Bill Text: FL S0318 | 2018 | Regular Session | Introduced

Florida Senate Bill 318 (Prior Session Legislation)

Introduced

Bill Title: Internship Tax Credit Program

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2018-03-10 - Died in Education [S0318 Detail]

Download: Florida-2018-S0318-Introduced.html

       Florida Senate - 2018                                     SB 318
       
       
        
       By Senator Powell
       
       
       
       
       
       30-00457-18                                            2018318__
    1                        A bill to be entitled                      
    2         An act relating to an internship tax credit program;
    3         creating s. 220.198, F.S.; providing a short title;
    4         defining the terms “degree-seeking student” and
    5         “qualified business”; authorizing a corporate income
    6         tax credit up to a specified amount to a qualified
    7         business paying wages to a degree-seeking student
    8         during the student’s internship at the business;
    9         specifying conditions and limitations on the tax
   10         credit; authorizing the Department of Revenue to adopt
   11         rules; authorizing qualifying businesses to carry
   12         forward unused portions of the tax credit for a
   13         specified timeframe; providing an effective date.
   14          
   15  Be It Enacted by the Legislature of the State of Florida:
   16  
   17         Section 1. Section 220.198, Florida Statutes, is created to
   18  read:
   19         220.198 Internship tax credit program.—
   20         (1) This section may be cited as the “Florida Internship
   21  Tax Credit Program.”
   22         (2) As used in this section, the term:
   23         (a) “Degree-seeking student” means a person who is a senior
   24  at a state university, a Florida College System institution, a
   25  career center operated by a school district under s. 1001.44, or
   26  a charter technical career center or any graduate student
   27  enrolled at a state university.
   28         (b) “Qualified business” means a business that has been in
   29  existence and continuously operating for at least 3 years.
   30         (3) For taxable years beginning on or after January 1,
   31  2019, a qualified business shall receive a tax credit for
   32  previously paid corporate income taxes imposed under this
   33  chapter equal to the lesser of $2,000 or the amount of wages
   34  previously paid by the qualified business to a degree-seeking
   35  student during the student’s internship, if all of the following
   36  criteria apply:
   37         (a) The degree-seeking student, during his or her
   38  internship, worked full-time for at least 9 consecutive weeks.
   39         (b) The qualified business provides documentation for the
   40  current tax year to show that it employs on a full-time basis at
   41  least 20 percent of the degree-seeking students who were
   42  previously employed as interns by that qualified business.
   43         (c) The degree-seeking student had a minimum grade point
   44  average of 2.0 at the start of the internship.
   45         (d) The state university, Florida College System
   46  institution, career center operated by a school district under
   47  s. 1001.44, or charter technical career center has provided
   48  documentation attesting to the degree-seeking student’s
   49  enrollment status.
   50         (4) Notwithstanding paragraph (3)(b), a qualified business
   51  that for the prior 3 years employed on average 10 or fewer full
   52  time employees shall receive the tax credit if it provides
   53  documentation that it previously hired at least one intern and,
   54  for the current tax year, it employs on a full-time basis at
   55  least one of the degree-seeking students who was previously
   56  employed as an intern by that qualified business.
   57         (5) A qualified business may not claim a tax credit of more
   58  than $10,000 for previously paid corporate income taxes in any
   59  one tax year.
   60         (6) The department may adopt rules governing the manner and
   61  form of applications for the tax credit and establish
   62  qualification requirements for the tax credit.
   63         (7) A qualifying business awarded a tax credit for
   64  previously paid corporate income taxes under this section may
   65  carry forward any unused portion of a tax credit for up to 2
   66  years.
   67         Section 2. This act shall take effect July 1, 2018.