| 1 | Representative Crisafulli offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 371-466 and insert: |
| 5 | (4) TAX CREDITS.- |
| 6 | (a) If approved and certified pursuant to subsection (5), |
| 7 | the following tax credits may be taken on a return for a taxable |
| 8 | year beginning on or after October 1, 2015: |
| 9 | 1. A certified spaceflight business may take a |
| 10 | nontransferable corporate income tax credit for up to 50 percent |
| 11 | of the business's tax liability under this chapter for the |
| 12 | taxable year in which the credit is taken. The maximum |
| 13 | nontransferable tax credit amount that may be approved per |
| 14 | taxpayer for a taxable year is $1 million, and the total tax |
| 15 | credits that may be approved pursuant to this subparagraph may |
| 16 | not exceed $5 million. No credit may be approved after October |
| 17 | 1, 2017. |
| 18 | 2. A certified spaceflight business may transfer, in whole |
| 19 | or in part, its Florida net operating loss that would otherwise |
| 20 | be available to be taken on a return filed under this chapter. |
| 21 | The maximum transferable tax credit amount that may be approved |
| 22 | per taxpayer for a taxable year is $2.5 million; the total tax |
| 23 | credits that may be approved pursuant to this subparagraph may |
| 24 | not exceed $15 million. No credit may be approved after October |
| 25 | 1, 2017. |
| 26 | a. In order to transfer the credit, the business must: |
| 27 | (I) Have been approved to transfer the tax credit for the |
| 28 | taxable year in which it is transferred; |
| 29 | (II) Have incurred a qualifying net operating loss on |
| 30 | activity in this state directly associated with one or more |
| 31 | space flight projects in any of its 3 previous taxable years; |
| 32 | (III) Not be 50 percent or more owned or controlled, |
| 33 | directly or indirectly, by another corporation that has |
| 34 | demonstrated positive net income in any of the 3 previous |
| 35 | taxable years of ongoing operations; and |
| 36 | (IV) Not be part of a consolidated group of affiliated |
| 37 | corporations, as filed for federal income tax purposes, which in |
| 38 | the aggregate demonstrated positive net income in any of the 3 |
| 39 | previous taxable years. |
| 40 | b. The amount that may be claimed and transferred by a |
| 41 | business is equal to: |
| 42 | (I) One hundred percent of the net operating loss that |
| 43 | could otherwise be claimed on a return filed under this chapter |
| 44 | during its first full year of operations in this state. |
| 45 | (II) One hundred percent of the net operating loss that |
| 46 | could otherwise be claimed on a return filed under this chapter |
| 47 | during its second full year of operations in this state. |
| 48 | (III) One hundred percent of the net operating loss that |
| 49 | could otherwise be claimed on a return filed under this chapter |
| 50 | during its third full year of operations in this state. |
| 51 | (b) Each business may be approved for only one credit per |
| 52 | state fiscal year and may not claim any credit more than once. |
| 53 | (c) Unless transferred pursuant to this section, credits |
| 54 | may be granted only against the corporate income tax liability |
| 55 | generated by or arising out of a spaceflight project in this |
| 56 | state, as documented in the certified spaceflight business's |
| 57 | annual audit prepared by a certified public accountant licensed |
| 58 | to do business in this state and as verified by the office. |
| 59 | (d) A certified spaceflight business may not file a |
| 60 | consolidated return in order to claim the tax incentives |
| 61 | described in this subsection. |
| 62 | (e) The certified spaceflight business or transferee must |
| 63 | demonstrate to the satisfaction of the office and the department |
| 64 | that it is eligible to take the credits approved under this |
| 65 | section. |
| 66 | (5) APPLICATION AND CERTIFICATION.- |
| 67 | (a) In order to claim a tax credit under this section, a |
| 68 | spaceflight business must first submit an application to the |
| 69 | office for approval to earn credits. The application must be |
| 70 | filed by the date established by the office. In addition to any |
| 71 | information that the office may require, the applicant must |
| 72 | provide a complete description of the activity in this state |
| 73 | which demonstrates to the office the applicant's likelihood to |
| 74 | be certified to take or transfer a credit. The applicant must |
| 75 | also provide a description of the total amount and type of |
| 76 | credits for which approval is sought. The office may consult |
| 77 | with Space Florida regarding the qualifications of an applicant. |
| 78 | The applicant shall provide an affidavit certifying that all |
| 79 | information contained in the application is true and correct. |
| 80 | 1. Approval of the credits shall be provided on a first- |
| 81 | come, first-served basis, based on the date the completed |
| 82 | applications are received by the office. A taxpayer may not |
| 83 | submit more than one completed application per state fiscal |
| 84 | year. The office may not accept an incomplete placeholder |
| 85 | application, and the submission of such an application will not |
| 86 | secure a place in the first-come, first-served application line. |
| 87 | 2. The office has 60 days after the receipt of a completed |
| 88 | application within which to issue a notice of intent to deny or |
| 89 | approve an application for credits. The |