Bill Text: FL H7057 | 2010 | Regular Session | Introduced

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Bill Title: Florida Industrial Development Corporation

Spectrum: Partisan Bill (Republican 10-0)

Status: (Failed) 2010-04-30 - Died in Messages [H7057 Detail]

Download: Florida-2010-H7057-Introduced.html

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HB 7057

1	A bill to be entitled
2	An act relating to the Florida Industrial Development
3	Corporation; repealing provisions of chapter 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 conform
7	to changes made by the act; providing an effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1. Sections 289.011, 289.021, 289.031, 289.041,
12	289.051, 289.061, 289.071, 289.081, 289.091, 289.101, 289.111,
13	289.121, 289.131, 289.141, 289.151, 289.161, 289.171, 289.181,
14	289.191, and 289.201, Florida Statutes, are repealed.
15	Section 2. Paragraph (p) of subsection (5) of section
16	212.08, Florida Statutes, is amended to read:
17	212.08 Sales, rental, use, consumption, distribution, and
18	storage tax; specified exemptions.-The sale at retail, the
19	rental, the use, the consumption, the distribution, and the
20	storage to be used or consumed in this state of the following
21	are hereby specifically exempt from the tax imposed by this
22	chapter.
23	(5) EXEMPTIONS; ACCOUNT OF USE.-
24	(p) Community contribution tax credit for donations.-
25	1. Authorization.-Persons who are registered with the
26	department under s. 212.18 to collect or remit sales or use tax
27	and who make donations to eligible sponsors are eligible for tax
28	credits against their state sales and use tax liabilities as
29	provided in this paragraph:
30	a. The credit shall be computed as 50 percent of the
31	person's approved annual community contribution.
32	b. The credit shall be granted as a refund against state
33	sales and use taxes reported on returns and remitted in the 12
34	months preceding the date of application to the department for
35	the credit as required in sub-subparagraph 3.c. If the annual
36	credit is not fully used through such refund because of
37	insufficient tax payments during the applicable 12-month period,
38	the unused amount may be included in an application for a refund
39	made pursuant to sub-subparagraph 3.c. in subsequent years
40	against the total tax payments made for such year. Carryover
41	credits may be applied for a 3-year period without regard to any
42	time limitation that would otherwise apply under s. 215.26.
43	c. A person may not receive more than $200,000 in annual
44	tax credits for all approved community contributions made in any
45	one year.
46	d. All proposals for the granting of the tax credit
47	require the prior approval of the Office of Tourism, Trade, and
48	Economic Development.
49	e. The total amount of tax credits which may be granted
50	for all programs approved under this paragraph, s. 220.183, and
51	s. 624.5105 is $10.5 million annually for projects that provide
52	homeownership opportunities for low-income or very-low-income
53	households as defined in s. 420.9071(19) and (28) and $3.5
54	million annually for all other projects.
55	f. A person who is eligible to receive the credit provided
56	for in this paragraph, s. 220.183, or s. 624.5105 may receive
57	the credit only under the one section of the person's choice.
58	2. Eligibility requirements.-
59	a. A community contribution by a person must be in the
60	following form:
61	(I) Cash or other liquid assets;
62	(II) Real property;
63	(III) Goods or inventory; or
64	(IV) Other physical resources as identified by the Office
65	of Tourism, Trade, and Economic Development.
66	b. All community contributions must be reserved
67	exclusively for use in a project. As used in this sub-
68	subparagraph, the term "project" means any activity undertaken
69	by an eligible sponsor which is designed to construct, improve,
70	or substantially rehabilitate housing that is affordable to low-
71	income or very-low-income households as defined in s.
72	420.9071(19) and (28); designed to provide commercial,
73	industrial, or public resources and facilities; or designed to
74	improve entrepreneurial and job-development opportunities for
75	low-income persons. A project may be the investment necessary to
76	increase access to high-speed broadband capability in rural
77	communities with enterprise zones, including projects that
78	result in improvements to communications assets that are owned
79	by a business. A project may include the provision of museum
80	educational programs and materials that are directly related to
81	any project approved between January 1, 1996, and December 31,
82	1999, and located in an enterprise zone designated pursuant to
83	s. 290.0065. This paragraph does not preclude projects that
84	propose to construct or rehabilitate housing for low-income or
85	very-low-income households on scattered sites. With respect to
86	housing, contributions may be used to pay the following eligible
87	low-income and very-low-income housing-related activities:
