Florida Senate - 2020                                    SB 1240
       
       
        
       By Senator Gruters
       
       
       
       
       
       23-01181B-20                                          20201240__
    1                        A bill to be entitled                      
    2         An act relating to a corporate income tax credit;
    3         creating s. 220.197, F.S.; defining the term “NAICS”;
    4         providing a credit against the corporate income tax,
    5         for a specified amount and for a specified taxable
    6         year, for taxpayers classified in the sales financing
    7         or passenger car rental or leasing industries which
    8         meet certain criteria; providing for retroactive
    9         operation; providing an effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Section 220.197, Florida Statutes, is created to
   14  read:
   15         220.197 1031 exchange tax credit.—
   16         (1) As used in this section, the term “NAICS” means those
   17  classifications contained in the North American Industry
   18  Classification System, as published in 2007 by the Office of
   19  Management and Budget, Executive Office of the President.
   20         (2) A taxpayer is eligible for a $10 million credit against
   21  the tax imposed by this chapter for its 2018 taxable year if:
   22         (a)1. The taxpayer is classified under NAICS industry group
   23  code 53211;
   24         2. The taxpayer deferred gains on the sale of personal
   25  property assets for federal income purposes under s. 1031 of the
   26  Internal Revenue Code during its taxable year beginning on or
   27  after August 1, 2016, and before August 1, 2017; and
   28         3. The taxpayer’s final tax liability for its taxable year
   29  beginning on or after August 1, 2017, and before August 1, 2018,
   30  before application of the credit authorized by this section, is
   31  greater than $15 million and is at least 700 percent greater
   32  than its final tax liability for its taxable year beginning on
   33  or after August 1, 2016, and before August 1, 2017; or
   34         (b)1. The taxpayer is classified under NAICS industry group
   35  code 522220 or 532112;
   36         2. The taxpayer deferred gains on the sale of personal
   37  property assets for federal income purposes under s. 1031 of the
   38  Internal Revenue Code during its taxable year beginning on or
   39  after August 1, 2016, and before August 1, 2017; and
   40         3. The taxpayer’s final tax liability for its taxable year
   41  beginning on or after August 1, 2017, and before August 1, 2018,
   42  before application of the credit authorized by this section, is
   43  greater than $15 million and is at least $15 million greater
   44  than its final tax liability for its taxable year beginning on
   45  or after August 1, 2016, and before August 1, 2017.
   46         (3) This section operates retroactively to January 1, 2018.
   47         Section 2. This act shall take effect upon becoming a law.