CS/CS/HB 965

1
A bill to be entitled
2An act relating to the Florida Tax Credit Scholarship
3Program; amending ss. 220.1875 and 624.51055, F.S.;
4revising provisions relating to the amount of a tax credit
5allowed for a contribution made to an eligible nonprofit
6scholarship-funding organization; amending s. 1002.395,
7F.S.; revising provisions relating to the carryforward of
8an unused amount of a tax credit and the rescindment of
9all or part of a tax credit under the Florida Tax Credit
10Scholarship Program; providing an effective date.
11
12Be It Enacted by the Legislature of the State of Florida:
13
14     Section 1.  Subsection (1) of section 220.1875, Florida
15Statutes, is amended to read:
16     220.1875  Credit for contributions to eligible nonprofit
17scholarship-funding organizations.-
18     (1)  There is allowed a credit of 100 percent of an
19eligible contribution made to an eligible nonprofit scholarship-
20funding organization under s. 1002.395 against any tax due for a
21taxable year under this chapter. However, such a credit may not
22exceed 75 percent of the tax due under this chapter for the
23taxable year, after the application of any other allowable
24credits by the taxpayer. The credit granted by this section
25shall be reduced by the difference between the amount of federal
26corporate income tax taking into account the credit granted by
27this section and the amount of federal corporate income tax
28without application of the credit granted by this section.
29     Section 2.  Subsection (1) of section 624.51055, Florida
30Statutes, is amended to read:
31     624.51055  Credit for contributions to eligible nonprofit
32scholarship-funding organizations.-
33     (1)  There is allowed a credit of 100 percent of an
34eligible contribution made to an eligible nonprofit scholarship-
35funding organization under s. 1002.395 against any tax due for a
36taxable year under s. 624.509(1). However, such a credit may not
37exceed 75 percent of the tax due under s. 624.509(1) after
38deducting from such tax deductions for assessments made pursuant
39to s. 440.51; credits for taxes paid under ss. 175.101 and
40185.08; credits for income taxes paid under chapter 220; credits
41for the emergency excise tax paid under chapter 221; and the
42credit allowed under s. 624.509(5), as such credit is limited by
43s. 624.509(6). An insurer claiming a credit against premium tax
44liability under this section shall not be required to pay any
45additional retaliatory tax levied pursuant to s. 624.5091 as a
46result of claiming such credit. Section 624.5091 does not limit
47such credit in any manner.
48     Section 3.  Paragraphs (c) and (e) of subsection (5) of
49section 1002.395, Florida Statutes, are amended to read:
50     1002.395  Florida Tax Credit Scholarship Program.-
51     (5)  SCHOLARSHIP FUNDING TAX CREDITS; LIMITATIONS.-
52     (c)  If a tax credit approved under paragraph (b) is not
53fully used within the specified state fiscal year for credits
54under s. 211.0251, s. 212.1831, or s. 561.1211 or against taxes
55due for the specified taxable year for credits under s. 220.1875
56or s. 624.51055 because of insufficient tax liability on the
57part of the taxpayer, the unused amount may be carried forward
58for a period not to exceed 5 3 years. However, any taxpayer that
59seeks to carry forward an unused amount of tax credit must
60submit an application to the department for approval of the
61carryforward tax credit in the year that the taxpayer intends to
62use the carryforward. The department must obtain the division's
63approval prior to approving the carryforward of a tax credit
64under s. 561.1211.
65     (e)  Within any state fiscal year, a taxpayer may rescind
66all or part of a tax credit approved under paragraph (b). The
67amount rescinded shall become available for that state fiscal
68year to another eligible taxpayer as approved by the department
69if the taxpayer receives notice from the department that the
70rescindment has been accepted by the department and the taxpayer
71has not previously rescinded any or all of its tax credits
72approved under paragraph (b) more than once in the previous 3
73tax years. The department must obtain the division's approval
74prior to accepting the rescindment of a tax credit under s.
75561.1211. Any amount rescinded under this paragraph shall become
76available to an eligible taxpayer on a first-come, first-served
77basis based on tax credit applications received after the date
78the rescindment is accepted by the department.
79     Section 4.  This act shall take effect July 1, 2011.


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