Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 1390
       
       
       
       
       
       
                                Ì301108vÎ301108                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/30/2021           .                                
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       The Committee on Commerce and Tourism (Gruters) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 220.191, Florida Statutes, is amended to
    6  read:
    7         220.191 Capital investment tax credit.—
    8         (1) DEFINITIONS.—As used in For purposes of this section,
    9  the term:
   10         (a) “Commencement of operations” means the beginning of
   11  active operations by a qualifying business of the principal
   12  function for which a qualifying project was constructed.
   13         (b) “Cumulative capital investment” means the total capital
   14  investment in land, buildings, and equipment made in connection
   15  with a qualifying project during the period from the beginning
   16  of construction of the project to the commencement of
   17  operations.
   18         (c)“Cumulative intellectual property investment” means the
   19  total investment for the development of intellectual property
   20  during the period from the start date of the project to the
   21  completion of the project in buildings or equipment; in wages,
   22  salaries, or other compensation paid to employees, including
   23  amounts paid through an employee leasing company and any
   24  employer-paid taxes and benefits; and in the direct production
   25  costs paid to any business, regardless of location.
   26         (d)“Direct production costs” means direct expenses related
   27  to the preproduction, development or filming, and postproduction
   28  of intellectual property. The term does not include the
   29  distribution and marketing of intellectual property.
   30         (e)1.(c) “Eligible capital costs” means all expenses
   31  incurred by a qualifying business in connection with:
   32         a. The acquisition, construction, installation, and
   33  equipping of a qualifying project during the period from the
   34  beginning of construction of the project to the commencement of
   35  operations; or
   36         b.A qualifying project for the development or creation of
   37  intellectual property during the period from the start date of
   38  the project to the completion of the project.
   39         2.The term includes, including, but is not limited to:
   40         a.1. The costs of acquiring, constructing, installing,
   41  equipping, and financing a qualifying project, including all
   42  obligations incurred for labor and obligations to contractors,
   43  subcontractors, builders, and materialmen.
   44         b.2. The costs of acquiring land or rights to land and any
   45  cost incidental thereto, including recording fees.
   46         c.3. The costs of architectural and engineering services,
   47  including test borings, surveys, estimates, plans and
   48  specifications, preliminary investigations, environmental
   49  mitigation, and supervision of construction, as well as the
   50  performance of all duties required by or consequent to the
   51  acquisition, construction, installation, and equipping of a
   52  qualifying project.
   53         d.4. The costs associated with the installation of fixtures
   54  and equipment; surveys, including archaeological and
   55  environmental surveys; site tests and inspections; subsurface
   56  site work and excavation; removal of structures, roadways, and
   57  other surface obstructions; filling, grading, paving, and
   58  provisions for drainage, storm water retention, and installation
   59  of utilities, including water, sewer, sewage treatment, gas,
   60  electricity, communications, and similar facilities; and offsite
   61  construction of utility extensions to the boundaries of the
   62  property.
   63         e.For the development or creation of intellectual
   64  property, the wages, salaries, employer-paid taxes and benefits,
   65  or other compensation paid to legal residents of this state,
   66  including amounts paid through a loan-out company, an employee
   67  leasing company, or a payroll service company; and the direct
   68  production costs paid to any business authorized to do business
   69  in this state.
   70  
   71  Eligible capital costs do shall not include the cost of any
   72  property previously owned or leased by the qualifying business.
   73         (f)“Employer-paid taxes and benefits” includes social
   74  security tax; Medicare tax; federal unemployment and state
   75  reemployment assistance taxes; workers compensation premiums
   76  and benefits; vacation pay, holiday pay, and sick pay; payroll
   77  handling fees; mileage; car allowances; housing allowances; and
   78  per diem.
   79         (g)(d) “Income generated by or arising out of the
   80  qualifying project” means the qualifying project’s annual
   81  taxable income as determined by generally accepted accounting
   82  principles and under s. 220.13.
