CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 1 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to the Florida Main Street Program and 2
historic preservation tax credits; creating s. 3
220.197, F.S.; providing a short title; defining 4
terms; specifying eligibility requirements for 5
receiving specified tax credits for taxpayers that 6
rehabilitate certified historic structures; specifying 7
requirements for taxpayers claiming or transferring 8
specified tax credits; specifying requirements for the 9
Division of Historical Resources of the Department of 10
State for evaluating and certifying application s for 11
specified tax credits; specifying the amount of tax 12
credits; providing construction; authorizing the 13
carryforward, sale, and transfer of tax credits; 14
providing the Department of Revenue and the division 15
audit and examination powers for specified purp oses 16
related to certified rehabilitation expenses; 17
requiring the return of forfeited tax credits under 18
certain circumstances; providing penalties; requiring 19
the Department of Revenue to provide specified annual 20
reports to the Legislature; providing duties of the 21
Department of Revenue; authorizing the Department of 22
Revenue and the division to adopt rules; amending s. 23
213.053, F.S.; authorizing the Department of Revenue 24
and the Secretary of the Department of the Interior of 25
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 2 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
the United States to make certain i nformation 26
available for specified purposes; amending s. 220.02, 27
F.S.; revising the order in which tax credits against 28
the corporate income tax credit or the franchise tax 29
are applied; amending s. 220.13, F.S.; revising the 30
definition of the term "adjusted federal income"; 31
amending s. 624.509, F.S.; revising the order in which 32
credits and deductions against the insurance premium 33
tax are applied; authorizing the Department of Revenue 34
to adopt emergency rules to implement certain 35
provisions; providing for exp iration of that 36
authority; providing applicability; providing an 37
effective date. 38
WHEREAS, historic revitalization creates highly paid local 39
construction jobs, and 40
WHEREAS, historic rehabilitation increases the value of 41
buildings and results in a grow ing state and local tax base, and 42
WHEREAS, historic revitalization boosts heritage tourism 43
and creates thriving downtowns that are attractive to main 44
street businesses, and 45
WHEREAS, reusing historic buildings creates affordable 46
spaces for small business incubation, and 47
WHEREAS, repurposing historic buildings saves resources and 48
activates vacant spaces, and 49
WHEREAS, historic rehabilitation projects leverage 50
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 3 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
significant private investment, and 51
WHEREAS, leveraging state tax incentives increases the 52
effectiveness of federal Historic Preservation Tax Incentives 53
and the Opportunity Zones Program to encourage the historic 54
preservation of existing buildings, and 55
WHEREAS, an increase in rehabilitation activity occurs when 56
a state incentive is combined with fede ral Historic Preservation 57
Tax Incentives, and 58
WHEREAS, many historic buildings in this state need safety 59
upgrades and other improvements that require both public and 60
private investment to return these buildings as assets of their 61
local communities, NOW, T HEREFORE, 62
Be It Enacted by the Legislature of the State of Florida: 63
64
Section 1. Section 220.197, Florida Statutes, is created 65
to read: 66
220.197 Main Street Historic Tourism and Revitalization 67
Act; tax credits; reports. — 68
(1) SHORT TITLE.—This act may be cited as the "Main Street 69
Historic Tourism and Revitalization Act." 70
(2) DEFINITIONS.—As used in this section, the term: 71
(a) "Accredited Main Street Program" means an active 72
Florida Main Street Program or the Orlando Main Streets program, 73
provided that such program meets the Main Street America 74
accreditation standards. An Accredited Main Street Program must: 75
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 4 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1. Have broad-based community support for the commercial 76
district revitalization process with strong support from the 77
public and private sec tors. 78
2. Have a developed vision and mission statement relevant 79
to community conditions and to Main Street America's 80
organizational stage. 81
3. Have a comprehensive Main Street America work plan. 82
4. Possess a historic preservation ethic. 83
5. Have an active board of directors and committees. 84
6. Have an adequate operating budget. 85
7. Have a paid professional program manager. 86
8. Conduct a program of ongoing training for staff and 87
volunteers. 88
9. Report key statistics. 89
10. Be a current member of Ma in Street America. 90
(b) "Certified historic structure" means a building and 91
its structural components as defined in 36 C.F.R. s. 67.2 which 92
is of a character subject to the allowance for depreciation 93
provided in s. 167 of the Internal Revenue Code of 1986 , as 94
amended, and which is: 95
1. Individually listed in the National Register of 96
Historic Places; or 97
2. Located within a registered historic district and 98
certified by the United States Secretary of the Interior as 99
being of historic significance to the re gistered historic 100
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 5 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
district as set forth in 36 C.F.R. s. 67.2. 101
(c) "Certified rehabilitation" means the rehabilitation of 102
a certified historic structure that the United States Secretary 103
of the Interior has certified to the United States Secretary of 104
the Treasury as being consistent with the historic character of 105
the certified historic structure and, if applicable, consistent 106
with the registered historic district in which the certified 107
historic structure is located as set forth in 36 C.F.R. s. 67.2. 108
(d) "Division" means the Division of Historical Resources 109
of the Department of State. 110
(e) "Florida Main Street Program" means a statewide 111
historic preservation -based downtown revitalization assistance 112
program created, maintained, and administered by the divis ion 113
under s. 267.031(5). 114
(f) "Local program area" means the specific geographic 115
area in which an Accredited Main Street Program is conducted as 116
approved and maintained by the division or in which the Orlando 117
Main Streets program is conducted. 118
(g) "Long-term leasehold" means a leasehold in a 119
nonresidential real property for a term of 39 years or more or a 120
leasehold in a residential real property for a term of 27.5 121
years or more. 122
(h) "Main Street America" means a national network of 123
grassroots organizat ions revitalizing historic downtown areas 124
under the leadership of the National Main Street Center, Inc., a 125
