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Senate Bill 0330

Senate Bill sb0330c2

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    Florida Senate - 2004                     CS for CS for SB 330

    By the Committees on Finance and Taxation; Comprehensive
    Planning; and Senators Saunders, Argenziano and Lynn




    314-2680-04

  1                      A bill to be entitled

  2         An act relating to the community contribution

  3         tax credit; amending s. 212.08, F.S.; requiring

  4         the Office of Tourism, Trade, and Economic

  5         Development to reserve portions of certain

  6         annual tax credits for eligible sponsors of

  7         certain low-income housing projects; providing

  8         requirements, criteria, and limitations;

  9         amending s. 220.03, F.S.; revising a definition

10         to delete a provision authorizing the office to

11         reserve certain portions of available annual

12         tax credits for certain low-income housing

13         purposes; amending s. 220.183, F.S.; increasing

14         the amount of available annual community

15         contribution tax credits; revising eligibility

16         criteria; requiring the Office of Tourism,

17         Trade, and Economic Development to reserve

18         portions of certain annual tax credits for

19         eligible sponsors of certain low-income housing

20         projects; providing requirements, criteria, and

21         limitations; amending s. 624.5105, F.S.;

22         increasing the amount of available annual

23         community contribution tax credits; revising

24         eligibility criteria; requiring the Office of

25         Tourism, Trade, and Economic Development to

26         reserve portions of certain annual tax credits

27         for eligible sponsors of certain low-income

28         housing projects; providing requirements,

29         criteria, and limitations; providing an

30         effective date.

31  

                                  1

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  Be It Enacted by the Legislature of the State of Florida:

 2  

 3         Section 1.  Paragraph (q) of subsection (5) of section

 4  212.08, Florida Statutes, is amended to read:

 5         212.08  Sales, rental, use, consumption, distribution,

 6  and storage tax; specified exemptions.--The sale at retail,

 7  the rental, the use, the consumption, the distribution, and

 8  the storage to be used or consumed in this state of the

 9  following are hereby specifically exempt from the tax imposed

10  by this chapter.

11         (5)  EXEMPTIONS; ACCOUNT OF USE.--

12         (q)  Community contribution tax credit for donations.--

13         1.  Authorization.--Beginning July 1, 2001, persons who

14  are registered with the department under s. 212.18 to collect

15  or remit sales or use tax and who make donations to eligible

16  sponsors are eligible for tax credits against their state

17  sales and use tax liabilities as provided in this paragraph:

18         a.  The credit shall be computed as 50 percent of the

19  person's approved annual community contribution;

20         b.  The credit shall be granted as a refund against

21  state sales and use taxes reported on returns and remitted in

22  the 12 months preceding the date of application to the

23  department for the credit as required in sub-subparagraph 3.c.

24  If the annual credit is not fully used through such refund

25  because of insufficient tax payments during the applicable

26  12-month period, the unused amount may be included in an

27  application for a refund made pursuant to sub-subparagraph

28  3.c. in subsequent years against the total tax payments made

29  for such year. Carryover credits may be applied for a 3-year

30  period without regard to any time limitation that would

31  otherwise apply under s. 215.26;

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    Florida Senate - 2004                     CS for CS for SB 330
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 1         c.  No person shall receive more than $200,000 in

 2  annual tax credits for all approved community contributions

 3  made in any one year;

 4         d.  All proposals for the granting of the tax credit

 5  shall require the prior approval of the Office of Tourism,

 6  Trade, and Economic Development;

 7         e.  The total amount of tax credits which may be

 8  granted for all programs approved under this paragraph, s.

 9  220.183, and s. 624.5105 is $15 $10 million annually; and

10         f.  A person who is eligible to receive the credit

11  provided for in this paragraph, s. 220.183, or s. 624.5105 may

12  receive the credit only under the one section of the person's

13  choice.