88	(I) Project development impact and management fees for
89	low-income or very-low-income housing projects;
90	(II) Down payment and closing costs for eligible persons,
91	as defined in s. 420.9071(19) and (28);
92	(III) Administrative costs, including housing counseling
93	and marketing fees, not to exceed 10 percent of the community
94	contribution, directly related to low-income or very-low-income
95	projects; and
96	(IV) Removal of liens recorded against residential
97	property by municipal, county, or special district local
98	governments when satisfaction of the lien is a necessary
99	precedent to the transfer of the property to an eligible person,
100	as defined in s. 420.9071(19) and (28), for the purpose of
101	promoting home ownership. Contributions for lien removal must be
102	received from a nonrelated third party.
103	c. The project must be undertaken by an "eligible
104	sponsor," which includes:
105	(I) A community action program;
106	(II) A nonprofit community-based development organization
107	whose mission is the provision of housing for low-income or
108	very-low-income households or increasing entrepreneurial and
109	job-development opportunities for low-income persons;
110	(III) A neighborhood housing services corporation;
111	(IV) A local housing authority created under chapter 421;
112	(V) A community redevelopment agency created under s.
113	163.356;
114	(VI) The Florida Industrial Development Corporation;
115	(VI)(VII) A historic preservation district agency or
116	organization;
117	(VII)(VIII) A regional workforce board;
118	(VIII)(IX) A direct-support organization as provided in s.
119	1009.983;
120	(IX)(X) An enterprise zone development agency created
121	under s. 290.0056;
122	(X)(XI) A community-based organization incorporated under
123	chapter 617 which is recognized as educational, charitable, or
124	scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
125	and whose bylaws and articles of incorporation include
126	affordable housing, economic development, or community
127	development as the primary mission of the corporation;
128	(XI)(XII) Units of local government;
129	(XII)(XIII) Units of state government; or
130	(XIII)(XIV) Any other agency that the Office of Tourism,
131	Trade, and Economic Development designates by rule.
132
133	In no event may a contributing person have a financial interest
134	in the eligible sponsor.
135	d. The project must be located in an area designated an
136	enterprise zone or a Front Porch Florida Community pursuant to
137	s. 20.18(6), unless the project increases access to high-speed
138	broadband capability for rural communities with enterprise zones
139	but is physically located outside the designated rural zone
140	boundaries. Any project designed to construct or rehabilitate
141	housing for low-income or very-low-income households as defined
142	in s. 420.9071(19) and (28) is exempt from the area requirement
143	of this sub-subparagraph.
144	e.(I) If, during the first 10 business days of the state
145	fiscal year, eligible tax credit applications for projects that
146	provide homeownership opportunities for low-income or very-low-
147	income households as defined in s. 420.9071(19) and (28) are
148	received for less than the annual tax credits available for
149	those projects, the Office of Tourism, Trade, and Economic
150	Development shall grant tax credits for those applications and
151	shall grant remaining tax credits on a first-come, first-served
152	basis for any subsequent eligible applications received before
153	the end of the state fiscal year. If, during the first 10
154	business days of the state fiscal year, eligible tax credit
155	applications for projects that provide homeownership
156	opportunities for low-income or very-low-income households as
157	defined in s. 420.9071(19) and (28) are received for more than
158	the annual tax credits available for those projects, the office
159	shall grant the tax credits for those applications as follows:
160	(A) If tax credit applications submitted for approved
161	projects of an eligible sponsor do not exceed $200,000 in total,
162	the credits shall be granted in full if the tax credit
163	applications are approved.
164	(B) If tax credit applications submitted for approved
165	projects of an eligible sponsor exceed $200,000 in total, the
166	amount of tax credits granted pursuant to sub-sub-sub-
167	subparagraph (A) shall be subtracted from the amount of
168	available tax credits, and the remaining credits shall be
169	granted to each approved tax credit application on a pro rata
170	basis.
171	(II) If, during the first 10 business days of the state
172	fiscal year, eligible tax credit applications for projects other
173	than those that provide homeownership opportunities for low-
174	income or very-low-income households as defined in s.
175	420.9071(19) and (28) are received for less than the annual tax
176	credits available for those projects, the office shall grant tax
177	credits for those applications and shall grant remaining tax
178	credits on a first-come, first-served basis for any subsequent
