Florida Senate - 2019 SB 840 By Senator Powell 30-00897-19 2019840__ 1 A bill to be entitled 2 An act relating to the internship tax credit program; 3 creating s. 220.198, F.S.; providing a short title; 4 providing definitions; providing a corporate income 5 tax credit up to a specified amount for a qualified 6 business that hires employees who have completed 7 specified internships; providing eligibility criteria; 8 limiting the amount of the tax credit which a 9 qualified business may claim; authorizing the 10 Department of Revenue to adopt rules governing 11 applications and establishing qualification 12 requirements; authorizing a business to carry forward 13 the tax credit for a specified period; providing an 14 effective date. 15 16 Be It Enacted by the Legislature of the State of Florida: 17 18 Section 1. Section 220.198, Florida Statutes, is created to 19 read: 20 220.198 Internship tax credit program.— 21 (1) This section may be cited as the “Florida Internship 22 Tax Credit Program.” 23 (2) As used in this section, the term: 24 (a) “Degree-seeking student intern” means a person who is a 25 senior at a state university, a Florida College System 26 institution, a career center operated by a school district under 27 s. 1001.44, or a charter technical career center, or any 28 graduate student enrolled at a state university. 29 (b) “Full-time” means at least 40 hours per week. 30 (c) “Qualified business” means a business that is in 31 existence and that has been continuously operating for at least 32 3 years. 33 (3) For taxable years beginning on or after January 1, 34 2020, a qualified business shall be allowed a tax credit for 35 previously paid corporate income taxes imposed under this 36 chapter equal to the lesser of $2,000 or the amount of wages 37 paid by the qualified business to a degree-seeking student 38 intern during the student’s internship, if: 39 (a) During the degree-seeking student’s internship, the 40 student worked full-time for at least 9 consecutive weeks; 41 (b) The qualified business provides documentation for the 42 current taxable year to show that at least 20 percent of the 43 business’s full-time employees were previously employed as 44 degree-seeking interns by that qualified business; 45 (c) The degree-seeking student intern had a minimum grade 46 point average of 2.0 at the start of the internship; and 47 (d) The state university, Florida College System 48 institution, career center operated by a school district under 49 s. 1001.44, or charter technical career center has provided 50 documentation attesting to the degree-seeking student intern’s 51 enrollment status. 52 (4) Notwithstanding paragraph (3)(b), a qualified business 53 that, for the prior 3 years on average, employed 10 full-time 54 employees or fewer shall be allowed the tax credit if it 55 provides documentation that it previously hired at least one 56 degree-seeking student intern, and, for the current taxable 57 year, it employs on a full-time basis at least one employee who 58 was previously employed as a degree-seeking student intern by 59 that qualified business. 60 (5) A qualified business may not claim a tax credit of more 61 than $10,000 for previously paid corporate income taxes in any 62 one taxable year. 63 (6) The department may adopt rules governing the manner and 64 form of applications for the tax credit and establishing 65 qualification requirements for the tax credit. 66 (7) A qualifying business awarded a tax credit of 67 previously paid corporate income taxes under this section may 68 carry forward any unused portion of a tax credit for up to 2 69 taxable years. 70 Section 2. This act shall take effect July 1, 2019.