Bill Text: FL S1632 | 2011 | Regular Session | Introduced


Bill Title: Florida Industrial Development Corporation

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-04-27 - Read 2nd time -SJ 524 [S1632 Detail]

Download: Florida-2011-S1632-Introduced.html
       Florida Senate - 2011                                    SB 1632
       
       
       
       By Senator Lynn
       
       
       
       
       7-01487A-11                                           20111632__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Industrial Development
    3         Corporation; repealing provisions of ch. 289, F.S.,
    4         relating to the Florida Industrial Development
    5         Corporation; amending ss. 212.08, 220.183, 220.62,
    6         440.491, and 658.67, F.S.; deleting references to
    7         conform to changes made by the act; providing an
    8         effective date.
    9  
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Sections 289.011, 289.021, 289.031, 289.041,
   13  289.051, 289.061, 289.071, 289.081, 289.091, 289.101, 289.111,
   14  289.121, 289.131, 289.141, 289.151, 289.161, 289.171, 289.181,
   15  289.191, and 289.201, Florida Statutes, are repealed.
   16         Section 2. Paragraph (p) of subsection (5) of section
   17  212.08, Florida Statutes, is amended to read:
   18         212.08 Sales, rental, use, consumption, distribution, and
   19  storage tax; specified exemptions.—The sale at retail, the
   20  rental, the use, the consumption, the distribution, and the
   21  storage to be used or consumed in this state of the following
   22  are hereby specifically exempt from the tax imposed by this
   23  chapter.
   24         (5) EXEMPTIONS; ACCOUNT OF USE.—
   25         (p) Community contribution tax credit for donations.—
   26         1. Authorization.—Persons who are registered with the
   27  department under s. 212.18 to collect or remit sales or use tax
   28  and who make donations to eligible sponsors are eligible for tax
   29  credits against their state sales and use tax liabilities as
   30  provided in this paragraph:
   31         a. The credit shall be computed as 50 percent of the
   32  person’s approved annual community contribution.
   33         b. The credit shall be granted as a refund against state
   34  sales and use taxes reported on returns and remitted in the 12
   35  months preceding the date of application to the department for
   36  the credit as required in sub-subparagraph 3.c. If the annual
   37  credit is not fully used through such refund because of
   38  insufficient tax payments during the applicable 12-month period,
   39  the unused amount may be included in an application for a refund
   40  made pursuant to sub-subparagraph 3.c. in subsequent years
   41  against the total tax payments made for such year. Carryover
   42  credits may be applied for a 3-year period without regard to any
   43  time limitation that would otherwise apply under s. 215.26.
   44         c. A person may not receive more than $200,000 in annual
   45  tax credits for all approved community contributions made in any
   46  one year.
   47         d. All proposals for the granting of the tax credit require
   48  the prior approval of the Office of Tourism, Trade, and Economic
   49  Development.
   50         e. The total amount of tax credits which may be granted for
   51  all programs approved under this paragraph, s. 220.183, and s.
   52  624.5105 is $10.5 million annually for projects that provide
   53  homeownership opportunities for low-income or very-low-income
   54  households as defined in s. 420.9071(19) and (28) and $3.5
   55  million annually for all other projects.
   56         f. A person who is eligible to receive the credit provided
   57  for in this paragraph, s. 220.183, or s. 624.5105 may receive
   58  the credit only under the one section of the person’s choice.
   59         2. Eligibility requirements.—
   60         a. A community contribution by a person must be in the
   61  following form:
   62         (I) Cash or other liquid assets;
   63         (II) Real property;
   64         (III) Goods or inventory; or
   65         (IV) Other physical resources as identified by the Office
   66  of Tourism, Trade, and Economic Development.
   67         b. All community contributions must be reserved exclusively
   68  for use in a project. As used in this sub-subparagraph, the term
   69  “project” means any activity undertaken by an eligible sponsor
   70  which is designed to construct, improve, or substantially
   71  rehabilitate housing that is affordable to low-income or very
   72  low-income households as defined in s. 420.9071(19) and (28);
   73  designed to provide commercial, industrial, or public resources
   74  and facilities; or designed to improve entrepreneurial and job
   75  development opportunities for low-income persons. A project may
   76  be the investment necessary to increase access to high-speed
   77  broadband capability in rural communities with enterprise zones,
   78  including projects that result in improvements to communications
   79  assets that are owned by a business. A project may include the
   80  provision of museum educational programs and materials that are
   81  directly related to any project approved between January 1,
   82  1996, and December 31, 1999, and located in an enterprise zone