179	eligible applications received before the end of the state
180	fiscal year. If, during the first 10 business days of the state
181	fiscal year, eligible tax credit applications for projects other
182	than those that provide homeownership opportunities for low-
183	income or very-low-income households as defined in s.
184	420.9071(19) and (28) are received for more than the annual tax
185	credits available for those projects, the office shall grant the
186	tax credits for those applications on a pro rata basis.
187	3. Application requirements.-
188	a. Any eligible sponsor seeking to participate in this
189	program must submit a proposal to the Office of Tourism, Trade,
190	and Economic Development which sets forth the name of the
191	sponsor, a description of the project, and the area in which the
192	project is located, together with such supporting information as
193	is prescribed by rule. The proposal must also contain a
194	resolution from the local governmental unit in which the project
195	is located certifying that the project is consistent with local
196	plans and regulations.
197	b. Any person seeking to participate in this program must
198	submit an application for tax credit to the office which sets
199	forth the name of the sponsor, a description of the project, and
200	the type, value, and purpose of the contribution. The sponsor
201	shall verify the terms of the application and indicate its
202	receipt of the contribution, which verification must be in
203	writing and accompany the application for tax credit. The person
204	must submit a separate tax credit application to the office for
205	each individual contribution that it makes to each individual
206	project.
207	c. Any person who has received notification from the
208	office that a tax credit has been approved must apply to the
209	department to receive the refund. Application must be made on
210	the form prescribed for claiming refunds of sales and use taxes
211	and be accompanied by a copy of the notification. A person may
212	submit only one application for refund to the department within
213	any 12-month period.
214	4. Administration.-
215	a. The Office of Tourism, Trade, and Economic Development
216	may adopt rules pursuant to ss. 120.536(1) and 120.54 necessary
217	to administer this paragraph, including rules for the approval
218	or disapproval of proposals by a person.
219	b. The decision of the office must be in writing, and, if
220	approved, the notification shall state the maximum credit
221	allowable to the person. Upon approval, the office shall
222	transmit a copy of the decision to the Department of Revenue.
223	c. The office shall periodically monitor all projects in a
224	manner consistent with available resources to ensure that
225	resources are used in accordance with this paragraph; however,
226	each project must be reviewed at least once every 2 years.
227	d. The office shall, in consultation with the Department
228	of Community Affairs and the statewide and regional housing and
229	financial intermediaries, market the availability of the
230	community contribution tax credit program to community-based
231	organizations.
232	5. Notwithstanding sub-subparagraph 1.e., and for the
233	2008-2009 fiscal year only, the total amount of tax credit which
234	may be granted for all programs approved under this section and
235	ss. 220.183 and 624.5105 is $13 million annually for projects
236	that provide homeownership opportunities for low-income or very-
237	low-income households as defined in s. 420.9071(19) and (28) and
238	$3.5 million annually for all other projects. This subparagraph
239	expires June 30, 2009.
240	6. Expiration.-This paragraph expires June 30, 2015;
241	however, any accrued credit carryover that is unused on that
242	date may be used until the expiration of the 3-year carryover
243	period for such credit.
244	Section 3. Paragraph (c) of subsection (2) of section
245	220.183, Florida Statutes, is amended to read:
246	220.183 Community contribution tax credit.-
247	(2) ELIGIBILITY REQUIREMENTS.-
248	(c) The project must be undertaken by an "eligible
249	sponsor," defined here as:
250	1. A community action program;
251	2. A nonprofit community-based development organization
252	whose mission is the provision of housing for low-income or
253	very-low-income households or increasing entrepreneurial and
254	job-development opportunities for low-income persons;
255	3. A neighborhood housing services corporation;
256	4. A local housing authority, created pursuant to chapter
257	421;
258	5. A community redevelopment agency, created pursuant to
259	s. 163.356;
260	6. The Florida Industrial Development Corporation;
261	6.7. An historic preservation district agency or
262	organization;
263	7.8. A regional workforce board;
264	8.9. A direct-support organization as provided in s.
265	1009.983;
266	9.10. An enterprise zone development agency created
267	pursuant to s. 290.0056;
268	10.11. A community-based organization incorporated under
269	chapter 617 which is recognized as educational, charitable, or
