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: |
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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. |