October 25, 2020
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651045
  Amendment
Bill No. HB 7135
Amendment No. 651045
CHAMBER ACTION
Senate House
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1Representative Coley offered the following:
2
3     Amendment (with title amendment)
4     Between lines 849 and 850, insert:
5     Section 10.  Subsection (2) of section 220.191, Florida
6Statutes, is amended to read:
7     220.191  Capital investment tax credit.--
8     (2)  An annual credit against the tax imposed by this
9chapter shall be granted to any qualifying business in an amount
10equal to 5 percent of the eligible capital costs generated by a
11qualifying project, for a period not to exceed 20 years
12beginning with the commencement of operations of the project.
13Unless assigned as described in this subsection, the tax credit
14shall be granted against only the corporate income tax liability
15or the premium tax liability generated by or arising out of the
16qualifying project, and the sum of all tax credits provided
17pursuant to this section shall not exceed 100 percent of the
18eligible capital costs of the project. In no event may any
19credit granted under this section be carried forward or backward
20by any qualifying business with respect to a subsequent or prior
21year. The annual tax credit granted under this section shall not
22exceed the following percentages of the annual corporate income
23tax liability or the premium tax liability generated by or
24arising out of a qualifying project:
25     (a)  One hundred percent for a qualifying project which
26results in a cumulative capital investment of at least $100
27million.
28     (b)  Seventy-five percent for a qualifying project which
29results in a cumulative capital investment of at least $50
30million but less than $100 million.
31     (c)  Fifty percent for a qualifying project which results
32in a cumulative capital investment of at least $25 million but
33less than $50 million.
34
35A qualifying project which results in a cumulative capital
36investment of less than $25 million is not eligible for the
37capital investment tax credit. An insurance company claiming a
38credit against premium tax liability under this program shall
39not be required to pay any additional retaliatory tax levied
40pursuant to s. 624.5091 as a result of claiming such credit.
41Because credits under this section are available to an insurance
42company, s. 624.5091 does not limit such credit in any manner.
43
44A qualifying project that includes locating a new solar panel
45manufacturing facility in this state during the 2008-2009 fiscal
46year and that generates a minimum of 400 jobs within 6 months
47after commencement of operations with an average salary of at
48least $50,000 shall be eligible to assign or transfer the entire
49credit, or any portion thereof, granted under this section to
50any other business. Any credit may be used by the business that
51receives the transferred or assigned credit to the same extent
52as it could have been used by the qualifying business. However,
53any such use shall not operate to increase the amount of the
54credit or extend the period within which the credit must be
55used.
56
57
58
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59
T I T L E  A M E N D M E N T
60     Remove line 38 and insert:
61exemption; that certain qualifying projects are eligible to
62transfer capital investment tax credits to other businesses
63under certain circumstances; providing limitations on the use of
64such transferred credits; amending s. 220.192, F.S.; defining
65terms


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