   83         (h)(e)“Intellectual property” means a copyrightable
   84  project for which the eligible capital costs are principally
   85  paid directly or indirectly for the development or creation of
   86  the project. As used in this paragraph, the term “copyrightable
   87  project” includes, but is not limited to, a copyrightable
   88  software or multimedia application and its expansion content
   89  made available to an end user, which includes, but is not
   90  limited to, technological activities relating to updating the
   91  project; internal development platforms that support the
   92  production of multiple applications; cloud-based services that
   93  support the functionality of multiple applications; and
   94  copyrightable projects that include, but are not limited to,
   95  digital visualization and sound synchronization technologies for
   96  digital media, or that are necessary for the production of
   97  scripted content intended for theatrical, streaming, or
   98  television distribution.
   99         (i) “Jobs” means full-time equivalent positions, as that
  100  term is consistent with terms used by the Department of Economic
  101  Opportunity and the United States Department of Labor for
  102  purposes of reemployment assistance tax administration and
  103  employment estimation, resulting directly from a project in this
  104  state. The term does not include temporary construction jobs
  105  involved in the construction of the project facility.
  106         (j)“Production infrastructure costs” means the costs of
  107  property intended to be used for the development of multiple
  108  intellectual property projects. Such investment property
  109  includes, but is not limited to, buildings, facilities, studios,
  110  soundstages, and any ancillary machinery and equipment used for
  111  the development of intellectual property, regardless of whether
  112  the property is a fixture or is otherwise affixed to or
  113  incorporated into real property. The term does not include the
  114  direct production costs related to a specific intellectual
  115  property project.
  116         (k)(f) “Qualifying business” means a business which
  117  establishes a qualifying project or strategic priority project
  118  in this state and which is certified by the Department of
  119  Economic Opportunity to receive tax credits pursuant to this
  120  section.
  121         (l)(g) “Qualifying project” means a facility or project in
  122  this state meeting one or more of the following criteria:
  123         1. A new or expanding facility in this state which creates
  124  at least 100 new jobs in this state and is in one of the high
  125  impact sectors identified by Enterprise Florida, Inc., and
  126  certified by the Department of Economic Opportunity pursuant to
  127  s. 288.108(6), including, but not limited to, aviation,
  128  aerospace, automotive, and silicon technology industries.
  129  However, between July 1, 2011, and June 30, 2014, the
  130  requirement that a facility be in a high-impact sector is waived
  131  for any otherwise eligible business from another state which
  132  locates all or a portion of its business to a Disproportionally
  133  Affected County. For purposes of this section, the term
  134  “Disproportionally Affected County” means Bay County, Escambia
  135  County, Franklin County, Gulf County, Okaloosa County, Santa
  136  Rosa County, Walton County, or Wakulla County.
  137         2. A new or expanded facility in this state which is
  138  engaged in a target industry designated pursuant to the
  139  procedure specified in s. 288.106(2) and which is induced by
  140  this credit to create or retain at least 1,000 jobs in this
  141  state, provided that at least 100 of those jobs are new, pay an
  142  annual average wage of at least 130 percent of the average
  143  private sector wage in the area as defined in s. 288.106(2), and
  144  make a cumulative capital investment of at least $100 million.
  145  Jobs may be considered retained only if there is significant
  146  evidence that the loss of jobs is imminent. Notwithstanding
  147  subsection (2), annual credits against the tax imposed by this
  148  chapter may not exceed 50 percent of the increased annual
  149  corporate income tax liability or the premium tax liability
  150  generated by or arising out of a project qualifying under this
  151  subparagraph. A facility that qualifies under this subparagraph
  152  for an annual credit against the tax imposed by this chapter may
  153  take the tax credit for a period not to exceed 5 years.
  154         3. A new or expanded headquarters facility in this state
  155  which locates in an enterprise zone and brownfield area and is
  156  induced by this credit to create at least 1,500 jobs which on
  157  average pay at least 200 percent of the statewide average annual
  158  private sector wage, as published by the Department of Economic
  159  Opportunity, and which new or expanded headquarters facility
  160  makes a cumulative capital investment in this state of at least
  161  $250 million.
  162         4.A project involving the development or creation of
  163  intellectual property, provided that the project’s jobs in this
  164  state pay an annual average wage of at least 150 percent of the
  165  average private sector wage in the area as defined in s.
  166  288.106. A project that qualifies under this subparagraph may
  167  consist of one or more projects with different start and
  168  completion dates.
  169         (m)“Strategic priority project” means a qualifying project
  170  identified in subparagraph (l)4. which demonstrates the
  171  potential for measurable value to this state, including, but not
  172  limited to, marketing this state as a visitor destination,
  173  making improvements to infrastructure supporting future industry
  174  use, or providing measurable technology skills development for
  175  residents of this state.
