Florida Senate - 2014                                    SB 1600
       By Senator Soto
       14-01337-14                                           20141600__
    1                        A bill to be entitled                      
    2         An act relating to a small business tax credit;
    3         creating s. 220.197, F.S.; defining the term “new
    4         small business”; providing a tax credit to new small
    5         businesses in a specified amount; requiring new small
    6         businesses to apply to the Department of Revenue for
    7         tax credit approval; providing application
    8         requirements; authorizing a new small business to
    9         reapply if an application is deemed insufficient;
   10         limiting the amount of tax credits that a new small
   11         business may receive; authorizing a new small business
   12         to use the remaining amount of tax credit that is
   13         greater than can be taken on a single tax return on
   14         future tax returns; providing an effective date.
   16  Be It Enacted by the Legislature of the State of Florida:
   18         Section 1. Section 220.197, Florida Statutes, is created to
   19  read:
   20         220.197 Small business tax credit.—
   21         (1) As used in this section, the term “new small business”
   22  means a sole proprietorship, firm, partnership, or corporation
   23  located in this state that employs fewer than 15 employees and
   24  that has been in operation for 24 months or less.
   25         (2) A new small business may apply for a tax credit under
   26  this section at any time, but only once during its first 24
   27  months of operation. The new small business shall receive a
   28  $1,500 tax credit for each employee, which may be taken against
   29  the tax remitted under this chapter.
   30         (3) In order to claim a credit under this section, a new
   31  small business must apply to the department for approval. Each
   32  application for a credit must include all information required
   33  to verify the business’s status as a new small business and any
   34  other information required by the department.
   35         (4) If an application is deemed insufficient to support the
   36  credit authorized in this section, the department shall notify
   37  the business of the insufficiency. The business may reapply for
   38  the credit at any time after receiving such notice.
   39         (5) A new small business may not receive tax credits under
   40  this section in excess of $21,000.
   41         (6) If the credit under this section is greater than can be
   42  taken on a single tax return, excess amounts may be taken as
   43  credits on any tax return submitted within 12 months after the
   44  approval of the application by the department.
   45         Section 2. This act shall take effect July 1, 2014.