December 02, 2020
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Bill No. 2882
Amendment No. 557745
Senate House

1Representative McInvale offered the following:
3     Amendment (with title)
4     On page 54, between line(s) 2 and 3, insert:
5     Section 5.  Section 220.1875, Florida Statutes, is created
6to read:
7     220.1875  Credits for contributions by public education
9     (1)  PURPOSE.--The purpose of this section is to:
10     (a)  Encourage private, voluntary contributions to public
11schools to enhance educational opportunities for students.
12     (b)  Encourage the formation of partnerships between
13corporations and public schools.
14     (c)  Enable public school students to achieve a greater
15level of excellence in their education through contributions by
16public education partners.
17     (2)  DEFINITIONS.--As used in this section, the term:
18     (a)  "Department" means the Department of Revenue.
19     (b)  "Eligible contribution" means a monetary contribution
20from a taxpayer to a public school, subject to the restrictions
21provided in this section. The taxpayer making the contribution
22may designate a specific public school or a specific program in
23a public school as the beneficiary of the contribution. The
24taxpayer may not contribute more than $5 million to any single
25public school.
28     (a)  There is allowed a credit of 100 percent of an
29eligible contribution against any tax due for a taxable year
30under this chapter. However, such a credit may not exceed 75
31percent of the tax due under this chapter for the taxable year,
32after the application of any other allowable credits by the
33taxpayer. The credit granted by this section shall be reduced by
34the difference between the amount of federal corporate income
35tax taking into account the credit granted by this section and
36the amount of federal corporate income tax without application
37of the credit granted by this section.
38     (b)  The total amount of tax credits and carryforward of
39tax credits which may be granted each state fiscal year under
40this section and s. 220.187 is $88 million, with an equal share
41granted under each section. However, at least 1; percent of the
42total statewide amount authorized for the tax credit shall be
43reserved for taxpayers who meet the definition of a small
44business provided in s. 288.703(1) at the time of application.
45     (c)  A taxpayer who files a Florida consolidated return as
46a member of an affiliated group pursuant to s. 220.131(1) may be
47allowed the credit on a consolidated return basis; however, the
48total credit taken by the affiliated group is subject to the
49limitation established under paragraph (a).
50     (4)  REQUIREMENTS.--
51     (a)  A public school that receives an eligible contribution
52must spend 100 percent of the eligible contribution for the
53purpose specified by the contributor. All interest accrued from
54an eligible contribution must be used for the purpose specified
55by the contributor.
56     (b)  A public school that receives an eligible contribution
57must maintain a separate account for the eligible contribution
58and must annually provide to the district school board and the
59Department of Education a financial accounting of the use of the
60contribution. A public school shall budget wisely and use sound
61financial practices in the use of an eligible contribution.
62     (c)  Payment of an eligible contribution shall be made to a
63public school through the district school board.
64     (d)  An eligible contribution shall not replace, but shall
65be supplemental to, funds provided by the state to public school
66districts pursuant to chapter 1011.
68     (a)  If the credit granted pursuant to this section is not
69fully used in any one year because of insufficient tax liability
70on the part of the corporation, the unused amount may be carried
71forward for a period not to exceed 3 years; however, any
72taxpayer that seeks to carry forward an unused amount of tax
73credit must submit an application for allocation of tax credits
74or carryforward credits as required in paragraph (b) in the year
75that the taxpayer intends to use the carryforward. A taxpayer
76may not convey, assign, or transfer the credit authorized by
77this section to another entity unless all of the assets of the
78taxpayer are conveyed, assigned, or transferred in the same
80     (b)  The department shall adopt rules pursuant to ss.
81120.536(1) and 120.54 for the administration of this section,
82including rules establishing application forms and procedures
83and rules governing the allocation of tax credits and
84carryforward credits under this section.
85     (c)  The State Board of Education shall adopt rules
86pursuant to ss. 120.536(1) and 120.54 for the distribution and
87use of contributions.
88     (d)  The department and the Department of Education shall
89develop a cooperative agreement to assist in the administration
90of this section.
92================= T I T L E  A M E N D M E N T =================
93     On page 10, line(s) 7,
94After the semicolon, insert:  
95creating s. 220.1875, F.S.; providing purpose to encourage
96contributions by corporations to public schools or public school
97programs for which tax credit shall be given; providing
98definitions; providing authorization to grant tax credits and
99limitations on credits; providing public school requirements for
100expenditure and accounting of funds; requiring eligible
101contributions to be supplemental funds; providing for
102administration and rulemaking; requiring a cooperative

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