14         2.  Eligibility requirements.--

15         a.  A community contribution by a person must be in the

16  following form:

17         (I)  Cash or other liquid assets;

18         (II)  Real property;

19         (III)  Goods or inventory; or

20         (IV)  Other physical resources as identified by the

21  Office of Tourism, Trade, and Economic Development.

22         b.  All community contributions must be reserved

23  exclusively for use in a project. As used in this

24  sub-subparagraph, the term "project" means any activity

25  undertaken by an eligible sponsor which is designed to

26  construct, improve, or substantially rehabilitate housing that

27  is affordable to low-income or very-low-income households as

28  defined in s. 420.9071(19) and (28); designed to provide

29  commercial, industrial, or public resources and facilities; or

30  designed to improve entrepreneurial and job-development

31  opportunities for low-income persons. A project may be the

                                  3

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  investment necessary to increase access to high-speed

 2  broadband capability in rural communities with enterprise

 3  zones, including projects that result in improvements to

 4  communications assets that are owned by a business. A project

 5  may include the provision of museum educational programs and

 6  materials that are directly related to any project approved

 7  between January 1, 1996, and December 31, 1999, and located in

 8  an enterprise zone as referenced in s. 290.00675. This

 9  paragraph does not preclude projects that propose to construct

10  or rehabilitate housing for low-income or very-low-income

11  households on scattered sites. The Office of Tourism, Trade,

12  and Economic Development may reserve up to 50 percent of the

13  available annual tax credits for housing for very-low-income

14  households pursuant to s. 420.9071(28) for the first 6 months

15  of the fiscal year. With respect to housing, contributions may

16  be used to pay the following eligible low-income and

17  very-low-income housing-related activities:

18         (I)  Project development impact and management fees for

19  low-income or very-low-income housing projects;

20         (II)  Down payment and closing costs for eligible

21  persons, as defined in s. 420.9071(19) and (28);

22         (III)  Administrative costs, including housing

23  counseling and marketing fees, not to exceed 10 percent of the

24  community contribution, directly related to low-income or

25  very-low-income projects; and

26         (IV)  Removal of liens recorded against residential

27  property by municipal, county, or special district local

28  governments when satisfaction of the lien is a necessary

29  precedent to the transfer of the property to an eligible

30  person, as defined in s. 420.9071(19) and (28), for the

31  

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  purpose of promoting home ownership. Contributions for lien

 2  removal must be received from a nonrelated third party.

 3         c.  The project must be undertaken by an "eligible

 4  sponsor," which includes:

 5         (I)  A community action program;

 6         (II)  A nonprofit community-based development

 7  organization whose mission is the provision of housing for

 8  low-income or very-low-income households or increasing

 9  entrepreneurial and job-development opportunities for

10  low-income persons;

11         (III)  A neighborhood housing services corporation;

12         (IV)  A local housing authority created under chapter

13  421;

14         (V)  A community redevelopment agency created under s.

15  163.356;

16         (VI)  The Florida Industrial Development Corporation;

17         (VII)  A historic preservation district agency or

18  organization;

19         (VIII)  A regional workforce board;

20         (IX)  A direct-support organization as provided in s.

21  1009.983;

22         (X)  An enterprise zone development agency created

23  under s. 290.0056;

24         (XI)  A community-based organization incorporated under

25  chapter 617 which is recognized as educational, charitable, or

26  scientific pursuant to s. 501(c)(3) of the Internal Revenue

27  Code and whose bylaws and articles of incorporation include

28  affordable housing, economic development, or community

29  development as the primary mission of the corporation;

30         (XII)  Units of local government;

31         (XIII)  Units of state government; or

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    Florida Senate - 2004                     CS for CS for SB 330
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 1         (XIV)  Any other agency that the Office of Tourism,

 2  Trade, and Economic Development designates by rule.

 3  

 4  In no event may a contributing person have a financial

 5  interest in the eligible sponsor.

 6         d.  The project must be located in an area designated

 7  an enterprise zone or a Front Porch Florida Community pursuant

 8  to s. 14.2015(9)(b), unless the project increases access to

 9  high-speed broadband capability for rural communities with

10  enterprise zones but is physically located outside the

11  designated rural zone boundaries. Any project designed to

12  construct or rehabilitate housing for low-income or

13  very-low-income households as defined in s. 420.0971(19) and

14  (28) is exempt from the area requirement of this

15  sub-subparagraph.

16         e.(I)  The Office of Tourism, Trade, and Economic

17  Development shall reserve 80 percent of the available annual

18  tax credits for donations made to eligible sponsors for

19  projects that provide homeownership opportunities to

20  low-income or very-low-income households pursuant to s.

