January 25, 2020
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_h1229__
HB 1229

1
A bill to be entitled
2An act relating to the New Markets Development Program;
3amending s. 288.9913, F.S.; revising the definition of the
4term "qualified active low-income community business" for
5purposes of the New Markets Development Program Act;
6providing an effective date.
7
8Be It Enacted by the Legislature of the State of Florida:
9
10     Section 1.  Subsection (7) of section 288.9913, Florida
11Statutes, is amended to read:
12     288.9913  Definitions.-As used in ss. 288.991-288.9922, the
13term:
14     (7)  "Qualified active low-income community business" means
15a corporation, including a nonprofit corporation, or partnership
16that complies with each of the following:
17     (a)1.  Derives at least 50 percent of its total gross
18income from the active conduct of business within any low-income
19community for any taxable year.;
20     2.  Uses at least 40 percent a substantial portion of its
21tangible property, whether owned or leased, within any low-
22income community for any taxable year, which percentage shall be
23the average value of the tangible property owned or leased and
24used within a low-income community by the corporation or
25partnership divided by the average value of the total tangible
26property owned or leased and used by the corporation or
27partnership during the taxable year. The value assigned to
28leased property by the corporation or partnership must be
29reasonable.;
30     3.  Performs at least 40 percent a substantial portion of
31its services through its employees in a low-income community for
32any taxable year, which percentage shall be the amount paid by
33the corporation or partnership for salaries, wages, and benefits
34to employees in a low-income community divided by the total
35amount paid by the corporation or partnership for salaries,
36wages, and benefits during the taxable year.;
37     4.  Attributes less than 5 percent of the average of the
38aggregate unadjusted bases of the property of the entity to
39collectibles, as defined in 26 U.S.C. s. 408(m)(2), other than
40collectibles that are held primarily for sale to customers in
41the ordinary course of the business for any taxable year.; and
42     5.  Attributes less than 5 percent of the average of the
43aggregate unadjusted bases of the property of the entity to
44nonqualified financial property, as defined in 26 U.S.C. s.
451397C(e), for any taxable year.
46
47A corporation or partnership complies with subparagraph 1. if,
48as calculated in subparagraph 2., it uses at least 50 percent of
49its tangible property, whether owned or leased, within any low-
50income community for any taxable year or if, as calculated in
51subparagraph 3., the corporation or partnership performs at
52least 50 percent of its services through its employees in a low-
53income community for any taxable year.
54     (b)  Is reasonably expected by a qualified community
55development entity at the time of an investment to continue to
56satisfy the requirements of paragraphs (a), (c), and (d) for the
57duration of the investment.
58     (c)  Satisfies the requirements of paragraphs (a) and (b),
59but does not:
60     1.  Derive or project to derive 15 percent or more of its
61annual revenue from the rental or sale of real estate, unless
62the corporation or partnership derives such revenue from the
63rental of real estate and the primary lessee and user of such
64real estate is another qualified active low-income community
65business that is owned or controlled by, or that is under common
66ownership or control with, such corporation or partnership;
67     2.  Engage predominantly in the development or holding of
68intangibles for sale or license;
69     3.  Operate a private or commercial golf course, country
70club, massage parlor, hot tub facility, suntan facility,
71racetrack, gambling facility, or a store the principal business
72of which is the sale of alcoholic beverages for consumption off
73premises; or
74     4.  Engage principally in farming and owns or leases assets
75the sum of the aggregate unadjusted bases or the fair market
76value of which exceeds $500,000.
77     (d)  Will create or retain jobs that pay an average wage of
78at least 115 percent of the federal poverty income guidelines
79for a family of four.
80     Section 2.  This act shall take effect upon becoming a law.


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