Bill Text: FL H1129 | 2011 | Regular Session | Introduced

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Bill Title: Stimulating Small Business Growth

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [H1129 Detail]

Download: Florida-2011-H1129-Introduced.html

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HB 1129

1	A bill to be entitled
2	An act relating to stimulating small business growth;
3	authorizing a tax credit of a specified amount for
4	application against the corporate income tax for certain
5	corporations engaging in contractual business
6	relationships with certain small businesses; specifying
7	eligibility requirements; providing limitations on the use
8	of the tax credit; authorizing the Office of Tourism,
9	Trade, and Economic Development and the Department of
10	Revenue to adopt rules; providing an effective date.
11
12	Be It Enacted by the Legislature of the State of Florida:
13
14	Section 1.  Corporate tax credit for corporations
15	contracting with small businesses.-
16	(1)  A corporation, not including a financial organization
17	as defined in s. 220.15(6), Florida Statutes, or a bank, savings
18	association, international banking facility, or banking
19	organization as defined in s. 220.62, Florida Statutes, doing
20	business within this state that employs 300 full-time employees
21	in this state and executes a business contract for the provision
22	of goods or services with a small business that employs fewer
23	than 25 employees is eligible for a tax credit against corporate
24	income taxes imposed under s. 220.11, Florida Statutes, if:
25	(a)  The corporation and the small business were not
26	engaged in a contractual business relationship before July 1,
27	2011.
28	(b)  The terms of the contract require the corporation to
29	pay at least $100,000 to the small business for goods or
30	services within 1 year after the date of execution of the
31	contract.
32	(c)  The small business certifies within 60 days after
33	execution of the contract to the Office of Tourism, Trade, and
34	Economic Development and the Department of Revenue that for the
35	purpose of meeting its contractual obligations, it is necessary
36	to hire and maintain the employment of at least two additional
37	employees until completion of such contractual obligations.
38	(d)  The corporation notifies the Office of Tourism, Trade,
39	and Economic Development and the Department of Revenue within 60
40	days after execution of the contract that it intends to claim
41	the credit authorized under this section against its corporate
42	income tax liability under s. 220.11, Florida Statutes.
43	(2)  The corporation may apply 10 percent of the payments
44	made to the small business under the terms of the contract
45	during the taxable year against its corporate income tax
46	liability under s. 220.11, Florida Statutes.
47	(3)  A corporation may not claim a tax credit in excess of
48	its corporate income tax liability under s. 220.11, Florida
49	Statutes. If the credit granted under this section is not fully
50	used in any single year because of insufficient tax liability on
51	the part of the corporation, the unused amount may not be
52	carried forward or backward.
53	(4)  A tax credit earned under this section may not be sold
54	or transferred.
55	(5)  The Office of Tourism, Trade, and Economic Development
56	and the Department of Revenue may adopt rules to administer this
57	section.
58	Section 2.  This act shall take effect July 1, 2011.

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