21  420.9071(19) and (28) for the first 2 months of the fiscal

22  year. If less than 80 percent of the annual tax credits for

23  donations made to eligible sponsors for projects for

24  low-income or very-low-income households are approved within

25  the first 2 months of the fiscal year, the office may approve

26  the balance of available credits for donations made to

27  eligible sponsors for projects other than those that provide

28  homeownership opportunities for low-income or very-low-income

29  households.

30         (II)  The office shall reserve 20 percent of the

31  available annual tax credits for donations made to eligible

                                  6

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  sponsors for projects other than those that provide

 2  homeownership opportunities for low-income or very-low-income

 3  households pursuant to s. 420.9071(19) and (28) for the first

 4  2 months of the fiscal year. If less than 20 percent of the

 5  annual tax credits for donations made to eligible sponsors for

 6  projects other than those that provide homeownership

 7  opportunities for low-income or very-low-income households are

 8  approved within the first 2 months of the fiscal year, the

 9  office may approve the balance of available credits for

10  donations made to eligible sponsors for projects that provide

11  homeownership opportunities for low-income or very-low-income

12  households.

13         (III)  If, during the first 10 business days of the

14  state fiscal year, tax credit applications are received for

15  more than 80 percent of available annual tax credits from

16  eligible sponsors for projects that provide homeownership

17  opportunities for low-income or very-low-income households,

18  the office shall grant the tax credits for such applications

19  as follows:

20         (A)  If an eligible sponsor submits tax credit

21  applications which in total do not exceed $200,000, the

22  credits shall be granted in full if the tax credit

23  applications are approved and subject to the provisions of

24  sub-sub-subparagraph (I).

25         (B)  If an eligible sponsor submits tax credit

26  applications which, in total, equal or exceed $200,000, the

27  amount of tax credit granted pursuant to

28  sub-sub-sub-subparagraph (A) shall be subtracted from the

29  amount of available tax credits pursuant to

30  sub-sub-subparagraph (I), and the remaining credits shall be

31  

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  granted to each approved tax credit application on a pro rata

 2  basis.

 3         (C)  If, after the first 2 months of the fiscal year,

 4  additional credits become available pursuant to

 5  sub-sub-subparagraph (II), the office shall grant the tax

 6  credits by first increasing the credit of those who received a

 7  pro rata reduction and, if there are remaining credits,

 8  granting credits to those who applied on or after the 11th

 9  business day of the state fiscal year on a first-come,

10  first-served basis.

11         (IV)  If, during the first 10 business days of the

12  state fiscal year, tax credit applications are received for

13  more than 20 percent of available annual tax credits from

14  eligible sponsors for projects other than those that provide

15  homeownership opportunities for low-income or very-low-income

16  households, the office shall grant the tax credits to each

17  approved tax credit application on a pro rata basis. If, after

18  the first 2 months of the fiscal year, additional credits

19  become available pursuant to sub-sub-subparagraph (I), the

20  office shall grant the tax credits by first increasing the

21  credit of those who received a pro rata reduction and, if

22  there are remaining credits, granting credits to those who

23  applied on or after the 11th business day of the state fiscal

24  year on a first-come, first-served basis.

25         3.  Application requirements.--

26         a.  Any eligible sponsor seeking to participate in this

27  program must submit a proposal to the Office of Tourism,

28  Trade, and Economic Development which sets forth the name of

29  the sponsor, a description of the project, and the area in

30  which the project is located, together with such supporting

31  information as is prescribed by rule. The proposal must also

                                  8

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  contain a resolution from the local governmental unit in which

 2  the project is located certifying that the project is

 3  consistent with local plans and regulations.

 4         b.  Any person seeking to participate in this program

 5  must submit an application for tax credit to the Office of

 6  Tourism, Trade, and Economic Development which sets forth the

 7  name of the sponsor, a description of the project, and the

 8  type, value, and purpose of the contribution. The sponsor

 9  shall verify the terms of the application and indicate its

10  receipt of the contribution, which verification must be in

11  writing and accompany the application for tax credit. The

12  person must submit a separate tax credit application to the

13  office for each individual contribution that it makes to each

14  individual project.