   83  designated pursuant to s. 290.0065. This paragraph does not
   84  preclude projects that propose to construct or rehabilitate
   85  housing for low-income or very-low-income households on
   86  scattered sites. With respect to housing, contributions may be
   87  used to pay the following eligible low-income and very-low
   88  income housing-related activities:
   89         (I) Project development impact and management fees for low
   90  income or very-low-income housing projects;
   91         (II) Down payment and closing costs for eligible persons,
   92  as defined in s. 420.9071(19) and (28);
   93         (III) Administrative costs, including housing counseling
   94  and marketing fees, not to exceed 10 percent of the community
   95  contribution, directly related to low-income or very-low-income
   96  projects; and
   97         (IV) Removal of liens recorded against residential property
   98  by municipal, county, or special district local governments when
   99  satisfaction of the lien is a necessary precedent to the
  100  transfer of the property to an eligible person, as defined in s.
  101  420.9071(19) and (28), for the purpose of promoting home
  102  ownership. Contributions for lien removal must be received from
  103  a nonrelated third party.
  104         c. The project must be undertaken by an “eligible sponsor,”
  105  which includes:
  106         (I) A community action program;
  107         (II) A nonprofit community-based development organization
  108  whose mission is the provision of housing for low-income or
  109  very-low-income households or increasing entrepreneurial and
  110  job-development opportunities for low-income persons;
  111         (III) A neighborhood housing services corporation;
  112         (IV) A local housing authority created under chapter 421;
  113         (V) A community redevelopment agency created under s.
  114  163.356;
  115         (VI) The Florida Industrial Development Corporation;
  116         (VI)(VII) A historic preservation district agency or
  117  organization;
  118         (VII)(VIII) A regional workforce board;
  119         (VIII)(IX) A direct-support organization as provided in s.
  120  1009.983;
  121         (IX)(X) An enterprise zone development agency created under
  122  s. 290.0056;
  123         (X)(XI) A community-based organization incorporated under
  124  chapter 617 which is recognized as educational, charitable, or
  125  scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
  126  and whose bylaws and articles of incorporation include
  127  affordable housing, economic development, or community
  128  development as the primary mission of the corporation;
  129         (XI)(XII) Units of local government;
  130         (XII)(XIII) Units of state government; or
  131         (XIII)(XIV) Any other agency that the Office of Tourism,
  132  Trade, and Economic Development designates by rule.
  133  
  134  In no event may a contributing person have a financial interest
  135  in the eligible sponsor.
  136         d. The project must be located in an area designated an
  137  enterprise zone or a Front Porch Florida Community pursuant to
  138  s. 20.18(6), unless the project increases access to high-speed
  139  broadband capability for rural communities with enterprise zones
  140  but is physically located outside the designated rural zone
  141  boundaries. Any project designed to construct or rehabilitate
  142  housing for low-income or very-low-income households as defined
  143  in s. 420.9071(19) and (28) is exempt from the area requirement
  144  of this sub-subparagraph.
  145         e.(I) If, during the first 10 business days of the state
  146  fiscal year, eligible tax credit applications for projects that
  147  provide homeownership opportunities for low-income or very-low
  148  income households as defined in s. 420.9071(19) and (28) are
  149  received for less than the annual tax credits available for
  150  those projects, the Office of Tourism, Trade, and Economic
  151  Development shall grant tax credits for those applications and
  152  shall grant remaining tax credits on a first-come, first-served
  153  basis for any subsequent eligible applications received before
  154  the end of the state fiscal year. If, during the first 10
  155  business days of the state fiscal year, eligible tax credit
  156  applications for projects that provide homeownership
  157  opportunities for low-income or very-low-income households as
  158  defined in s. 420.9071(19) and (28) are received for more than
  159  the annual tax credits available for those projects, the office
  160  shall grant the tax credits for those applications as follows:
  161         (A) If tax credit applications submitted for approved
  162  projects of an eligible sponsor do not exceed $200,000 in total,
  163  the credits shall be granted in full if the tax credit
  164  applications are approved.
  165         (B) If tax credit applications submitted for approved
  166  projects of an eligible sponsor exceed $200,000 in total, the
  167  amount of tax credits granted pursuant to sub-sub-sub
  168  subparagraph (A) shall be subtracted from the amount of
  169  available tax credits, and the remaining credits shall be
  170  granted to each approved tax credit application on a pro rata
  171  basis.
  172         (II) If, during the first 10 business days of the state
  173  fiscal year, eligible tax credit applications for projects other
