HB 297

1	A bill to be entitled
2	An act relating to school to work; creating s. 1004.995,
3	F.S.; establishing the Postsecondary School-to-Work
4	Program to be administered jointly by the State Board of
5	Education, the Board of Governors, and the Department of
6	Revenue; providing that a student participating in the
7	program earns course credit at a career center, Florida
8	College System institution, or state university while
9	employed as an apprentice with a private business in his
10	or her field of study; providing for a credit against the
11	corporate income tax liability for a participating
12	business; providing limitations; requiring the adoption of
13	rules and regulations; amending s. 220.02, F.S.; adding a
14	new tax credit to the list of corporate income tax
15	credits; amending s. 220.13, F.S.; requiring addition of
16	the amount of the tax credit for determination of adjusted
17	federal income; providing an effective date.
18
19	Be It Enacted by the Legislature of the State of Florida:
20
21	Section 1.  Section 1004.995, Florida Statutes, is created
22	to read:
23	1004.995  Postsecondary School-to-Work Program.-
24	(1)  The Postsecondary School-to-Work Program is
25	established to be administered jointly by the State Board of
26	Education, the Board of Governors, and the Department of
27	Revenue. The program enables a postsecondary education student
28	to earn course credit at a career center, a Florida College
29	System institution, or a state university while employed as an
30	apprentice with a private business in his or her field of study.
31	(2)  Participation in an apprenticeship offers the student
32	a combination of on-the-job training and related classroom
33	instruction in which a student learns the practical and
34	theoretical aspects of an occupation.
35	(3)(a)  A business that hires an apprentice through the
36	program benefits by training students to industry standards,
37	filling current workforce needs, and preparing students for
38	future workforce needs.
39	(b)  A business that participates in the program is
40	eligible to earn a tax credit of 5 percent per apprentice up to
41	10 percent for two apprentices against its corporate income tax
42	liability.
43	(4)  The State Board of Education and the Department of
44	Revenue shall adopt rules and the Board of Governors shall adopt
45	regulations to administer this section.
46	Section 2.  Subsection (8) of section 220.02, Florida
47	Statutes, is amended to read:
48	220.02  Legislative intent.-
49	(8)  It is the intent of the Legislature that credits
50	against either the corporate income tax or the franchise tax be
51	applied in the following order: those enumerated in s. 631.828,
52	those enumerated in s. 220.191, those enumerated in s. 220.181,
53	those enumerated in s. 220.183, those enumerated in s. 220.182,
54	those enumerated in s. 220.1895, those enumerated in s. 221.02,
55	those enumerated in s. 220.184, those enumerated in s. 220.186,
56	those enumerated in s. 220.1845, those enumerated in s. 220.19,
57	those enumerated in s. 220.185, those enumerated in s. 220.1875,
58	those enumerated in s. 220.192, those enumerated in s. 220.193,
59	those enumerated in s. 288.9916, those enumerated in s.
60	220.1899, and those enumerated in s. 220.1896, and those
61	enumerated in s. 1004.995.
62	Section 3.  Paragraph (a) of subsection (1) of section
63	220.13, Florida Statutes, is amended to read:
64	220.13  "Adjusted federal income" defined.-
65	(1)  The term "adjusted federal income" means an amount
66	equal to the taxpayer's taxable income as defined in subsection
67	(2), or such taxable income of more than one taxpayer as
68	provided in s. 220.131, for the taxable year, adjusted as
69	follows:
70	(a)  Additions.-There shall be added to such taxable
71	income:
72	1.  The amount of any tax upon or measured by income,
73	excluding taxes based on gross receipts or revenues, paid or
74	accrued as a liability to the District of Columbia or any state
75	of the United States which is deductible from gross income in
76	the computation of taxable income for the taxable year.
77	2.  The amount of interest which is excluded from taxable
78	income under s. 103(a) of the Internal Revenue Code or any other
79	federal law, less the associated expenses disallowed in the
80	computation of taxable income under s. 265 of the Internal
81	Revenue Code or any other law, excluding 60 percent of any
82	amounts included in alternative minimum taxable income, as
83	defined in s. 55(b)(2) of the Internal Revenue Code, if the
84	taxpayer pays tax under s. 220.11(3).
85	3.  In the case of a regulated investment company or real
86	estate investment trust, an amount equal to the excess of the
87	net long-term capital gain for the taxable year over the amount
88	of the capital gain dividends attributable to the taxable year.
89	4.  That portion of the wages or salaries paid or incurred
90	for the taxable year which is equal to the amount of the credit
91	allowable for the taxable year under s. 220.181. This
92	subparagraph shall expire on the date specified in s. 290.016
93	for the expiration of the Florida Enterprise Zone Act.
94	5.  That portion of the ad valorem school taxes paid or
95	incurred for the taxable year which is equal to the amount of
96	the credit allowable for the taxable year under s. 220.182. This
97	subparagraph shall expire on the date specified in s. 290.016
98	for the expiration of the Florida Enterprise Zone Act.
99	6.  The amount of emergency excise tax paid or accrued as a
100	liability to this state under chapter 221 which tax is
101	deductible from gross income in the computation of taxable
102	income for the taxable year.
103	7.  That portion of assessments to fund a guaranty
104	association incurred for the taxable year which is equal to the
105	amount of the credit allowable for the taxable year.
106	8.  In the case of a nonprofit corporation which holds a
107	pari-mutuel permit and which is exempt from federal income tax
108	as a farmers' cooperative, an amount equal to the excess of the
109	gross income attributable to the pari-mutuel operations over the
110	attributable expenses for the taxable year.
111	9.  The amount taken as a credit for the taxable year under
112	s. 220.1895.
113	10.  Up to nine percent of the eligible basis of any
114	designated project which is equal to the credit allowable for
115	the taxable year under s. 220.185.
116	11.  The amount taken as a credit for the taxable year
117	under s. 220.1875. The addition in this subparagraph is intended
118	to ensure that the same amount is not allowed for the tax
119	purposes of this state as both a deduction from income and a
120	credit against the tax. This addition is not intended to result
121	in adding the same expense back to income more than once.
122	12.  The amount taken as a credit for the taxable year
123	under s. 220.192.
124	13.  The amount taken as a credit for the taxable year
125	under s. 220.193.
126	14.  Any portion of a qualified investment, as defined in
127	s. 288.9913, which is claimed as a deduction by the taxpayer and
128	taken as a credit against income tax pursuant to s. 288.9916.
129	15.  The costs to acquire a tax credit pursuant to s.
130	288.1254(5) that are deducted from or otherwise reduce federal
131	taxable income for the taxable year.
132	16.  The amount taken as a credit for the taxable year
133	under s. 1004.995.
134	Section 4.  This act shall take effect July 1, 2011.

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