Amendment
Bill No. CS/CS/HB 873
Amendment No. 301821
CHAMBER ACTION
Senate House
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1Representative Crisafulli offered the following:
2
3     Amendment
4     Remove lines 371-466 and insert:
5     (4)  TAX CREDITS.-
6     (a)  If approved and certified pursuant to subsection (5),
7the following tax credits may be taken on a return for a taxable
8year beginning on or after October 1, 2015:
9     1.  A certified spaceflight business may take a
10nontransferable corporate income tax credit for up to 50 percent
11of the business's tax liability under this chapter for the
12taxable year in which the credit is taken. The maximum
13nontransferable tax credit amount that may be approved per
14taxpayer for a taxable year is $1 million, and the total tax
15credits that may be approved pursuant to this subparagraph may
16not exceed $5 million. No credit may be approved after October
171, 2017.
18     2.  A certified spaceflight business may transfer, in whole
19or in part, its Florida net operating loss that would otherwise
20be available to be taken on a return filed under this chapter.
21The maximum transferable tax credit amount that may be approved
22per taxpayer for a taxable year is $2.5 million; the total tax
23credits that may be approved pursuant to this subparagraph may
24not exceed $15 million. No credit may be approved after October
251, 2017.
26     a.  In order to transfer the credit, the business must:
27     (I)  Have been approved to transfer the tax credit for the
28taxable year in which it is transferred;
29     (II)  Have incurred a qualifying net operating loss on
30activity in this state directly associated with one or more
31space flight projects in any of its 3 previous taxable years;
32     (III)  Not be 50 percent or more owned or controlled,
33directly or indirectly, by another corporation that has
34demonstrated positive net income in any of the 3 previous
35taxable years of ongoing operations; and
36     (IV)  Not be part of a consolidated group of affiliated
37corporations, as filed for federal income tax purposes, which in
38the aggregate demonstrated positive net income in any of the 3
39previous taxable years.
40     b.  The amount that may be claimed and transferred by a
41business is equal to:
42     (I)  One hundred percent of the net operating loss that
43could otherwise be claimed on a return filed under this chapter
44during its first full year of operations in this state.
45     (II)  One hundred percent of the net operating loss that
46could otherwise be claimed on a return filed under this chapter
47during its second full year of operations in this state.
48     (III)  One hundred percent of the net operating loss that
49could otherwise be claimed on a return filed under this chapter
50during its third full year of operations in this state.
51     (b)  Each business may be approved for only one credit per
52state fiscal year and may not claim any credit more than once.
53     (c)  Unless transferred pursuant to this section, credits
54may be granted only against the corporate income tax liability
55generated by or arising out of a spaceflight project in this
56state, as documented in the certified spaceflight business's
57annual audit prepared by a certified public accountant licensed
58to do business in this state and as verified by the office.
59     (d)  A certified spaceflight business may not file a
60consolidated return in order to claim the tax incentives
61described in this subsection.
62     (e)  The certified spaceflight business or transferee must
63demonstrate to the satisfaction of the office and the department
64that it is eligible to take the credits approved under this
65section.
66     (5)  APPLICATION AND CERTIFICATION.-
67     (a)  In order to claim a tax credit under this section, a
68spaceflight business must first submit an application to the
69office for approval to earn credits. The application must be
70filed by the date established by the office. In addition to any
71information that the office may require, the applicant must
72provide a complete description of the activity in this state
73which demonstrates to the office the applicant's likelihood to
74be certified to take or transfer a credit. The applicant must
75also provide a description of the total amount and type of
76credits for which approval is sought. The office may consult
77with Space Florida regarding the qualifications of an applicant.
78The applicant shall provide an affidavit certifying that all
79information contained in the application is true and correct.
80     1.  Approval of the credits shall be provided on a first-
81come, first-served basis, based on the date the completed
82applications are received by the office. A taxpayer may not
83submit more than one completed application per state fiscal
84year. The office may not accept an incomplete placeholder
85application, and the submission of such an application will not
86secure a place in the first-come, first-served application line.
87     2.  The office has 60 days after the receipt of a completed
88application within which to issue a notice of intent to deny or
89approve an application for credits. The


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