15         c.  Any person who has received notification from the

16  Office of Tourism, Trade, and Economic Development that a tax

17  credit has been approved must apply to the department to

18  receive the refund. Application must be made on the form

19  prescribed for claiming refunds of sales and use taxes and be

20  accompanied by a copy of the notification. A person may submit

21  only one application for refund to the department within any

22  12-month period.

23         4.  Administration.--

24         a.  The Office of Tourism, Trade, and Economic

25  Development may adopt rules pursuant to ss. 120.536(1) and

26  120.54 necessary to administer this paragraph, including rules

27  for the approval or disapproval of proposals by a person.

28         b.  The decision of the Office of Tourism, Trade, and

29  Economic Development must be in writing, and, if approved, the

30  notification shall state the maximum credit allowable to the

31  

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  person. Upon approval, the office shall transmit a copy of the

 2  decision to the Department of Revenue.

 3         c.  The Office of Tourism, Trade, and Economic

 4  Development shall periodically monitor all projects in a

 5  manner consistent with available resources to ensure that

 6  resources are used in accordance with this paragraph; however,

 7  each project must be reviewed at least once every 2 years.

 8         d.  The Office of Tourism, Trade, and Economic

 9  Development shall, in consultation with the Department of

10  Community Affairs, the Florida Housing Finance Corporation,

11  and the statewide and regional housing and financial

12  intermediaries, market the availability of the community

13  contribution tax credit program to community-based

14  organizations.

15         5.  Expiration.--This paragraph expires June 30, 2005;

16  however, any accrued credit carryover that is unused on that

17  date may be used until the expiration of the 3-year carryover

18  period for such credit.

19         Section 2.  Paragraph (t) of subsection (1) of section

20  220.03, Florida Statutes, is amended to read:

21         220.03  Definitions.--

22         (1)  SPECIFIC TERMS.--When used in this code, and when

23  not otherwise distinctly expressed or manifestly incompatible

24  with the intent thereof, the following terms shall have the

25  following meanings:

26         (t)  "Project" means any activity undertaken by an

27  eligible sponsor, as defined in s. 220.183(2)(c), which is

28  designed to construct, improve, or substantially rehabilitate

29  housing that is affordable to low-income or very-low-income

30  households as defined in s. 420.9071(19) and (28); designed to

31  provide commercial, industrial, or public resources and

                                  10

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  facilities; or designed to improve entrepreneurial and

 2  job-development opportunities for low-income persons. A

 3  project may be the investment necessary to increase access to

 4  high-speed broadband capability in rural communities with

 5  enterprise zones, including projects that result in

 6  improvements to communications assets that are owned by a

 7  business. A project may include the provision of museum

 8  educational programs and materials that are directly related

 9  to any project approved between January 1, 1996, and December

10  31, 1999, and located in an enterprise zone as referenced in

11  s. 290.00675. This paragraph does not preclude projects that

12  propose to construct or rehabilitate low-income or

13  very-low-income housing on scattered sites. The Office of

14  Tourism, Trade, and Economic Development may reserve up to 50

15  percent of the available annual tax credits under s. 220.181

16  for housing for very-low-income households pursuant to s.

17  420.9071(28) for the first 6 months of the fiscal year. With

18  respect to housing, contributions may be used to pay the

19  following eligible project-related activities:

20         1.  Project development, impact, and management fees

21  for low-income or very-low-income housing projects;

22         2.  Down payment and closing costs for eligible

23  persons, as defined in s. 420.9071(19) and (28);

24         3.  Administrative costs, including housing counseling

25  and marketing fees, not to exceed 10 percent of the community

26  contribution, directly related to low-income or

27  very-low-income projects; and

28         4.  Removal of liens recorded against residential

29  property by municipal, county, or special-district local

30  governments when satisfaction of the lien is a necessary

31  precedent to the transfer of the property to an eligible

                                  11

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  person, as defined in s. 420.9071(19) and (28), for the

 2  purpose of promoting home ownership. Contributions for lien

 3  removal must be received from a nonrelated third party.

 4  

 5  The provisions of this paragraph shall expire and be void on

 6  June 30, 2005.

 7         Section 3.  Paragraph (c) of subsection (1) and

 8  paragraph (b) of subsection (2) of section 220.183, Florida

 9  Statutes, are amended to read:

10         220.183  Community contribution tax credit.--

11         (1)  AUTHORIZATION TO GRANT COMMUNITY CONTRIBUTION TAX

12  CREDITS; LIMITATIONS ON INDIVIDUAL CREDITS AND PROGRAM

13  SPENDING.--

14         (c)  The total amount of tax credit which may be

15  granted for all programs approved under this section, s.