  176         (2)(a) An annual credit against the tax imposed by this
  177  chapter shall be granted to any qualifying business in an amount
  178  equal to 5 percent of the eligible capital costs generated by a
  179  qualifying project, for a period not to exceed 20 years
  180  beginning with the commencement of operations of the project.
  181  Unless assigned as described in this subsection, the tax credit
  182  shall be granted against only the corporate income tax liability
  183  or the premium tax liability generated by or arising out of the
  184  qualifying project, and the sum of all tax credits provided
  185  pursuant to this section shall not exceed 100 percent of the
  186  eligible capital costs of the project. In no event may any
  187  credit granted under this section be carried forward or backward
  188  by any qualifying business with respect to a subsequent or prior
  189  year. The annual tax credit granted under this section shall not
  190  exceed the following percentages of the annual corporate income
  191  tax liability or the premium tax liability generated by or
  192  arising out of a qualifying project:
  193         1. One hundred percent for a qualifying project which
  194  results in a cumulative capital investment of at least $100
  195  million.
  196         2. Seventy-five percent for a qualifying project which
  197  results in a cumulative capital investment of at least $50
  198  million but less than $100 million.
  199         3. Fifty percent for a qualifying project which results in
  200  a cumulative capital investment of at least $25 million but less
  201  than $50 million.
  202         (b) A qualifying project which results in a cumulative
  203  capital investment of less than $25 million is not eligible for
  204  the capital investment tax credit. An insurance company claiming
  205  a credit against premium tax liability under this program shall
  206  not be required to pay any additional retaliatory tax levied
  207  pursuant to s. 624.5091 as a result of claiming such credit.
  208  Because credits under this section are available to an insurance
  209  company, s. 624.5091 does not limit such credit in any manner.
  210         (c) A qualifying business that establishes a qualifying
  211  project that includes locating a new solar panel manufacturing
  212  facility in this state that generates a minimum of 400 jobs
  213  within 6 months after commencement of operations with an average
  214  salary of at least $50,000 may assign or transfer the annual
  215  credit, or any portion thereof, granted under this section to
  216  any other business. However, the amount of the tax credit that
  217  may be transferred in any year shall be the lesser of the
  218  qualifying business’s state corporate income tax liability for
  219  that year, as limited by the percentages applicable under
  220  paragraph (a) and as calculated before prior to taking any
  221  credit pursuant to this section, or the credit amount granted
  222  for that year. A business receiving the transferred or assigned
  223  credits may use the credits only in the year received, and the
  224  credits may not be carried forward or backward. To perfect the
  225  transfer, the transferor shall provide the department with a
  226  written transfer statement notifying the department of the
  227  transferor’s intent to transfer the tax credits to the
  228  transferee; the date the transfer is effective; the transferee’s
  229  name, address, and federal taxpayer identification number; the
  230  tax period; and the amount of tax credits to be transferred. The
  231  department shall, upon receipt of a transfer statement
  232  conforming to the requirements of this paragraph, provide the
  233  transferee with a certificate reflecting the tax credit amounts
  234  transferred. A copy of the certificate must be attached to each
  235  tax return for which the transferee seeks to apply such tax
  236  credits.
  237         (d) If the credit granted under subparagraph (a)1. is not
  238  fully used in any one year because of insufficient tax liability
  239  on the part of the qualifying business, the unused amounts may
  240  be used in any one year or years beginning with the 21st year
  241  after the commencement of operations of the project and ending
  242  the 30th year after the commencement of operations of the
  243  project.
  244         (3)(a)1.Notwithstanding subsection (2), a credit against
  245  the tax imposed by this chapter, against state taxes collected
  246  or accrued under chapter 212, or against a stated combination of
  247  the two taxes must be granted to a qualifying business that
  248  establishes a qualifying project identified in subparagraph
  249  (1)(l)4. for which the cumulative intellectual property
  250  investment of one or more projects is, at the election of the
  251  qualifying business, at least:
  252         a.Fifty million dollars per year for 3 consecutive years;
  253         b.An aggregate of $150 million over a 3-year period; or
  254         c.An aggregate of $500 million over a 3-year period.
