Bill Text: FL S1110 | 2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Tax Refund Programs

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-03-09 - Died on Calendar [S1110 Detail]

Download: Florida-2012-S1110-Introduced.html

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       Florida Senate - 2012                                    SB 1110
       
       
       
       By Senator Altman
       
       
       
       
       24-01068-12                                           20121110__
    1                        A bill to be entitled                      
    2         An act relating to tax refund programs; amending s.
    3         288.1045, F.S.; deleting the limitation on the maximum
    4         amount of tax refunds a business may receive under the
    5         qualified defense contractor and space flight business
    6         tax refund program; amending s. 288.106, F.S.;
    7         deleting the limitation on the maximum amount of tax
    8         refunds a business may receive under the tax refund
    9         program for qualified target industry businesses;
   10         providing an effective date.
   11  
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Paragraph (c) of subsection (2) of section
   15  288.1045, Florida Statutes, is amended, and present paragraphs
   16  (d) through (h) of that subsection are redesignated as
   17  paragraphs (c) through (g), respectively, to read:
   18         288.1045 Qualified defense contractor and space flight
   19  business tax refund program.—
   20         (2) GRANTING OF A TAX REFUND; ELIGIBLE AMOUNTS.—
   21         (c) A qualified applicant may not receive more than $7
   22  million in tax refunds pursuant to this section in all fiscal
   23  years.
   24         Section 2. Paragraph (c) of subsection (3) of section
   25  288.106, Florida Statutes, is amended to read:
   26         288.106 Tax refund program for qualified target industry
   27  businesses.—
   28         (3) TAX REFUND; ELIGIBLE AMOUNTS.—
   29         (c) A qualified target industry business may not receive
   30  refund payments of more than 25 percent of the total tax refunds
   31  specified in the tax refund agreement under subparagraph
   32  (5)(a)1. in any fiscal year. Further, a qualified target
   33  industry business may not receive more than $1.5 million in
   34  refunds under this section in any single fiscal year, or more
   35  than $2.5 million in any single fiscal year if the project is
   36  located in an enterprise zone. A qualified target industry
   37  business may not receive more than $7 million in refund payments
   38  under this section in all fiscal years, or more than $7.5
   39  million if the project is located in an enterprise zone.
   40         Section 3. This act shall take effect July 1, 2012.