16  212.08(5)(q), and s. 624.5105 is $15 $10 million annually.

17         (2)  ELIGIBILITY REQUIREMENTS.--

18         (b)1.  All community contributions must be reserved

19  exclusively for use in projects as defined in s. 220.03(1)(t).

20         2.  The Office of Tourism, Trade, and Economic

21  Development shall may reserve 80 up to 50 percent of the

22  available annual tax credits for housing for donations made to

23  eligible sponsors for projects that provide homeownership

24  opportunities for low-income or very-low-income households

25  pursuant to s. 420.9071(19) and (28) for the first 2 6 months

26  of the fiscal year. If less than 80 percent of the annual tax

27  credits for donations made to eligible sponsors for projects

28  for low-income or very-low-income households are approved

29  within the first 2 months of the fiscal year, the office may

30  approve the balance of available credits for donations made to

31  eligible sponsors for projects other than those that provide

                                  12

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    Florida Senate - 2004                     CS for CS for SB 330
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 1  homeownership opportunities for low-income or very-low-income

 2  households.

 3         3.  The office shall reserve 20 percent of the

 4  available annual tax credits for donations made to eligible

 5  sponsors for projects other than those that provide

 6  homeownership opportunities for low-income or very-low-income

 7  households pursuant to s. 420.9071(19) and (28) for the first

 8  2 months of the fiscal year. If less than 20 percent of the

 9  annual tax credits for donations made to eligible sponsors for

10  projects other than those that provide homeownership

11  opportunities for low-income or very-low-income households are

12  approved within the first 2 months of the fiscal year, the

13  office may approve the balance of available credits for

14  donations made to eligible sponsors for projects that provide

15  homeownership opportunities for low-income or very-low-income

16  households.

17         4.  If, during the first 10 business days of the state

18  fiscal year, tax credit applications are received for more

19  than 80 percent of available annual tax credits from eligible

20  sponsors for projects that provide homeownership opportunities

21  for low-income or very-low-income households, the office shall

22  grant the tax credits to such applications as follows:

23         a.  If an eligible sponsor submits tax credit

24  applications which in total do not exceed $200,000, the

25  credits shall be granted in full if the tax credit

26  applications are approved and subject to the provisions of

27  subparagraph 2.

28         b.  If an eligible sponsor submits tax credit

29  applications which in total equal or exceed $200,000, the

30  amount of tax credits granted pursuant to sub-subparagraph a.

31  shall be subtracted from the amount of available tax credits

                                  13

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 1  pursuant to subparagraph 2., and the remaining credits shall

 2  be granted to each approved tax credit application on a pro

 3  rata basis.

 4         c.  If, after the first 2 months of the fiscal year,

 5  additional credits become available pursuant to subparagraph

 6  3., the office shall grant the tax credits by first increasing

 7  the credit of those who received a pro rata reduction and, if

 8  there are remaining credits, granting credits to those who

 9  applied on or after the 11th business day of the state fiscal

10  year on a first-come, first-served basis.

11         5.  If, during the first 10 business days of the state

12  fiscal year, tax credit applications are received for more

13  than 20 percent of available annual tax credits from eligible

14  sponsors for projects other than those that provide

15  homeownership opportunities for low-income or very-low-income

16  households, the office shall grant the tax credits to each

17  approved tax credit application on a pro rata basis. If, after

18  the first 2 months of the fiscal year, additional credits

19  become available pursuant to subparagraph 2., the office shall

20  grant the tax credits by first increasing the credit of those

21  who received a pro rata reduction and, if there are remaining

22  credits, granting credits to those who applied on or after the

23  11th business day of the state fiscal year on a first-come,

24  first-served basis.

25         Section 4.  Paragraph (c) of subsection (1) of section

26  624.5105, Florida Statutes, is amended, and paragraph (e) is

27  added to subsection (2) of that section, to read:

28         624.5105  Community contribution tax credit;

29  authorization; limitations; eligibility and application

30  requirements; administration; definitions; expiration.--

31         (1)  AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.--

                                  14

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 1         (c)  The total amount of tax credit which may be

 2  granted for all programs approved under this section and ss.

