Bill Text: FL H0965 | 2011 | Regular Session | Comm Sub

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

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Bill Title: Florida Tax Credit Scholarship Program

Spectrum: Slight Partisan Bill (Republican 8-2-1)

Status: (Engrossed - Dead) 2011-05-05 - Ordered enrolled -HJ 1218 [H0965 Detail]

Download: Florida-2011-H0965-Comm_Sub.html

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CS/HB 965

1	A bill to be entitled
2	An act relating to the Florida Tax Credit Scholarship
3	Program; amending s. 213.053, F.S.; authorizing the
4	Department of Revenue to disclose certain information
5	relating to taxpayers to an eligible nonprofit
6	scholarship-funding organization; providing for
7	application to specified taxes; providing restrictions;
8	amending ss. 220.1875 and 624.51055, F.S.; revising
9	provisions relating to the amount of a tax credit allowed
10	for a contribution made to an eligible nonprofit
11	scholarship-funding organization; amending s. 1002.395,
12	F.S.; revising provisions relating to the carryforward of
13	an unused amount of a tax credit and the rescindment of
14	all or part of a tax credit under the Florida Tax Credit
15	Scholarship Program; providing an effective date.
16
17	Be It Enacted by the Legislature of the State of Florida:
18
19	Section 1.  Paragraph (dd) is added to subsection (8) of
20	section 213.053, Florida Statutes, as amended by chapter 2010-
21	280, Laws of Florida, to read:
22	213.053  Confidentiality and information sharing.-
23	(8)  Notwithstanding any other provision of this section,
24	the department may provide:
25	(dd)  Names and addresses of the 100 taxpayers with the
26	greatest tax liabilities after all tax credits are applied
27	during the most recent calendar year for which information is
28	available for each tax identified in subparagraphs 1., 2., and
29	4., and names and addresses of the 100 taxpayers with the
30	greatest tax liability after all tax credits are applied for the
31	most recent taxable years for which information is available for
32	the tax identified in subparagraph 3., to an eligible nonprofit
33	scholarship-funding organization under s. 1002.395 for which the
34	department approved at least $10 million of tax credit
35	allocations in the prior year. An eligible nonprofit
36	scholarship-funding organization may request the information for
37	any of the taxes identified in subparagraphs 1.-4. but may not
38	make more than one such request for each tax in any 12-month
39	period. The department shall provide such information within 45
40	days after a request by an eligible nonprofit scholarship-
41	funding organization. The information may be used by the
42	eligible nonprofit scholarship-funding organization only for
43	purposes of notifying the taxpayer of the opportunity to make an
44	eligible contribution to the Florida Tax Credit Scholarship
45	Program under s. 1002.395. This paragraph applies only to
46	information relating to taxes under:
47	1.  Sections 211.02 and 211.025.
48	2.  Chapter 212 from a direct pay permitholder as a result
49	of the direct pay permit held pursuant to s. 212.183.
50	3.  Chapter 220, unless disclosure of the names and
51	addresses would violate the terms of any information-sharing
52	agreement between the department and an agency of the Federal
53	Government.
54	4.  Section 624.509(1).
55
56	Disclosure of information under this subsection shall be
57	pursuant to a written agreement between the executive director
58	and the agency. Such agencies, governmental or nongovernmental,
59	shall be bound by the same requirements of confidentiality as
60	the Department of Revenue. Breach of confidentiality is a
61	misdemeanor of the first degree, punishable as provided by s.
62	775.082 or s. 775.083.
63	Section 2.  Subsection (1) of section 220.1875, Florida
64	Statutes, is amended to read:
65	220.1875  Credit for contributions to eligible nonprofit
66	scholarship-funding organizations.-
67	(1)  There is allowed a credit of 100 percent of an
68	eligible contribution made to an eligible nonprofit scholarship-
69	funding organization under s. 1002.395 against any tax due for a
70	taxable year under this chapter. However, such a credit may not
71	exceed 75 percent of the tax due under this chapter for the
72	taxable year, after the application of any other allowable
73	credits by the taxpayer. The credit granted by this section
74	shall be reduced by the difference between the amount of federal
75	corporate income tax taking into account the credit granted by
76	this section and the amount of federal corporate income tax
77	without application of the credit granted by this section.
78	Section 3.  Subsection (1) of section 624.51055, Florida
79	Statutes, is amended to read:
80	624.51055  Credit for contributions to eligible nonprofit
81	scholarship-funding organizations.-
82	(1)  There is allowed a credit of 100 percent of an
83	eligible contribution made to an eligible nonprofit scholarship-
84	funding organization under s. 1002.395 against any tax due for a
85	taxable year under s. 624.509(1). However, such a credit may not
86	exceed 75 percent of the tax due under s. 624.509(1) after
87	deducting from such tax deductions for assessments made pursuant
88	to s. 440.51; credits for taxes paid under ss. 175.101 and
89	185.08; credits for income taxes paid under chapter 220; credits
90	for the emergency excise tax paid under chapter 221; and the
91	credit allowed under s. 624.509(5), as such credit is limited by
92	s. 624.509(6). An insurer claiming a credit against premium tax
93	liability under this section shall not be required to pay any
94	additional retaliatory tax levied pursuant to s. 624.5091 as a
95	result of claiming such credit. Section 624.5091 does not limit
96	such credit in any manner.
97	Section 4.  Paragraphs (c) and (e) of subsection (5) of
98	section 1002.395, Florida Statutes, are amended to read:
99	1002.395  Florida Tax Credit Scholarship Program.-
100	(5)   SCHOLARSHIP FUNDING TAX CREDITS; LIMITATIONS.-
101	(c)  If a tax credit approved under paragraph (b) is not
102	fully used within the specified state fiscal year for credits
103	under s. 211.0251, s. 212.1831, or s. 561.1211 or against taxes
104	due for the specified taxable year for credits under s. 220.1875
105	or s. 624.51055 because of insufficient tax liability on the
106	part of the taxpayer, the unused amount may be carried forward
107	for a period not to exceed 5 3 years. However, any taxpayer that
108	seeks to carry forward an unused amount of tax credit must
109	submit an application to the department for approval of the
110	carryforward tax credit in the year that the taxpayer intends to
111	use the carryforward. The department must obtain the division's
112	approval prior to approving the carryforward of a tax credit
113	under s. 561.1211.
114	(e)  Within any state fiscal year, a taxpayer may rescind
115	all or part of a tax credit approved under paragraph (b). The
116	amount rescinded shall become available for that state fiscal
117	year to another eligible taxpayer as approved by the department
118	if the taxpayer receives notice from the department that the
119	rescindment has been accepted by the department and the taxpayer
120	has not previously rescinded any or all of its tax credits
121	approved under paragraph (b) more than once in the previous 3
122	tax years. The department must obtain the division's approval
123	prior to accepting the rescindment of a tax credit under s.
124	561.1211. Any amount rescinded under this paragraph shall become
125	available to an eligible taxpayer on a first-come, first-served
126	basis based on tax credit applications received after the date
127	the rescindment is accepted by the department.
128	Section 5.  This act shall take effect July 1, 2011.

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