Florida Senate - 2010                                    SB 1960
       
       
       
       By Senator Bennett
       
       
       
       
       21-01306-10                                           20101960__
    1                        A bill to be entitled                      
    2         An act relating to the Talent and Economic Advancement
    3         Matching Grant Program; providing legislative
    4         findings; establishing the Talent and Economic
    5         Advancement Matching Grant Program within the
    6         Department of Education for certain purposes;
    7         providing for administration of the program by the
    8         Office of Student Financial Assistance; authorizing
    9         businesses to identify certain talent needs and
   10         partner with certain schools to provide certain
   11         educational programs; authorizing the office to match
   12         certain private-sector contributions for certain
   13         purposes; providing a limitation; authorizing the
   14         state to match private-sector contributions; requiring
   15         schools participating in the program to provide
   16         additional matching funds; authorizing the state to
   17         appropriate moneys to match certain unmatched
   18         expenditures; requiring the program to provide grants
   19         to certain students for certain purposes; specifying
   20         grant criteria; providing program funding criteria;
   21         requiring the office to annually report to the
   22         Legislature; specifying report requirements; requiring
   23         the office to report expenditures that were not
   24         matched by the state; providing for a corporate income
   25         tax credit for contributions to the program; providing
   26         limitations; providing for taking the credit on
   27         consolidated returns; authorizing taxpayers to rescind
   28         tax credits under certain circumstances; providing
   29         requirements and procedures for rescinding the credit;
   30         specifying ineligibility of certain taxpayers to
   31         receive the credit; providing an effective date.
   32  
   33  Be It Enacted by the Legislature of the State of Florida:
   34  
   35         Section 1. (1) The Legislature finds that:
   36         (a) Businesses in this state are engaged in a highly
   37  competitive arena. Being so engaged, these businesses are in a
   38  unique position to determine their current and future talent
   39  needs.
   40         (b) Modern industry must adapt rapidly to the changing
   41  competitive environment and that talent needs may likewise shift
   42  dramatically in relatively short periods of time.
   43         (c) The success of both the public and private sectors in
   44  this state is dependent upon a business-friendly environment
   45  that uses the talent base of state residents.
   46         (d) Economic recovery and economic prosperity are dependent
   47  upon a skilled and capable workforce being available to enable
   48  industry growth.
   49         (e) This state has many great advantages in the competitive
   50  talent markets, one of the greatest of which is the available
   51  talent from those who have been trained and educated in a branch
   52  of the United States military service.
   53         (f) The spouses and children of United States military
   54  service personnel stationed in this state comprise one of the
   55  greatest pools of underutilized talent in this state.
   56         (g) The existing educational opportunities are inadequate
   57  to meet all of the talent needs of existing and future
   58  industrial sectors.
   59         (h) The educational sector licensed by the Commission for
   60  Independent Education has a history of rapid market adaptation
   61  and flexibility in the talent development process.
   62         (i) Students are increasingly seeking to enroll at schools
   63  for technical and high-skill, high-wage training.
   64         (2) The Talent and Economic Advancement Matching Grant
   65  Program is established within the Department of Education. The
   66  purpose of the program is to provide businesses in this state
   67  with a means of securing world-class talent through partnerships
   68  between the state and schools of higher education and businesses
   69  in the state to provide greater access to higher education for
   70  residents of the state. The program shall be administered by the
   71  Office of Student Financial Assistance.
   72         (3) A business in this state may identify unmet talent
   73  needs and partner with a school, licensed by the Commission for
   74  Independent Education and accredited by a national or regional
   75  accrediting agency or association recognized by the United
   76  States Department of Education, to provide educational programs
   77  creating talent in the areas of science, technology,
   78  engineering, mathematics, allied health, or any other high
   79  skill, high-wage occupation. The Office of Student Financial
   80  Assistance may match private-sector contributions up to $2,000
   81  per year per student for educational grants to students studying
   82  in eligible programs. The state may match private-sector
   83  contributions on a dollar-for-dollar basis. If a participating
   84  student is a veteran or the spouse or child of military
