Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. SB 1224
       
       
       
       
       
       
                                Barcode 524558                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/17/2011           .                                
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       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    6  288.1045, Florida Statutes, is repealed.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 industry
   20  business may not receive more than $5 million in refund payments
   21  under this section in all fiscal years, or more than $7.5
   22  million 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