Section 624.5105, Florida Statutes 2003
624.5105 Community contribution tax credit; authorization; limitations; eligibility and application requirements; administration; definitions; expiration.--
(1) AUTHORIZATION TO GRANT TAX CREDITS; LIMITATIONS.--
(a) There shall be allowed a credit of 50 percent of a community contribution against any tax due for a calendar year under s. 624.509 or s. 624.510.
(b) No insurer shall receive more than $200,000 in annual tax credits for all approved community contributions made in any one year.
(c) The total amount of tax credit which may be granted for all programs approved under this section and s. 220.183 is $10 million annually.
(d) Each proposal for the granting of such tax credit requires the prior approval of the director.
(e) If the credit granted pursuant to this section is not fully used in any one year because of insufficient tax liability on the part of the insurer, the unused amount may be carried forward for a period not to exceed 5 years. The carryover credit may be used in a subsequent year when the tax imposed by s. 624.509 or s. 624.510 for such year exceeds the credit under this section for such year.
(2) ELIGIBILITY REQUIREMENTS.--
(a) Each community contribution by an insurer must be in a form specified in subsection (5).
(b) Each community contribution must be reserved exclusively for use in a project as defined in s. 220.03(1)(t).
(c) The project must be undertaken by an "eligible sponsor," as defined in s. 220.183(2)(c). In no event shall a contributing insurer have a financial interest in the eligible sponsor.
(d) The project shall be located in an area designated as an enterprise zone or a Front Porch Community pursuant to s. 14.2015(9)(b). Any project designed to construct or rehabilitate housing for low-income or very-low-income households as defined in s. 420.9071(19) and (28) is exempt from the area requirement of this paragraph.
(3) APPLICATION REQUIREMENTS.--
(a) Any eligible sponsor wishing to participate in this program must submit a proposal to the Office of Tourism, Trade, and Economic Development which sets forth the sponsor, the project, the area in which the project is located, and such supporting information as may be prescribed by rule. The proposal shall also contain a resolution from the local governmental unit in which the proposed project is located certifying that the project is consistent with local plans and regulations.
(b)1. Any insurer wishing to participate in this program must submit an application for tax credit to the office which sets forth the sponsor; the project; and the type, value, and purpose of the contribution. The sponsor must verify, in writing, the terms of the application and indicate its willingness to receive the contribution, which verification must accompany the application for tax credit.
2. The insurer must submit a separate application for tax credit for each individual contribution which it proposes to contribute to each individual project.
(a)1. The Office of Tourism, Trade, and Economic Development is authorized to adopt all rules necessary to administer this section, including rules for the approval or disapproval of proposals by insurers.
2. The decision of the director shall be in writing, and, if approved, the proposal shall state the maximum credit allowable to the insurer. A copy of the decision shall be transmitted to the executive director of the Department of Revenue, who shall apply such credit to the tax liability of the insurer.
3. The office shall monitor all projects periodically, in a manner consistent with available resources to ensure that resources are utilized in accordance with this section; however, each project shall be reviewed no less frequently than once every 2 years.
4. The Office of Tourism, Trade, and Economic Development shall, in consultation with the Department of Community Affairs, the Florida Housing Finance Corporation, and the statewide and regional housing and financial intermediaries, market the availability of the community contribution tax credit program to community-based organizations.
(b) The Department of Revenue shall adopt any rules necessary to ensure the orderly implementation and administration of this section.
(5) DEFINITIONS.--For the purpose of this section:
(a) "Community contribution" means the grant by an insurer of any of the following items:
1. Cash or other liquid assets.
2. Real property.
3. Goods or inventory.
4. Other physical resources which are identified by the department.
(b) "Director" means the director of the Office of Tourism, Trade, and Economic Development.
(c) "Local government" means any county or incorporated municipality in the state.
(d) "Office" means the Office of Tourism, Trade, and Economic Development.
(e) "Project" means an activity as defined in s. 220.03(1)(t).
(6) EXPIRATION.--The provisions of this section, except paragraph (1)(e), shall expire and be void on June 30, 2005.
History.--s. 56, ch. 84-356; s. 124, ch. 91-112; s. 54, ch. 94-136; s. 149, ch. 96-320; s. 2, ch. 98-219; s. 2, ch. 99-265; s. 41, ch. 2000-210; s. 32, ch. 2001-201.