Florida Senate - 2023                                     SB 862
       
       
        
       By Senator Gruters
       
       
       
       
       
       22-01020-23                                            2023862__
    1                        A bill to be entitled                      
    2         An act relating to 1031 exchange tax credits; creating
    3         s. 220.197, F.S.; defining the term “NAICS”; providing
    4         a specified corporate income tax credit for a
    5         specified taxable year to a taxpayer classified in the
    6         passenger car rental and leasing industry if certain
    7         conditions were met; providing retroactive operation;
    8         providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Section 220.197, Florida Statutes, is created to
   13  read:
   14         220.197 1031 exchange tax credit.—
   15         (1) As used in this section, the term “NAICS” means those
   16  classifications contained in the North American Industry
   17  Classification System, as published in 2007 by the Office of
   18  Management and Budget, Executive Office of the President.
   19         (2) A taxpayer is eligible for a $2 million credit against
   20  the tax imposed by this chapter for its 2018 taxable year if:
   21         (a) The taxpayer is classified under NAICS industry group
   22  code 53211;
   23         (b) The taxpayer deferred gains on the sale of personal
   24  property assets for federal income purposes under s. 1031 of the
   25  Internal Revenue Code during its taxable year beginning on or
   26  after August 1, 2016, and before August 1, 2017; and
   27         (c) The taxpayer’s final tax liability for its taxable year
   28  beginning on or after August 1, 2017, and before August 1, 2018,
   29  before application of the credit authorized by this section, is
   30  greater than $15 million and is at least 700 percent greater
   31  than its final tax liability for its taxable year beginning on
   32  or after August 1, 2016, and before August 1, 2017.
   33         (3) This section operates retroactively to January 1, 2018.
   34         Section 2. This act shall take effect July 1, 2023.