  255         2.For sub-subparagraphs 1.a. and b., the tax credit must
  256  be granted in an amount equal to 20 percent of the eligible
  257  capital costs generated by the qualifying project. The tax
  258  credit must be granted against the tax liability of the
  259  qualifying business.
  260         3.For projects meeting the threshold of sub-subparagraph
  261  1.c., the tax credit must be granted in an amount equal to 26
  262  percent of the eligible wages, salaries, employer paid taxes and
  263  benefits, or other compensation paid to any individual,
  264  including amounts paid through an employee leasing company, and
  265  the direct production costs paid to any business, regardless of
  266  the location, generated by the qualifying project. The tax
  267  credit must be granted against the tax liability of the
  268  qualifying business.
  269         (b)1.The credit granted under this subsection may be used
  270  in whole or in part by the qualifying business or any
  271  corporation that is a member of that qualifying business’
  272  affiliated group of corporations. Any credit may be used by any
  273  of the affiliated corporations to the same extent as it could
  274  have been used by the qualifying business. However, any such use
  275  may not operate to increase the amount of the credit or extend
  276  the period within which the credit must be used.
  277         2.The credit granted under this subsection may be
  278  transferred to any third party. A qualifying business that
  279  elects to transfer the tax credit shall transfer the tax credit
  280  within 1 year after the date the tax credit is granted. A
  281  business receiving the transferred tax credit may use the credit
  282  only in the year received, and the credit may not be carried
  283  forward or backward. To perfect the transfer, the transferor
  284  shall provide the department with a written transfer statement
  285  of the transferor’s intent to transfer the tax credits to the
  286  transferee; the date the transfer is effective; the transferee’s
  287  name, address, and federal taxpayer identification number; the
  288  tax period to which the transfer applies; and the amount of tax
  289  credits to be transferred. The department shall, upon receipt of
  290  a transfer statement conforming to the requirements of this
  291  subparagraph, provide the transferee with a certificate
  292  reflecting the tax credit amounts transferred. A copy of the
  293  certificate must be attached to each tax return for which the
  294  transferee seeks to apply such tax credits.
  295         (c)A qualifying business that elects to use the tax credit
  296  may use the tax credit in any one year or years beginning with
  297  the commencement of the project and ending the second year after
  298  the completion of the project.
  299         (d)Notwithstanding the cumulative intellectual property
  300  investment thresholds under subparagraph (a)1., tax credits must
  301  be granted as costs described in that subparagraph are certified
  302  by the Department of Economic Opportunity.
  303         (e)1.In any year in which the qualifying business fails to
  304  meet the level of cumulative intellectual property investment
  305  required by this subsection for that year:
  306         a.For purposes of sub-subparagraph (a)1.a., any previously
  307  granted tax credit issued pursuant to this subsection in such
  308  year must be revoked and rescinded.
  309         b.For purposes of sub-subparagraph (a)1.b., any previously
  310  granted tax credit issued pursuant to this subsection must be
  311  revoked and rescinded.
  312         c.For purposes of sub-subparagraph (a)1.c., the portion of
  313  any previously granted tax credit that exceeds 20 percent of
  314  costs specified in subparagraph (a)3. which was issued pursuant
  315  to this subsection must be revoked and rescinded. However, if
  316  the total cumulative intellectual property investment is less
  317  than $150 million, sub-subparagraph b. applies.
  318         2.This paragraph may not result in the revocation or
  319  rescission of any credits or incentives awarded to a project
  320  outside of this subsection.
  321         3.If such revoked and rescinded credit has already been
  322  claimed on a return, the business must repay the credit plus the
  323  interest applicable under s. 213.235 and a 10 percent penalty.
  324         4.If such revoked and rescinded credit has already been
  325  transferred to another business, the transferor must repay the
  326  credit plus interest applicable under s. 231.235 and a 10
  327  percent penalty.
