Florida Senate - 2021 SB 258 By Senator Jones 35-00585-21 2021258__ 1 A bill to be entitled 2 An act relating to an internship tax credit program; 3 creating s. 220.198, F.S.; providing a short title; 4 defining terms; providing a corporate income tax 5 credit for qualified businesses employing degree 6 seeking student interns if certain criteria are met; 7 specifying the amount of the credit a qualified 8 business may claim per student intern; specifying a 9 limit on the credit claimed per taxable year; 10 authorizing the Department of Revenue to adopt certain 11 rules; authorizing a qualified business to carry 12 forward unused credit for a certain time; providing an 13 effective date. 14 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 junior or 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 30 hours per week. 30 (c) “Qualified business” means a business that is in 31 existence and has been continuously operating for at least 3 32 years. 33 (3) For taxable years beginning on or after January 1, 34 2022, a qualified business may receive a tax credit for 35 previously paid corporate income taxes imposed under this 36 chapter in the amount of $2,000 per student intern if: 37 (a) The qualified business employed a degree-seeking 38 student in an internship in which the student worked full time 39 for at least 9 consecutive weeks; 40 (b) The qualified business provides documentation for the 41 current taxable year to show that at least 20 percent of the 42 business’s full-time employees were previously employed by that 43 business as degree-seeking student interns; 44 (c) A degree-seeking student intern working for a qualified 45 business had a minimum grade point average of 2.0 at the start 46 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 3 prior years on average, employed 10 or fewer 54 full-time employees may receive the tax credit if it provides 55 documentation that it previously hired at least one degree 56 seeking student intern and, for the current taxable year, that 57 it employs on a full-time basis at least one employee who was 58 previously employed by that qualified business as a degree 59 seeking student intern. 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 qualified business awarded a tax credit for 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, 2021.