  174  than those that provide homeownership opportunities for low
  175  income or very-low-income households as defined in s.
  176  420.9071(19) and (28) are received for less than the annual tax
  177  credits available for those projects, the office shall grant tax
  178  credits for those applications and shall grant remaining tax
  179  credits on a first-come, first-served basis for any subsequent
  180  eligible applications received before the end of the state
  181  fiscal year. If, during the first 10 business days of the state
  182  fiscal year, eligible tax credit applications for projects other
  183  than those that provide homeownership opportunities for low
  184  income or very-low-income households as defined in s.
  185  420.9071(19) and (28) are received for more than the annual tax
  186  credits available for those projects, the office shall grant the
  187  tax credits for those applications on a pro rata basis.
  188         3. Application requirements.—
  189         a. Any eligible sponsor seeking to participate in this
  190  program must submit a proposal to the Office of Tourism, Trade,
  191  and Economic Development which sets forth the name of the
  192  sponsor, a description of the project, and the area in which the
  193  project is located, together with such supporting information as
  194  is prescribed by rule. The proposal must also contain a
  195  resolution from the local governmental unit in which the project
  196  is located certifying that the project is consistent with local
  197  plans and regulations.
  198         b. Any person seeking to participate in this program must
  199  submit an application for tax credit to the office which sets
  200  forth the name of the sponsor, a description of the project, and
  201  the type, value, and purpose of the contribution. The sponsor
  202  shall verify the terms of the application and indicate its
  203  receipt of the contribution, which verification must be in
  204  writing and accompany the application for tax credit. The person
  205  must submit a separate tax credit application to the office for
  206  each individual contribution that it makes to each individual
  207  project.
  208         c. Any person who has received notification from the office
  209  that a tax credit has been approved must apply to the department
  210  to receive the refund. Application must be made on the form
  211  prescribed for claiming refunds of sales and use taxes and be
  212  accompanied by a copy of the notification. A person may submit
  213  only one application for refund to the department within any 12
  214  month period.
  215         4. Administration.—
  216         a. The Office of Tourism, Trade, and Economic Development
  217  may adopt rules pursuant to ss. 120.536(1) and 120.54 necessary
  218  to administer this paragraph, including rules for the approval
  219  or disapproval of proposals by a person.
  220         b. The decision of the office must be in writing, and, if
  221  approved, the notification shall state the maximum credit
  222  allowable to the person. Upon approval, the office shall
  223  transmit a copy of the decision to the Department of Revenue.
  224         c. The office shall periodically monitor all projects in a
  225  manner consistent with available resources to ensure that
  226  resources are used in accordance with this paragraph; however,
  227  each project must be reviewed at least once every 2 years.
  228         d. The office shall, in consultation with the Department of
  229  Community Affairs and the statewide and regional housing and
  230  financial intermediaries, market the availability of the
  231  community contribution tax credit program to community-based
  232  organizations.
  233         5. Expiration.—This paragraph expires June 30, 2015;
  234  however, any accrued credit carryover that is unused on that
  235  date may be used until the expiration of the 3-year carryover
  236  period for such credit.
  237         Section 3. Paragraph (c) of subsection (2) of section
  238  220.183, Florida Statutes, is amended to read:
  239         220.183 Community contribution tax credit.—
  240         (2) ELIGIBILITY REQUIREMENTS.—
  241         (c) The project must be undertaken by an “eligible
  242  sponsor,” defined here as:
  243         1. A community action program;
  244         2. A nonprofit community-based development organization
  245  whose mission is the provision of housing for low-income or
  246  very-low-income households or increasing entrepreneurial and
  247  job-development opportunities for low-income persons;
  248         3. A neighborhood housing services corporation;
  249         4. A local housing authority, created pursuant to chapter
  250  421;
  251         5. A community redevelopment agency, created pursuant to s.
  252  163.356;
  253         6. The Florida Industrial Development Corporation;
  254         6.7. An historic preservation district agency or
  255  organization;
  256         7.8. A regional workforce board;
  257         8.9. A direct-support organization as provided in s.
  258  1009.983;
  259         9.10. An enterprise zone development agency created
  260  pursuant to s. 290.0056;
  261         10.11. A community-based organization incorporated under
  262  chapter 617 which is recognized as educational, charitable, or
