Florida Senate - 2011 COMMITTEE AMENDMENT Bill No. SB 1224 Barcode 524558 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/17/2011 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Military Affairs, Space, and Domestic Security (Altman) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Between lines 611 and 612 4 insert: 5 Section 7. Paragraph (c) of subsection (2) of section 6 288.1045, Florida Statutes, is repealed. 7 Section 8. Paragraph (c) of subsection (3) of section 8 288.106, Florida Statutes, is amended to read: 9 288.106 Tax refund program for qualified target industry 10 businesses.— 11 (3) TAX REFUND; ELIGIBLE AMOUNTS.— 12 (c) A qualified target industry business may not receive 13 refund payments of more than 25 percent of the total tax refunds 14 specified in the tax refund agreement under subparagraph 15 (5)(a)1. in any fiscal year. Further, a qualified target 16 industry business may not receive more than $1.5 million in 17 refunds under this section in any single fiscal year, or more 18 than $2.5 million in any single fiscal year if the project is 19 located in an enterprise zone.A qualified target industry20business may not receive more than $5 million in refund payments21under this section in all fiscal years, or more than $7.522million if the project is located in an enterprise zone.23 24 ================= T I T L E A M E N D M E N T ================ 25 And the title is amended as follows: 26 Delete lines 2 - 57 27 and insert: 28 An act relating to corporate tax credits and refunds; 29 amending s. 14.2015, F.S.; authorizing the Office of 30 Tourism, Trade, and Economic Development to administer 31 corporate income tax credits for spaceflight projects; 32 amending s. 213.053, F.S.; authorizing the Department 33 of Revenue to share information relating to corporate 34 income tax credits for spaceflight projects with the 35 Office of Tourism, Trade, and Economic Development; 36 amending s. 220.02, F.S.; revising the order in which 37 credits against the corporate income tax or franchise 38 tax may be taken to include credits for spaceflight 39 projects; amending s. 220.13, F.S.; requiring that the 40 amount taken as a credit for a spaceflight project be 41 added to taxable income; prohibiting a deduction from 42 taxable income for any net operating loss taken as a 43 credit against corporate income taxes or transferred; 44 amending s. 220.16, F.S.; requiring that the amount of 45 payments received in exchange for transferring a net 46 operating loss for spaceflight projects be allocated 47 to the state; creating s. 220.194, F.S.; providing a 48 short title; providing legislative purpose; defining 49 terms; authorizing a certified spaceflight business to 50 take or transfer corporate income tax credits related 51 to spaceflight projects carried out in this state; 52 specifying tax credit amounts and business eligibility 53 criteria; providing limitations; requiring a business 54 to demonstrate to the satisfaction of the office and 55 the department its eligibility to claim a tax credit; 56 requiring a business to submit an application to the 57 office for approval to earn credits; specifying the 58 required contents of the application; requiring the 59 office to approve or deny an application within 60 60 days after receipt; specifying the approval process; 61 requiring a spaceflight business to submit an 62 application for certification to the office; 63 specifying the required contents of an application for 64 certification; specifying the approval process; 65 requiring the office to submit a copy of an approved 66 certification to the department; providing procedures 67 for transferring a tax credit to a taxpayer; 68 authorizing the department to perform audits and 69 investigations necessary to verify the accuracy of 70 returns relating to the tax credit; specifying 71 circumstances under which the office may revoke or 72 modify a certification that grants eligibility for tax 73 credits; requiring a certified spaceflight business to 74 file an amended return and pay any required tax within 75 60 days after receiving notice that previously 76 approved tax credits have been revoked or modified; 77 authorizing the department to assess additional taxes, 78 interest, or penalties; authorizing the office and the 79 department to adopt rules; requiring the office to 80 submit an annual report to the Governor and 81 Legislature regarding the Florida Space Business 82 Incentives Act; repealing s. 288.1045(2)(c), F.S., 83 relating to a limitation on the maximum amount of tax 84 refund a defense or space flight contractor may 85 receive; amending s. 288.106, F.S.; deleting a 86 provision that limits the maximum amount of tax 87 refunds a qualified target industry may receive; 88 providing for application; providing