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.
   11  Be It Enacted by the Legislature of the State of Florida:
   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 $97.5 million 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 6 years
   34  after following the date of issuance of the security.
   35         Section 3. This act shall take effect July 1, 2012.