Bill Text: FL S1272 | 2016 | Regular Session | Comm Sub
Bill Title: Florida Renewable Energy Production Credit
Spectrum: Bipartisan Bill
Status: (Failed) 2016-03-11 - Died in Appropriations [S1272 Detail]
Download: Florida-2016-S1272-Comm_Sub.html
Florida Senate - 2016 CS for SB 1272 By the Committee on Finance and Tax; and Senator Hukill 593-03182-16 20161272c1 1 A bill to be entitled 2 An act relating to the Florida renewable energy 3 production credit; amending s. 220.193, F.S.; deleting 4 the time limit for the renewable energy production 5 credit against the corporate income tax; revising the 6 total amount of tax credits which may be granted to 7 taxpayers per state fiscal year; revising the 8 permissible use of certain unallocated credit amounts; 9 authorizing the Department of Agriculture and Consumer 10 Services to conduct onsite monitoring; deleting an 11 obsolete provision relating to applicability; 12 providing an effective date. 13 14 Be It Enacted by the Legislature of the State of Florida: 15 16 Section 1. Paragraphs (b) and (g) of subsection (3), 17 paragraph (a) of subsection (5), and subsection (8) of section 18 220.193, Florida Statutes, are amended to read: 19 220.193 Florida renewable energy production credit.— 20 (3) An annual credit against the tax imposed by this 21 section shall be allowed to a taxpayer, based on the taxpayer’s 22 production and sale of electricity from a new or expanded 23 Florida renewable energy facility. For a new facility, the 24 credit shall be based on the taxpayer’s sale of the facility’s 25 entire electrical production. For an expanded facility, the 26 credit shall be based on the increases in the facility’s 27 electrical production that are achieved after May 1, 2012. 28 (b) The credit may be claimed for electricity produced and 29 sold on or after January 1, 2013.Beginning in 2014 and30continuing until 2017,Each taxpayer claiming a credit under 31 this section must apply to the Department of Agriculture and 32 Consumer Services by the date established by the Department of 33 Agriculture and Consumer Services for an allocation of available 34 credits for that year. The application form shall be adopted by 35 rule of the Department of Agriculture and Consumer Services in 36 consultation with the commission. The application form shall, at 37 a minimum, require a sworn affidavit from each taxpayer 38 certifying the increase in production and sales that form the 39 basis of the application and certifying that all information 40 contained in the application is true and correct. 41 (g)Notwithstanding any other provision of this section,42credits for the production and sale of electricity from a new or43expanded Florida renewable energy facility may be earned between44January 1, 2013, and June 30, 2016.The combined total amount of 45 tax credits which may be granted for all taxpayers under this 46 section is limited to $15 million per state fiscal year$547million in state fiscal year 2012-2013 and $10 million per state48fiscal year in state fiscal years 2013-2014 through 2016-2017. 49 If the annual tax credit authorization amount is not exhausted 50 by allocations of credits within that particular state fiscal 51 year, any authorized but unallocated credit amounts may be 52 carried forwardused to grant credits that were earned pursuant53to s. 220.192 but unallocated due to a lack of authorized funds. 54 (5)(a) In addition to its existing audit and investigation 55 authority, the Department of Revenue may perform any additional 56 financial and technical audits and investigations, including 57 examining the accounts, books, and records of the tax credit 58 applicant, which are necessary to verify the information 59 included in the tax credit return and to ensure compliance with 60 this section. The Department of Agriculture and Consumer 61 Services may conduct on-site monitoring visits to renewable 62 energy facilities that received certification under this section 63 to verify that the information contained in their application 64 was true and correct, and shall provide technical assistance 65 when requested by the Department of Revenue on any technical 66 audits or examinations performed pursuant to this section. 67(8) This section shall take effect upon becoming law and68shall apply to tax years beginning on and after January 1, 2013.69 Section 2. This act shall take effect July 1, 2016.