Florida Senate - 2012                                     SB 962
       By Senator Benacquisto
       27-00814A-12                                           2012962__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Tax Credit Scholarship
    3         Program; amending s. 1002.395, F.S.; increasing the
    4         tax credit cap amount applicable to the program;
    5         providing an effective date.
    7  Be It Enacted by the Legislature of the State of Florida:
    9         Section 1. Paragraph (a) of subsection (5) of section
   10  1002.395, Florida Statutes, is amended to read:
   11         1002.395 Florida Tax Credit Scholarship Program.—
   13         (a)1. The tax credit cap amount is $250 million $140
   14  million in the 2012-2013 2010-2011 state fiscal year.
   15         2. In the 2012-2013 2011-2012 state fiscal year and each
   16  state fiscal year thereafter, the tax credit cap amount is the
   17  tax credit cap amount in the prior state fiscal year. However,
   18  in any state fiscal year when the annual tax credit amount for
   19  the prior state fiscal year is equal to or greater than 90
   20  percent of the tax credit cap amount applicable to that state
   21  fiscal year, the tax credit cap amount shall increase by 25
   22  percent. The department shall publish on its website information
   23  identifying the tax credit cap amount when it is increased
   24  pursuant to this subparagraph.
   25         Section 2. This act shall take effect July 1, 2012.