  328         (4)Notwithstanding subsection (2), an annual credit
  329  against the tax imposed by this chapter, against state taxes
  330  collected or accrued under chapter 212, or against a stated
  331  combination of the two taxes must be granted to a qualifying
  332  business that establishes a qualifying project that incurs
  333  eligible production infrastructure costs in this state exceeding
  334  $100 million during a period not to exceed 10 years, beginning
  335  with the commencement of operations of the project. The sum of
  336  all tax credits provided pursuant to this subsection may not
  337  exceed 100 percent of the eligible production infrastructure
  338  costs of the project. Any credit granted under this subsection
  339  may not be carried forward or backward by any qualifying
  340  business with respect to a subsequent or prior year. The annual
  341  tax credit granted under this section may not exceed 100 percent
  342  of the sum of the annual corporate income tax liability and the
  343  sales and use tax liability of the qualifying business. If the
  344  credit granted under this subsection is not fully used in any
  345  given year because of insufficient tax liability on the part of
  346  the qualifying business, the unused amounts may be used in any
  347  given year or years beginning with the 11th year after the
  348  commencement of operations of the project and ending the 20th
  349  year after the commencement of operations of the project.
  350         (5)(a) Notwithstanding subsection (2), a credit against the
  351  tax imposed by this chapter, against state taxes collected or
  352  accrued under chapter 212, or against a stated combination of
  353  the two taxes must be granted to a qualifying business that
  354  establishes a strategic priority project as defined in paragraph
  355  (1)(i), for which the eligible capital costs are at least $75
  356  million. The tax credit must be granted in an amount equal to 20
  357  percent of the eligible capital costs generated by the
  358  qualifying project. The tax credit must be granted against the
  359  tax liability of the qualifying business.
  360         (b)At the time a tax credit is granted under this
  361  subsection, a qualifying business granted the credit shall elect
  362  to either use or transfer the tax credit.
  363         1.A qualifying business that elects to transfer the tax
  364  credit shall transfer the tax credit within 1 year after the
  365  date the tax credit is granted. A business receiving the
  366  transferred tax credit may use the credit only in the year
  367  received, and the credit may not be carried forward or backward.
  368  To perfect the transfer, the transferor shall provide the
  369  department with a written transfer statement of the transferor’s
  370  intent to transfer the tax credits to the transferee; the
  371  effective date of the transfer; the transferee’s name, address,
  372  and federal taxpayer identification number; the tax period to
  373  which the transfer applies; and the amount of tax credits to be
  374  transferred. Upon receipt of a transfer statement conforming to
  375  the requirements of this subparagraph, the department shall
  376  provide the transferee with a certificate reflecting the tax
  377  credit amounts transferred. A copy of the certificate must be
  378  attached to each tax return for the period for which the
  379  transferee seeks to apply such tax credits.
  380         2.A qualifying business that elects to use the tax credit
  381  may use the tax credit in any one year or years beginning with
  382  the commencement of the project and ending the second year after
  383  the completion of the project.
  384         (6)(a) Notwithstanding subsection (2), an annual credit
  385  against the tax imposed by this chapter must shall be granted to
  386  a qualifying business which establishes a qualifying project
  387  pursuant to subparagraph (1)(l)3. (1)(g)3., in an amount equal
  388  to the lesser of $15 million or 5 percent of the eligible
  389  capital costs made in connection with a qualifying project, for
  390  a period not to exceed 20 years beginning with the commencement
  391  of operations of the project. The tax credit must shall be
  392  granted against the corporate income tax liability of the
  393  qualifying business and as further provided in paragraph (c).
  394  The total tax credit provided pursuant to this subsection must
  395  shall be equal to no more than 100 percent of the eligible
  396  capital costs of the qualifying project.
  397         (b) If the credit granted under this subsection is not
  398  fully used in any one year because of insufficient tax liability
  399  on the part of the qualifying business, the unused amount may be
  400  carried forward for a period not to exceed 20 years after the
  401  commencement of operations of the project. The carryover credit
  402  may be used in a subsequent year when the tax imposed by this
  403  chapter for that year exceeds the credit for which the
  404  qualifying business is eligible in that year under this
  405  subsection after applying the other credits and unused
  406  carryovers in the order provided by s. 220.02(8).
  407         (c) The credit granted under this subsection may be used in
  408  whole or in part by the qualifying business or any corporation
  409  that is either a member of that qualifying business’s affiliated
  410  group of corporations, is a related entity taxable as a
  411  cooperative under subchapter T of the Internal Revenue Code, or,
  412  if the qualifying business is an entity taxable as a cooperative
  413  under subchapter T of the Internal Revenue Code, is related to
  414  the qualifying business. Any entity related to the qualifying
  415  business may continue to file as a member of a Florida-nexus
  416  consolidated group pursuant to a prior election made under s.
