| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Tax Credit Scholarship |
| 3 | Program; amending ss. 220.1875 and 624.51055, F.S.; |
| 4 | revising provisions relating to the amount of a tax credit |
| 5 | allowed for a contribution made to an eligible nonprofit |
| 6 | scholarship-funding organization; amending s. 1002.395, |
| 7 | F.S.; revising provisions relating to the carryforward of |
| 8 | an unused amount of a tax credit and the rescindment of |
| 9 | all or part of a tax credit under the Florida Tax Credit |
| 10 | Scholarship Program; providing an effective date. |
| 11 |
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| 12 | Be It Enacted by the Legislature of the State of Florida: |
| 13 |
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| 14 | Section 1. Subsection (1) of section 220.1875, Florida |
| 15 | Statutes, is amended to read: |
| 16 | 220.1875 Credit for contributions to eligible nonprofit |
| 17 | scholarship-funding organizations.- |
| 18 | (1) There is allowed a credit of 100 percent of an |
| 19 | eligible contribution made to an eligible nonprofit scholarship- |
| 20 | funding organization under s. 1002.395 against any tax due for a |
| 21 | taxable year under this chapter. However, such a credit may not |
| 22 | exceed 75 percent of the tax due under this chapter for the |
| 23 | taxable year, after the application of any other allowable |
| 24 | credits by the taxpayer. The credit granted by this section |
| 25 | shall be reduced by the difference between the amount of federal |
| 26 | corporate income tax taking into account the credit granted by |
| 27 | this section and the amount of federal corporate income tax |
| 28 | without application of the credit granted by this section. |
| 29 | Section 2. Subsection (1) of section 624.51055, Florida |
| 30 | Statutes, is amended to read: |
| 31 | 624.51055 Credit for contributions to eligible nonprofit |
| 32 | scholarship-funding organizations.- |
| 33 | (1) There is allowed a credit of 100 percent of an |
| 34 | eligible contribution made to an eligible nonprofit scholarship- |
| 35 | funding organization under s. 1002.395 against any tax due for a |
| 36 | taxable year under s. 624.509(1). However, such a credit may not |
| 37 | exceed 75 percent of the tax due under s. 624.509(1) after |
| 38 | deducting from such tax deductions for assessments made pursuant |
| 39 | to s. 440.51; credits for taxes paid under ss. 175.101 and |
| 40 | 185.08; credits for income taxes paid under chapter 220; credits |
| 41 | for the emergency excise tax paid under chapter 221; and the |
| 42 | credit allowed under s. 624.509(5), as such credit is limited by |
| 43 | s. 624.509(6). An insurer claiming a credit against premium tax |
| 44 | liability under this section shall not be required to pay any |
| 45 | additional retaliatory tax levied pursuant to s. 624.5091 as a |
| 46 | result of claiming such credit. Section 624.5091 does not limit |
| 47 | such credit in any manner. |
| 48 | Section 3. Paragraphs (c) and (e) of subsection (5) of |
| 49 | section 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 |
| 53 | fully used within the specified state fiscal year for credits |
| 54 | under s. 211.0251, s. 212.1831, or s. 561.1211 or against taxes |
| 55 | due for the specified taxable year for credits under s. 220.1875 |
| 56 | or s. 624.51055 because of insufficient tax liability on the |
| 57 | part of the taxpayer, the unused amount may be carried forward |
| 58 | for a period not to exceed 5 3 years. However, any taxpayer that |
| 59 | seeks to carry forward an unused amount of tax credit must |
| 60 | submit an application to the department for approval of the |
| 61 | carryforward tax credit in the year that the taxpayer intends to |
| 62 | use the carryforward. The department must obtain the division's |
| 63 | approval prior to approving the carryforward of a tax credit |
| 64 | under s. 561.1211. |
| 65 | (e) Within any state fiscal year, a taxpayer may rescind |
| 66 | all or part of a tax credit approved under paragraph (b). The |
| 67 | amount rescinded shall become available for that state fiscal |
| 68 | year to another eligible taxpayer as approved by the department |
| 69 | if the taxpayer receives notice from the department that the |
| 70 | rescindment has been accepted by the department and the taxpayer |
| 71 | has not previously rescinded any or all of its tax credits |
| 72 | approved under paragraph (b) more than once in the previous 3 |
| 73 | tax years. The department must obtain the division's approval |
| 74 | prior to accepting the rescindment of a tax credit under s. |
| 75 | 561.1211. Any amount rescinded under this paragraph shall become |
| 76 | available to an eligible taxpayer on a first-come, first-served |
| 77 | basis based on tax credit applications received after the date |
| 78 | the rescindment is accepted by the department. |
| 79 | Section 4. This act shall take effect July 1, 2011. |