December 01, 2020
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       Florida Senate - 2010                                    SB 2572
       
       
       
       By Senator Altman
       
       
       
       
       24-00387B-10                                          20102572__
    1                        A bill to be entitled                      
    2         An act relating to tax credits; amending s. 220.02,
    3         F.S.; revising the priority of tax credits that may be
    4         taken against the corporate income tax or the
    5         franchise tax; amending s. 220.13, F.S.; redefining
    6         the term “adjusted federal income” to include the
    7         amount of certain tax credits; creating s. 220.1811,
    8         F.S.; authorizing aerospace-sector jobs tax credits
    9         and tuition reimbursement tax credits; defining terms;
   10         authorizing a tax credit to aerospace businesses based
   11         on the salary or tuition reimbursed to certain
   12         employees; specifying the maximum annual amount of tax
   13         credits for an aerospace business; limiting the annual
   14         amount of tax credits available; prohibiting a
   15         business from claiming an aerospace-sector jobs tax
   16         credit and a tuition reimbursement tax credit for the
   17         same employee; providing for the Department of Revenue
   18         to approve applications for tax credits; prohibiting
   19         increases in the amount of unused tax credits carried
   20         over in amended tax returns; providing fines and
   21         criminal penalties for certain unlawful claims of tax
   22         credits; authorizing the Department of Revenue to
   23         adopt rules; providing for the expiration of the tax
   24         credit program; providing for applicability; providing
   25         an effective date.
   26  
   27  Be It Enacted by the Legislature of the State of Florida:
   28  
   29         Section 1. Subsection (8) of section 220.02, Florida
   30  Statutes, is amended to read:
   31         220.02 Legislative intent.—
   32         (8) It is the intent of the Legislature that Credits
   33  against either the corporate income tax or the franchise tax
   34  shall be applied in the following order: those enumerated in s.
   35  631.828, those enumerated in s. 220.191, those enumerated in s.
   36  220.181, those enumerated in s. 220.183, those enumerated in s.
   37  220.182, those enumerated in s. 220.1895, those enumerated in s.
   38  221.02, those enumerated in s. 220.184, those enumerated in s.
   39  220.186, those enumerated in s. 220.1845, those enumerated in s.
   40  220.19, those enumerated in s. 220.185, those enumerated in s.
   41  220.187, those enumerated in s. 220.192, those enumerated in s.
   42  220.193, and those enumerated in s. 288.9916, and those
   43  enumerated in s. 220.1811.
   44         Section 2. Paragraph (a) of subsection (1) of section
   45  220.13, Florida Statutes, is amended to read:
   46         220.13 “Adjusted federal income” defined.—
   47         (1) The term “adjusted federal income” means an amount
   48  equal to the taxpayer’s taxable income as defined in subsection
   49  (2), or such taxable income of more than one taxpayer as
   50  provided in s. 220.131, for the taxable year, adjusted as
   51  follows:
   52         (a) Additions.—There shall be added to such taxable income:
   53         1. The amount of any tax upon or measured by income,
   54  excluding taxes based on gross receipts or revenues, paid or
   55  accrued as a liability to the District of Columbia or any state
   56  of the United States which is deductible from gross income in
   57  the computation of taxable income for the taxable year.
   58         2. The amount of interest which is excluded from taxable
   59  income under s. 103(a) of the Internal Revenue Code or any other
   60  federal law, less the associated expenses disallowed in the
   61  computation of taxable income under s. 265 of the Internal
   62  Revenue Code or any other law, excluding 60 percent of any
   63  amounts included in alternative minimum taxable income, as
   64  defined in s. 55(b)(2) of the Internal Revenue Code, if the
   65  taxpayer pays tax under s. 220.11(3).
   66         3. In the case of a regulated investment company or real
   67  estate investment trust, an amount equal to the excess of the
   68  net long-term capital gain for the taxable year over the amount
   69  of the capital gain dividends attributable to the taxable year.
   70         4. That portion of the wages or salaries paid or incurred
   71  for the taxable year which is equal to the amount of the credit
   72  allowable for the taxable year under s. 220.181. This
   73  subparagraph shall expire on the date specified in s. 290.016