  263  scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
  264  and whose bylaws and articles of incorporation include
  265  affordable housing, economic development, or community
  266  development as the primary mission of the corporation;
  267         11.12. Units of local government;
  268         12.13. Units of state government; or
  269         13.14. Such other agency as the Office of Tourism, Trade,
  270  and Economic Development may, from time to time, designate by
  271  rule.
  272  
  273  In no event shall a contributing business firm have a financial
  274  interest in the eligible sponsor.
  275         Section 4. Subsection (1) of section 220.62, Florida
  276  Statutes, is amended to read:
  277         220.62 Definitions.—For purposes of this part:
  278         (1) The term “bank” means a bank holding company registered
  279  under the Bank Holding Company Act of 1956 of the United States,
  280  12 U.S.C. ss. 1841-1849, as amended, or a bank or trust company
  281  incorporated and doing business under the laws of the United
  282  States (including laws relating to the District of Columbia), of
  283  any state, or of any territory, a substantial part of the
  284  business of which consists of receiving deposits and making
  285  loans and discounts or of exercising fiduciary powers similar to
  286  those permitted to national banks under authority of the
  287  Comptroller of the Currency and which is subject by law to
  288  supervision and examination by state, territorial, or federal
  289  authority having supervision over banking institutions. The term
  290  “bank” also includes any banking association, corporation, or
  291  other similar organization organized and operated under the laws
  292  of any foreign country, which banking association, corporation,
  293  or other organization is also operating in this state pursuant
  294  to chapter 663, and further includes any corporation organized
  295  under chapter 289.
  296         Section 5. Paragraph (b) of subsection (5) of section
  297  440.491, Florida Statutes, is amended to read:
  298         440.491 Reemployment of injured workers; rehabilitation.—
  299         (5) MEDICAL CARE COORDINATION AND REEMPLOYMENT SERVICES.—
  300         (b) If the rehabilitation provider concludes that training
  301  and education are necessary to return the employee to suitable
  302  gainful employment, or if the employee has not returned to
  303  suitable gainful employment within 180 days after referral for
  304  reemployment services or receives $2,500 in reemployment
  305  services, whichever comes first, the carrier must discontinue
  306  reemployment services and refer the employee to the department
  307  for a vocational evaluation. Notwithstanding any provision of
  308  chapter 289 or chapter 627, the cost of a reemployment
  309  assessment and the first $2,500 in reemployment services to an
  310  injured employee must not be treated as loss adjustment expense
  311  for workers’ compensation ratemaking purposes.
  312         Section 6. Subsection (4) of section 658.67, Florida
  313  Statutes, is amended to read:
  314         658.67 Investment powers and limitations.—A bank may invest
  315  its funds, and a trust company may invest its corporate funds,
  316  subject to the following definitions, restrictions, and
  317  limitations:
  318         (4) INVESTMENTS SUBJECT TO LIMITATION OF TEN PERCENT OR
  319  LESS OF CAPITAL ACCOUNTS.—
  320         (a) Up to 10 percent of the capital accounts of the
  321  purchasing bank or trust company may be used to invest in any
  322  single issue of industrial development bonds issued for the
  323  benefit of a specified corporation.
  324         (b) Up to an aggregate of 10 percent of the capital
  325  accounts of the purchasing bank or trust company may be used to
  326  invest in tax lien certificates.
  327         (c) Up to 5 percent of the capital accounts of the
  328  purchasing bank or trust company may be used to invest in or
  329  purchase bonds or other evidences of indebtedness of the State
  330  of Israel.
  331         (d) Up to 2 percent of the capital accounts of the
  332  purchasing bank or trust company may be used to invest in the
  333  stock of a community corporation organized to promote the
  334  physical, social, or moral well-being of the members of the
  335  community where the bank or trust company is located.
  336         (e) Up to 1 percent of the capital accounts of the
  337  purchasing bank or trust company may be used to invest in the
  338  stock of the Florida Industrial Development Corporation.
  339         (e)(f) Up to 1 percent of the capital accounts of the
  340  purchasing bank or trust company may be used to invest in the
  341  stock of the Housing Development Corporation of Florida. The
  342  purchasing bank or trust company may thereafter deal in the
  343  securities or other evidences of debt of such corporation as
  344  provided for in chapter 420.
  345         (f)(g) Up to 10 percent of the capital accounts of a bank
  346  or trust company may be invested in any capital participation
  347  instrument or evidence of indebtedness issued by the Florida
  348  Black Business Investment Board pursuant to the Florida Small
  349  and Minority Business Assistance Act.
  350         Section 7. This act shall take effect July 1, 2011.

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