270	scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
271	and whose bylaws and articles of incorporation include
272	affordable housing, economic development, or community
273	development as the primary mission of the corporation;
274	11.12. Units of local government;
275	12.13. Units of state government; or
276	13.14. Such other agency as the Office of Tourism, Trade,
277	and Economic Development may, from time to time, designate by
278	rule.
279
280	In no event shall a contributing business firm have a financial
281	interest in the eligible sponsor.
282	Section 4. Subsection (1) of section 220.62, Florida
283	Statutes, is amended to read:
284	220.62 Definitions.-For purposes of this part:
285	(1) The term "bank" means a bank holding company
286	registered under the Bank Holding Company Act of 1956 of the
287	United States, 12 U.S.C. ss. 1841-1849, as amended, or a bank or
288	trust company incorporated and doing business under the laws of
289	the United States (including laws relating to the District of
290	Columbia), of any state, or of any territory, a substantial part
291	of the business of which consists of receiving deposits and
292	making loans and discounts or of exercising fiduciary powers
293	similar to those permitted to national banks under authority of
294	the Comptroller of the Currency and which is subject by law to
295	supervision and examination by state, territorial, or federal
296	authority having supervision over banking institutions. The term
297	"bank" also includes any banking association, corporation, or
298	other similar organization organized and operated under the laws
299	of any foreign country, which banking association, corporation,
300	or other organization is also operating in this state pursuant
301	to chapter 663, and further includes any corporation organized
302	under chapter 289.
303	Section 5. Paragraph (b) of subsection (5) of section
304	440.491, Florida Statutes, is amended to read:
305	440.491 Reemployment of injured workers; rehabilitation.-
306	(5) MEDICAL CARE COORDINATION AND REEMPLOYMENT SERVICES.-
307	(b) If the rehabilitation provider concludes that training
308	and education are necessary to return the employee to suitable
309	gainful employment, or if the employee has not returned to
310	suitable gainful employment within 180 days after referral for
311	reemployment services or receives $2,500 in reemployment
312	services, whichever comes first, the carrier must discontinue
313	reemployment services and refer the employee to the department
314	for a vocational evaluation. Notwithstanding any provision of
315	chapter 289 or chapter 627, the cost of a reemployment
316	assessment and the first $2,500 in reemployment services to an
317	injured employee must not be treated as loss adjustment expense
318	for workers' compensation ratemaking purposes.
319	Section 6. Subsection (4) of section 658.67, Florida
320	Statutes, is amended to read:
321	658.67 Investment powers and limitations.-A bank may
322	invest its funds, and a trust company may invest its corporate
323	funds, subject to the following definitions, restrictions, and
324	limitations:
325	(4) INVESTMENTS SUBJECT TO LIMITATION OF TEN PERCENT OR
326	LESS OF CAPITAL ACCOUNTS.-
327	(a) Up to 10 percent of the capital accounts of the
328	purchasing bank or trust company may be used to invest in any
329	single issue of industrial development bonds issued for the
330	benefit of a specified corporation.
331	(b) Up to an aggregate of 10 percent of the capital
332	accounts of the purchasing bank or trust company may be used to
333	invest in tax lien certificates.
334	(c) Up to 5 percent of the capital accounts of the
335	purchasing bank or trust company may be used to invest in or
336	purchase bonds or other evidences of indebtedness of the State
337	of Israel.
338	(d) Up to 2 percent of the capital accounts of the
339	purchasing bank or trust company may be used to invest in the
340	stock of a community corporation organized to promote the
341	physical, social, or moral well-being of the members of the
342	community where the bank or trust company is located.
343	(e) Up to 1 percent of the capital accounts of the
344	purchasing bank or trust company may be used to invest in the
345	stock of the Florida Industrial Development Corporation.
346	(e)(f) Up to 1 percent of the capital accounts of the
347	purchasing bank or trust company may be used to invest in the
348	stock of the Housing Development Corporation of Florida. The
349	purchasing bank or trust company may thereafter deal in the
350	securities or other evidences of debt of such corporation as
351	provided for in chapter 420.
352	(f)(g) Up to 10 percent of the capital accounts of a bank
353	or trust company may be invested in any capital participation
354	instrument or evidence of indebtedness issued by the Florida
355	Black Business Investment Board pursuant to the Florida Small
356	and Minority Business Assistance Act.
357	Section 7. This act shall take effect July 1, 2010.

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