   85  personnel on active duty, schools participating in the program
   86  must agree to provide an additional matching dollar in the form
   87  of reduced tuition or fees or in the form of a scholarship for
   88  every state dollar provided. Participating educational
   89  institutions may also provide other students with reductions in
   90  tuition or fees or with scholarships in addition to private
   91  sector-match resources. The state may also appropriate moneys to
   92  match expenditures by institutions that were not matched in
   93  previous years due to limited state resources.
   94         (4) The program shall provide grants to students enrolled
   95  in career educational programs designed for occupations in
   96  science, technology, engineering, mathematics, allied health, or
   97  in any other high-skill, high-wage occupation as determined by
   98  the Occupational Forecasting Conference. The grant shall be
   99  provided to students to cover educational costs, including, but
  100  not limited to, tuition, books, or fees, of students in this
  101  state who are:
  102         (a) Residents of this state;
  103         (b) Enrolled in degree or certificate programs at schools
  104  licensed by the Commission for Independent Education and
  105  accredited by a national or regional accrediting agency or
  106  association recognized by the United States Department of
  107  Education; and
  108         (c) Enrolled in career educational programs designed for
  109  careers in science, technology, engineering, mathematics, allied
  110  health, or any other high-skill, high-wage occupation as
  111  determined by the Occupational Forecasting Conference.
  112         (5) Funding for the program depends upon legislative
  113  appropriation. When total amounts from applications for
  114  resources exceed the amount of an appropriation, participation
  115  shall be on a first-come, first-served basis as determined by
  116  the Office of Student Financial Assistance.
  117         (6) Annually, the Office of Student Financial Assistance
  118  shall report to the President of the Senate and the Speaker of
  119  the House of Representatives the number of businesses
  120  participating in the program, the private-sector match, the
  121  number of students participating in the program, the educational
  122  programs identified by businesses for participation, the
  123  educational institutions participating, tuition and fee
  124  reductions granted to participating students, and requests the
  125  office received for participation that could not be met because
  126  all appropriated funds were otherwise committed. The office
  127  shall also report any funds expended by institutions that were
  128  not matched by the state.
  129         Section 2. Authorization to grant scholarship funding tax
  130  credits; limitations on individual and total credits.—
  131         (1) Regardless of whether the state matches the private
  132  sector contribution, a credit equal to 100 percent of an
  133  eligible contribution made by a business in this state under the
  134  Talent and Economic Advancement Matching Grant Program in the
  135  Department of Education may be taken by the business against any
  136  tax due from the business for a taxable year under chapter 220,
  137  Florida Statutes. However, such credit may not exceed 75 percent
  138  of the tax due under chapter 220, Florida Statutes, for the
  139  taxable year after the application of any other allowable
  140  credits by the taxpayer. The credit granted by this section
  141  shall be reduced by the difference between the amount of federal
  142  corporate income tax taking into account the credit granted by
  143  this section and the amount of federal corporate income tax
  144  without application of the credit granted by this section.
  145         (2) A taxpayer who files a Florida consolidated return as a
  146  member of an affiliated group pursuant to s. 220.131(1), Florida
  147  Statutes, may take the credit on a consolidated return basis;
  148  however, the total credit taken by the affiliated group is
  149  subject to the limitation established under subsection (1).
  150         (3) Effective for tax years beginning January 1, 2011, a
  151  taxpayer may rescind all or part of its allocated tax credit
  152  under this section. The amount rescinded shall become available
  153  for purposes of the cap for that state fiscal year under this
  154  section to an eligible taxpayer as approved by the Department of
  155  Revenue if the taxpayer receives notice from the department that
  156  the rescission has been accepted by the department and the
  157  taxpayer has not previously rescinded any or all of its tax
  158  credit allocation under this section more than once in the
  159  previous 3 tax years. Any amount rescinded under this subsection
  160  shall become available to an eligible taxpayer on a first-come,
  161  first-served basis based on tax credit applications received
  162  after the date the rescission is accepted by the department.
  163         (4) A taxpayer who is eligible to receive the credit
  164  provided for in s. 624.51055, Florida Statutes, is not eligible
  165  to receive the credit provided by this section.
  166         Section 3. This act shall take effect July 1, 2010.


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