   74  for the expiration of the Florida Enterprise Zone Act.
   75         5. That portion of the ad valorem school taxes paid or
   76  incurred for the taxable year which is equal to the amount of
   77  the credit allowable for the taxable year under s. 220.182. This
   78  subparagraph shall expire on the date specified in s. 290.016
   79  for the expiration of the Florida Enterprise Zone Act.
   80         6. The amount of emergency excise tax paid or accrued as a
   81  liability to this state under chapter 221 which tax is
   82  deductible from gross income in the computation of taxable
   83  income for the taxable year.
   84         7. That portion of assessments to fund a guaranty
   85  association incurred for the taxable year which is equal to the
   86  amount of the credit allowable for the taxable year.
   87         8. In the case of a nonprofit corporation that which holds
   88  a pari-mutuel permit and which is exempt from federal income tax
   89  as a farmers’ cooperative, an amount equal to the excess of the
   90  gross income attributable to the pari-mutuel operations over the
   91  attributable expenses for the taxable year.
   92         9. The amount taken as a credit for the taxable year under
   93  s. 220.1895.
   94         10. Up to nine percent of the eligible basis of any
   95  designated project which is equal to the credit allowable for
   96  the taxable year under s. 220.185.
   97         11. The amount taken as a credit for the taxable year under
   98  s. 220.187.
   99         12. The amount taken as a credit for the taxable year under
  100  s. 220.192.
  101         13. The amount taken as a credit for the taxable year under
  102  s. 220.193.
  103         14. Any portion of a qualified investment, as defined in s.
  104  288.9913, which is claimed as a deduction by the taxpayer and
  105  taken as a credit against income tax pursuant to s. 288.9916.
  106         15. The amount taken as a credit for the taxable year under
  107  s. 220.1811.
  108         Section 3. Section 220.1811, Florida Statutes, is created
  109  to read:
  110         220.1811Aerospace-sector jobs tax credit and tuition
  111  reimbursement tax credit.—
  112         (1)DEFINITIONS.—As used in this section, the term:
  113         (a)“Aerospace business” means a business located in this
  114  state which is engaged in the aerospace industry, as defined in
  115  s. 331.303.
  116         (b)Qualified employee” means a resident of this state
  117  who:
  118         1.Is first employed or reemployed by an aerospace business
  119  on or after January 1, 2011;
  120         2.Received an undergraduate or graduate degree from a
  121  college or university that is accredited by a national
  122  accrediting body; a technical degree or certification related to
  123  aerospace from a technical training institution; or completed an
  124  aerospace development workforce training program coordinated by
  125  Workforce Florida, Inc.;
  126         3.Is not an owner, partner, or majority stockholder of an
  127  aerospace business; and
  128         4.Is employed for at least 6 months.
  129         (c)“Tuition reimbursed to a qualified employee” means a
  130  lump-sum payment by an aerospace business to a qualified
  131  employee, which may not exceed the average annual tuition, as
  132  reported by the Board of Governors of the State University
  133  System, for a Florida resident who is a full-time undergraduate
  134  student enrolled in a public college or university. The term
  135  does not include the cost of books, fees, or room and board.
  136         (2)AEROSPACE-SECTOR JOBS TAX CREDIT.—
  137         (a)A credit against the tax imposed under this chapter may
  138  be claimed by an aerospace business for compensation paid to a
  139  qualified employee.
  140         (b)The credit authorized by this subsection shall equal 10
  141  percent of the compensation paid for the first through fifth
  142  years of employment in this state by an aerospace business.
  143         (c)The credit authorized by this subsection may not exceed
  144  $12,500 annually for each qualified employee.
  145         (d)This credit applies only with respect to wages subject
  146  to unemployment tax.
  147         (e)If the credit is not fully used in any one year, the
  148  unused amount may be carried forward for a period not to exceed
  149  5 years. The carryover credit may be used in a subsequent year
  150  if the tax imposed by this chapter for such year exceeds the
  151  credit for such year after applying the other credits and unused
  152  credit carryovers in the order provided in s. 220.02(8).
  153         (3)TUITION REIMBURSEMENT TAX CREDIT.—
  154         (a)A credit against the tax imposed under this chapter may
  155  be claimed by an aerospace business for 50 percent of tuition
