223     c.  The office shall periodically monitor all projects in a
224manner consistent with available resources to ensure that
225resources are used in accordance with this paragraph; however,
226each project must be reviewed at least once every 2 years.
227     d.  The office shall, in consultation with the Department
228of Community Affairs and the statewide and regional housing and
229financial intermediaries, market the availability of the
230community contribution tax credit program to community-based
231organizations.
232     5.  Notwithstanding sub-subparagraph 1.e., and for the
2332008-2009 fiscal year only, the total amount of tax credit which
234may be granted for all programs approved under this section and
235ss. 220.183 and 624.5105 is $13 million annually for projects
236that provide homeownership opportunities for low-income or very-
237low-income households as defined in s. 420.9071(19) and (28) and
238$3.5 million annually for all other projects. This subparagraph
239expires June 30, 2009.
240     6.  Expiration.-This paragraph expires June 30, 2015;
241however, any accrued credit carryover that is unused on that
242date may be used until the expiration of the 3-year carryover
243period for such credit.
244     Section 3.  Paragraph (c) of subsection (2) of section
245220.183, Florida Statutes, is amended to read:
246     220.183  Community contribution tax credit.-
247     (2)  ELIGIBILITY REQUIREMENTS.-
248     (c)  The project must be undertaken by an "eligible
249sponsor," defined here as:
250     1.  A community action program;
251     2.  A nonprofit community-based development organization
252whose mission is the provision of housing for low-income or
253very-low-income households or increasing entrepreneurial and
254job-development opportunities for low-income persons;
255     3.  A neighborhood housing services corporation;
256     4.  A local housing authority, created pursuant to chapter
257421;
258     5.  A community redevelopment agency, created pursuant to
259s. 163.356;
260     6.  The Florida Industrial Development Corporation;
261     6.7.  An historic preservation district agency or
262organization;
263     7.8.  A regional workforce board;
264     8.9.  A direct-support organization as provided in s.
2651009.983;
266     9.10.  An enterprise zone development agency created
267pursuant to s. 290.0056;
268     10.11.  A community-based organization incorporated under
269chapter 617 which is recognized as educational, charitable, or
270scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
271and whose bylaws and articles of incorporation include
272affordable housing, economic development, or community
273development as the primary mission of the corporation;
274     11.12.  Units of local government;
275     12.13.  Units of state government; or
276     13.14.  Such other agency as the Office of Tourism, Trade,
277and Economic Development may, from time to time, designate by
278rule.
279
280In no event shall a contributing business firm have a financial
281interest in the eligible sponsor.
282     Section 4.  Subsection (1) of section 220.62, Florida
283Statutes, is amended to read:
284     220.62  Definitions.-For purposes of this part:
285     (1)  The term "bank" means a bank holding company
286registered under the Bank Holding Company Act of 1956 of the
287United States, 12 U.S.C. ss. 1841-1849, as amended, or a bank or
288trust company incorporated and doing business under the laws of
289the United States (including laws relating to the District of
290Columbia), of any state, or of any territory, a substantial part
291of the business of which consists of receiving deposits and
292making loans and discounts or of exercising fiduciary powers
293similar to those permitted to national banks under authority of
294the Comptroller of the Currency and which is subject by law to
295supervision and examination by state, territorial, or federal
296authority having supervision over banking institutions. The term
297"bank" also includes any banking association, corporation, or
298other similar organization organized and operated under the laws
299of any foreign country, which banking association, corporation,
300or other organization is also operating in this state pursuant
301to chapter 663, and further includes any corporation organized
302under chapter 289.
303     Section 5.  Paragraph (b) of subsection (5) of section
304440.491, Florida Statutes, is amended to read:
305     440.491  Reemployment of injured workers; rehabilitation.-
306     (5)  MEDICAL CARE COORDINATION AND REEMPLOYMENT SERVICES.-
307     (b)  If the rehabilitation provider concludes that training
308and education are necessary to return the employee to suitable
309gainful employment, or if the employee has not returned to
310suitable gainful employment within 180 days after referral for
311reemployment services or receives $2,500 in reemployment
312services, whichever comes first, the carrier must discontinue
313reemployment services and refer the employee to the department
314for a vocational evaluation. Notwithstanding any provision of
315chapter 289 or chapter 627, the cost of a reemployment
316assessment and the first $2,500 in reemployment services to an
317injured employee must not be treated as loss adjustment expense
318for workers' compensation ratemaking purposes.
319     Section 6.  Subsection (4) of section 658.67, Florida
320Statutes, is amended to read:
321     658.67  Investment powers and limitations.-A bank may
322invest its funds, and a trust company may invest its corporate
323funds, subject to the following definitions, restrictions, and
324limitations:
325     (4)  INVESTMENTS SUBJECT TO LIMITATION OF TEN PERCENT OR
326LESS OF CAPITAL ACCOUNTS.-
327     (a)  Up to 10 percent of the capital accounts of the
328purchasing bank or trust company may be used to invest in any
329single issue of industrial development bonds issued for the
330benefit of a specified corporation.
331     (b)  Up to an aggregate of 10 percent of the capital
332accounts of the purchasing bank or trust company may be used to
333invest in tax lien certificates.
334     (c)  Up to 5 percent of the capital accounts of the
335purchasing bank or trust company may be used to invest in or
336purchase bonds or other evidences of indebtedness of the State
337of Israel.
338     (d)  Up to 2 percent of the capital accounts of the
339purchasing bank or trust company may be used to invest in the
340stock of a community corporation organized to promote the
341physical, social, or moral well-being of the members of the
342community where the bank or trust company is located.
343     (e)  Up to 1 percent of the capital accounts of the
344purchasing bank or trust company may be used to invest in the
345stock of the Florida Industrial Development Corporation.
346     (e)(f)  Up to 1 percent of the capital accounts of the
347purchasing bank or trust company may be used to invest in the
348stock of the Housing Development Corporation of Florida. The
349purchasing bank or trust company may thereafter deal in the
350securities or other evidences of debt of such corporation as
351provided for in chapter 420.
352     (f)(g)  Up to 10 percent of the capital accounts of a bank
353or trust company may be invested in any capital participation
354instrument or evidence of indebtedness issued by the Florida
355Black Business Investment Board pursuant to the Florida Small
356and Minority Business Assistance Act.
357     Section 7.  This act shall take effect July 1, 2010.


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