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. 6 7 Be It Enacted by the Legislature of the State of Florida: 8 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.— 12 (5) SCHOLARSHIP FUNDING TAX CREDITS; LIMITATIONS.— 13 (a)1. The tax credit cap amount is $250 million
$14014 millionin the 2012-2013 2010-2011state fiscal year. 15 2. In the 2012-2013 2011-2012state 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.