Florida Senate - 2012 SB 1150 By Senator Richter 37-01139-12 20121150__ 1 A bill to be entitled 2 An act relating to the New Markets Development 3 Program; amending s. 288.9914, F.S.; increasing the 4 total amount of tax credits available during the 5 existence of the New Markets Development Program; 6 amending s. 288.9915, F.S.; revising the limitation on 7 the amount of cash interest payments that a qualified 8 community development entity may make on a long-term 9 debt security; providing an effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Paragraph (c) of subsection (3) of section 14 288.9914, Florida Statutes, is amended to read: 15 288.9914 Certification of qualified investments; investment 16 issuance reporting.— 17 (3) REVIEW.— 18 (c) The department may not approve a cumulative amount of 19 qualified investments that may result in the claim of more than 20 $195
$97.5million in tax credits during the existence of the 21 program or more than $20 million in tax credits in a single 22 state fiscal year. However, the potential for a taxpayer to 23 carry forward an unused tax credit may not be considered in 24 calculating the annual limit. 25 Section 2. Subsection (1) of section 288.9915, Florida 26 Statutes, is amended to read: 27 288.9915 Use of proceeds from qualified investments; 28 recordkeeping.— 29 (1) A qualified community development entity may not make 30 cash interest payments on a long-term debt security that is a 31 qualified investment in excess of the entity’s cumulative 32 operating income, calculated without giving effect to the 33 interest expense on such long-term debt security, for 7 6years 34 after followingthe date of issuance of the security. 35 Section 3. This act shall take effect July 1, 2012.