Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. SB 1150
       
       
       
       
       
       
                                Barcode 230942                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  01/19/2012           .                                
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       The Committee on Commerce and Tourism (Dockery) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3  
    4         Delete everything after the enacting clause
    5  and insert:
    6         Section 1. Paragraph (c) of subsection (3) of section
    7  288.9914, Florida Statutes, is amended to read:
    8         288.9914 Certification of qualified investments; investment
    9  issuance reporting.—
   10         (3) REVIEW.—
   11         (c) The department may not approve a cumulative amount of
   12  qualified investments that may result in the claim of more than
   13  $195 $97.5 million in tax credits during the existence of the
   14  program or more than $40 $20 million in tax credits in a single
   15  state fiscal year. However, the potential for a taxpayer to
   16  carry forward an unused tax credit may not be considered in
   17  calculating the annual limit.
   18         Section 2. Subsection (1) of section 288.9915, Florida
   19  Statutes, is amended to read:
   20         288.9915 Use of proceeds from qualified investments;
   21  recordkeeping.—
   22         (1) A qualified community development entity, before giving
   23  effect to the interest expense of may not make cash interest
   24  payments on a long-term debt security that is a qualified
   25  investment in excess of the entity’s cumulative operating
   26  income, may not make cash interest payments on such security for
   27  7 6 years after following the issuance of such the security.
   28         Section 3. This act shall take effect July 1, 2012.
   29  
   30  ================= T I T L E  A M E N D M E N T ================
   31         And the title is amended as follows:
   32         Delete everything before the enacting clause
   33  and insert:
   34                        A bill to be entitled                      
   35         An act relating to the New Markets Development
   36         Program; amending s. 288.9914, F.S.; revising limits
   37         on tax credits that may be claimed by qualified
   38         community development entities under the program;
   39         amending s. 288.9915, F.S.; revising restrictions on a
   40         qualified community development entity’s making of
   41         cash interest payments on certain long-term debt
   42         securities; providing an effective date.