  417  220.131(1), Florida Statutes (1985), even if the parent of the
  418  group changes due to a direct or indirect acquisition of the
  419  former common parent of the group. Any credit can be used by any
  420  of the affiliated companies or related entities referenced in
  421  this paragraph to the same extent as it could have been used by
  422  the qualifying business. However, any such use shall not operate
  423  to increase the amount of the credit or extend the period within
  424  which the credit must be used.
  425         (7)(4)Before Prior to receiving tax credits pursuant to
  426  this section, a qualifying business must achieve and maintain
  427  the minimum employment goals beginning with the commencement of
  428  operations or the completion date of at a qualifying project and
  429  continuing each year thereafter during which tax credits are
  430  available pursuant to this section.
  431         (8)(5) Applications must shall be reviewed and certified
  432  pursuant to s. 288.061. The Department of Economic Opportunity,
  433  upon a recommendation by Enterprise Florida, Inc., shall first
  434  certify a business as eligible to receive tax credits pursuant
  435  to this section before prior to the commencement of operations
  436  or the completion date of a qualifying project, and such
  437  certification must shall be transmitted to the Department of
  438  Revenue. Upon receipt of the certification, the Department of
  439  Revenue shall enter into a written agreement with the qualifying
  440  business specifying, at a minimum, the method by which income
  441  generated by or arising out of the qualifying project will be
  442  determined.
  443         (9)(6) The Department of Economic Opportunity, in
  444  consultation with Enterprise Florida, Inc., is authorized to
  445  develop the necessary guidelines and application materials for
  446  the certification process described in subsection (8)(5).
  447         (10)(7) It shall be the responsibility of the qualifying
  448  business to affirmatively demonstrate to the satisfaction of the
  449  Department of Revenue that such business meets the job creation
  450  and capital investment requirements of this section.
  451         (11)(8) The Department of Revenue may specify by rule the
  452  methods by which a project’s pro forma annual taxable income is
  453  determined.
  454         Section 2. Paragraph (d) of subsection (2) of section
  455  288.1089, Florida Statutes, is amended to read:
  456         288.1089 Innovation Incentive Program.—
  457         (2) As used in this section, the term:
  458         (d) “Cumulative investment” means cumulative capital
  459  investment and all eligible capital costs, as defined in s.
  460  220.191, Florida Statutes (2020).
  461         Section 3. This act shall take effect July 1, 2021.
  462  
  463  ================= T I T L E  A M E N D M E N T ================
  464  And the title is amended as follows:
  465         Delete everything before the enacting clause
  466  and insert:
  467                        A bill to be entitled                      
  468         An act relating to the capital investment tax credit;
  469         amending s. 220.191, F.S.; defining and redefining
  470         terms; providing a credit against the corporate income
  471         tax, the sales and use tax, or a stated combination of
  472         the two taxes to a qualifying business that
  473         establishes a qualifying project for the creation of
  474         intellectual property which meets certain capital
  475         investment criteria; specifying the calculation of the
  476         credit; authorizing use of the credit or portions of
  477         the credit by the business members of its affiliated
  478         group of corporations; authorizing the transfer of
  479         credits, subject to certain conditions; requiring
  480         credits to be granted as costs are certified by the
  481         Department of Economic Opportunity; providing for
  482         revocation and rescission of credits under certain
  483         circumstances; providing a credit against the
  484         corporate income tax, the sales and use tax, or a
  485         stated combination of the two taxes to a qualifying
  486         business that incurs eligible production
  487         infrastructure costs that exceed a certain threshold;
  488         specifying the calculation of the credit; prohibiting
  489         the carryover of credits; authorizing use of unused
  490         credits after a certain time period; providing a
  491         credit against the corporate income tax, the sales and
  492         use tax, or a stated combination of the two taxes to a
  493         qualifying business that establishes a strategic
  494         priority project that meets certain capital investment
  495         criteria; specifying the calculation of the credit;
  496         authorizing the carryover or transfer of credits,
  497         subject to certain conditions; conforming provisions
  498         to changes made by the act; amending s. 288.1089,
  499         F.S.; revising the definition of the term “cumulative
  500         investment”; providing an effective date.