  156  reimbursed to a qualified employee in a tax year.
  157         (b)The credit may be claimed only if the qualified
  158  employee was awarded an undergraduate or graduate degree, a
  159  technical certification, or a certification from a training
  160  program offered by Workforce Florida, Inc., within 1 year after
  161  commencing employment with the business requesting the credit,
  162  and may be claimed within 4 years after employment of the
  163  qualified employee.
  164         (c)If this credit is not fully used in any one year, the
  165  unused amount may be carried forward for a period not to exceed
  166  5 years. The carryover credit may be used in a subsequent year
  167  if the tax imposed under this chapter for such year exceeds the
  168  credit for such year after applying the other credits and unused
  169  credit carryovers in the order provided in s. 220.02(8).
  170         (4)MAXIMUM CREDITS FOR AN AEROSPACE BUSINESS.—The maximum
  171  amount of credits under this section which may be claimed by any
  172  single aerospace business in a calendar year is $200,000.
  173         (5)ANNUAL LIMIT ON TAX CREDITS.—The total amount of
  174  credits that may be granted under this section is $2 million in
  175  any calendar year. A credit that is claimed after the $2 million
  176  limit is reached shall be disallowed.
  177         (6)DUPLICATION OF TAX CREDITS.—A business may not claim an
  178  aerospace-sector jobs tax credit and a tuition reimbursement tax
  179  credit for the same qualified employee.
  180         (7)APPLICATION FOR TAX CREDITS.—
  181         (a)An aerospace business must apply to the department for
  182  authorization to claim an aerospace-sector jobs tax credit or a
  183  tuition reimbursement tax credit. The application must be filed
  184  under oath and include:
  185         1.The name and address of the business and documentation
  186  that the business is an aerospace business.
  187         2.For each employee for which a tax credit is sought:
  188         a.The employee’s name and documentation that the employee
  189  is a qualified employee.
  190         b.The salary or hourly wages, including the hourly wages
  191  subject to unemployment tax paid to the qualified employee.
  192         c.The location of the community college, college,
  193  university, technical institution, or training program offered
  194  by Workforce Florida, Inc., from which the qualified employee
  195  received his or her degree or certification.
  196         d.A statement as to whether the applicant is seeking an
  197  aerospace-sector jobs tax credit or a tuition reimbursement tax
  198  credit.
  199         (b)The applicant for a tax credit has the burden of
  200  demonstrating to the satisfaction of the department that it
  201  meets the requirements of this section.
  202         (8)LIMITS ON THE CARRY OVER OF TAX CREDITS.—An aerospace
  203  business may not carry over more tax credits in an amended
  204  return than were claimed on the original return for the taxable
  205  year. This subsection does not limit increases in the amount of
  206  credit claimed on an amended return due to the use of any credit
  207  amount previously carried over pursuant to paragraph (2)(e) or
  208  paragraph (3)(c).
  209         (9)PENALTIES.—
  210         (a)Any person who fraudulently claims this credit is
  211  liable for repayment of the credit, plus a mandatory penalty in
  212  the amount of 200 percent of the credit, plus interest at the
  213  rate provided in s. 220.807, and commits a felony of the third
  214  degree, punishable as provided in s. 775.082, s. 775.083, or s.
  215  775.084.
  216         (b)Any person who makes an underpayment of tax as a result
  217  of a grossly overstated claim for this credit commits a felony
  218  of the third degree, punishable as provided in s. 775.082, s.
  219  775.083, or s. 775.084. As used in this paragraph, the term
  220  grossly overstated claim means a claim in an amount in excess
  221  of 100 percent of the amount of credit allowable under this
  222  section.
  223         (10)RULEMAKING.The department may adopt rules to
  224  prescribe any necessary forms required to claim a tax credit
  225  under this section and to provide guidelines and procedures
  226  required to administer this section.
  227         (11)EXPIRATION.—This section, except paragraphs (2)(e) and
  228  (3)(c) and subsection (8), expires December 31, 2020. An
  229  aerospace business may not claim a new tax credit under this
  230  section after that date. However, an aerospace business may
  231  claim tax credits carried over pursuant to paragraph (2)(e) or
  232  paragraph (3)(c).
  233         Section 4. This act shall take effect January 1, 2011, and
  234  applies to tax years beginning on or after that date.

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