 3  212.08(5)(q) and s. 220.183 is $15 $10 million annually.

 4         (2)  ELIGIBILITY REQUIREMENTS.--

 5         (e)1.  The Office of Tourism, Trade, and Economic

 6  Development shall reserve 80 percent of the available annual

 7  tax credits for donations made to eligible sponsors for

 8  projects that provide homeownership opportunities for

 9  low-income or very-low-income households pursuant to s.

10  420.9071(19) and (28) for the first 2  months of the fiscal

11  year. If less than 80 percent of the annual tax credits for

12  donations made to eligible sponsors for projects that provide

13  homeownership opportunities for low-income or very-low-income

14  households are approved within the first 2 months of the

15  fiscal year, the office may approve the balance of available

16  credits for donations made to eligible sponsors for projects

17  other than those that provide homeownership opportunities for

18  low-income or very-low-income households.

19         2.  The office shall reserve 20 percent of the

20  available annual tax credits for donations made to eligible

21  sponsors for projects other than those that provide

22  homeownership opportunities for low-income or very-low-income

23  households pursuant to s. 420.9071(19) and (28) for the first

24  2 months of the fiscal year. If less than 20 percent of the

25  annual tax credits for donations made to eligible sponsors for

26  projects other than those that provide homeownership

27  opportunities for low-income or very-low-income households are

28  approved within the first 2 months of the fiscal year, the

29  office may approve the balance of available credits for

30  donations made to eligible sponsors for projects that provide

31  

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 1  homeownership opportunities for low-income or very-low-income

 2  households.

 3         3.  If, during the first 10 business days of the state

 4  fiscal year, tax credit applications are received for more

 5  than 80 percent of available annual tax credits from eligible

 6  sponsors for projects that provide homeownership opportunities

 7  for low-income or very-low-income households, the office shall

 8  grant the tax credits to such applications as follows:

 9         a.  If an eligible sponsor submits tax credit

10  applications which in total do not exceed $200,000, the

11  credits shall be granted in full if the tax credit

12  applications are approved and subject to the provisions of

13  subparagraph 1.

14         b.  If an eligible sponsor submits tax credit

15  applications which in total equal or exceed $200,000, the

16  amount of tax credits granted pursuant to sub-subparagraph a.

17  shall be subtracted from the amount of available tax credits

18  pursuant to subparagraph 1., and the remaining credits shall

19  be granted to each approved tax credit application on a pro

20  rata basis.

21         c.  If, after the first 2 months of the fiscal year,

22  additional credits become available pursuant to subparagraph

23  2., the office shall grant the tax credits by first increasing

24  the credit of those who received a pro rata reduction and, if

25  there are remaining credits, granting credits to those who

26  applied on or after the 11th business day of the state fiscal

27  year on a first-come, first-served basis.

28         4.  If, during the first 10 business days of the state

29  fiscal year, tax credit applications are received for more

30  than 20 percent of available annual tax credits from eligible

31  sponsors for projects other than those that provide

                                  16

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2004                     CS for CS for SB 330
    314-2680-04




 1  homeownership opportunities for low-income or very-low-income

 2  households, the office shall grant the tax credits to each

 3  approved tax credit application on a pro rata basis. If, after

 4  the first 2 months of the fiscal year, additional credits

 5  become available pursuant to subparagraph 1., the office shall

 6  grant the tax credits by first increasing the credit of those

 7  who received a pro rata reduction and, if there are remaining

 8  credits, granting credits to those who applied on or after the

 9  11th business day of the state fiscal year on a first-come,

10  first-served basis.

11         Section 5.  This act shall take effect July 1, 2004.

12  

13          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
14                            CS/SB 330

15                                 

16  This committee substitute does not change the current-law
    expiration date for community contributions tax credits.  It
17  increases from $10 million to $15 million the total annual
    amount of tax credits that may be granted under the community
18  contribution tax credit program, and increases, from 50
    percent to 80 percent, the amount of available tax credits to
19  be reserved for businesses that contribute to housing projects
    for low-income and very-low-income households.
20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  17

CODING: Words stricken are deletions; words underlined are additions.

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