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 6 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
subsidiary of the National Trust for Historic Preservation. 126
(i) "National Register of Historic Places" means the list 127
of historic properties signif icant in American history, 128
architecture, archeology, engineering, and culture maintained by 129
the United States Secretary of the Interior as authorized in 54 130
U.S.C. s. 3021. 131
(j) "Orlando Main Streets" means a historic preservation -132
based district revitaliza tion program administered by the City 133
of Orlando. 134
(k) "Qualified expenses" means rehabilitation expenditures 135
that qualify for the credit under 26 U.S.C. s. 47 incurred in 136
this state. 137
(l) "Registered historic district" means a district listed 138
in the National Register of Historic Places or a district: 139
1. Designated under general law or local ordinance and 140
certified by the United States Secretary of the Interior as 141
meeting criteria that will substantially achieve the purposes of 142
preserving and rehabilita ting buildings of historic significance 143
to the district; and 144
2. Certified by the United States Secretary of the 145
Interior as meeting substantially all of the requirements for 146
listing a district in the National Register of Historic Places. 147
(3) ELIGIBILITY FOR TAX CREDIT.—For taxable years 148
beginning on or after January 1, 2023, there is allowed a credit 149
against any tax due for a taxable year under this chapter after 150
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 7 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
the application of any other allowable credits by the taxpayer. 151
(a) To claim and receive a tax credit under this section, 152
a taxpayer must apply to the division for a tax credit for 153
qualified expenses in the amount and under the conditions and 154
limitations provided in this section against the tax due for a 155
taxable year under this chapter and mus t provide the division 156
with all of the following: 157
1. Documentation showing that: 158
a. The rehabilitation is a certified rehabilitation; 159
b. The structure is a certified historic structure, is 160
income-producing, is located within this state, and is 161
rehabilitated and placed in service on or after January 1, 2023; 162
c. The taxpayer had an ownership or a long -term leasehold 163
interest in the certified historic structure in the year during 164
which the certified historic structure was placed into service 165
after the certified rehabilitation was completed; 166
d. The total amount of qualified expenses incurred in 167
rehabilitating the certified historic structure exceeded $5,000; 168
e. The qualified expenses were incurred in this state; and 169
f. The taxpayer received a tax credit for the qualified 170
expenses under 26 U.S.C. s. 47. 171
2. An official certificate of eligibility from the 172
division, signed by the State Historic Preservation Officer or 173
the Deputy State Historic Preservation Officer, attesting that 174
the project has been approved by the National Park Service and 175
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 8 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
confirming that the project is located within a local program 176
area. 177
3. National Park Service Form 10 -168c (Rev. 2019), titled 178
"Historic Preservation Certification Application -Part 3-Request 179
for Certification of Completed Work," or a similar form, signed 180
by an officer of the National Park Service, attesting that the 181
completed rehabilitation meets the United States Secretary of 182
the Interior's Standards for Rehabilitation and is consistent 183
with the historic character of the property and, if applicable, 184
the district in whic h the completed rehabilitation is located. 185
The form may be obtained through the National Park Service. 186
4. An identification of the dates during which the 187
certified historic structure was rehabilitated, the date the 188
certified historic structure was placed in service after the 189
certified rehabilitation was completed, and evidence that the 190
certified historic structure was placed in service after the 191
certified rehabilitation was completed. 192
5. A list of total qualified expenses incurred by the 193
taxpayer in rehabilitating the certified historic structure. For 194
certified rehabilitations with qualified expenses that exceed 195
$750,000, the taxpayer must submit an audited cost report issued 196
by a certified public accountant which itemizes the qualified 197
expenses incurred in rehabilitating the certified historic 198
structure. A taxpayer may submit an audited cost report issued 199
by a certified public accountant which was created for purposes 200
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 9 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
of applying for a federal historic rehabilitation tax credit and 201
which includes all of the qualified expenses incurred in 202
rehabilitating the certified historic structure. 203
6. An attestation of the total qualified expenses incurred 204
by the taxpayer in rehabilitating the certified historic 205
structure. 206
7. The information required to be reporte d by the 207
department in subsection (8) to enable the department to compile 208
its annual report. 209
(b) Within 60 days after receipt of the information 210
required under paragraph (a), the division shall evaluate the 211
application and recommend the applicant for cer tification or 212
denial. The division must approve or deny the application within 213
30 days after receiving the recommendation. If approved, the 214
division must provide a letter of certification to the applicant 215
consistent with any restrictions imposed. If the di vision denies 216
any part of the requested credit, the division must inform the 217
applicant of the grounds for the denial. The division must 218
submit a copy of the certification and the information provided 219
by the taxpayer to the department within 10 days after t he 220
division's approval. 221
(4) AMOUNT OF TAX CREDIT. —The total tax credit claimed 222
annually may not exceed the amount of tax due after any other 223
applicable tax credits and may not exceed the following: 224
(a) Twenty percent of the total qualified expenses 225
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 10 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
incurred in this state in rehabilitating a certified historic 226
structure that has been approved by the National Park Service to 227
receive the federal historic rehabilitation tax credit; or 228
(b) Thirty percent of the total qualified expenses 229
incurred in this sta te in rehabilitating a certified historic 230
structure that has been approved by the National Park Service to 231
receive the federal historic rehabilitation tax credit and that 232
is located within a local program area. 233
234
The tax credit may be used to offset the cor porate income tax 235
imposed in s. 220.11 and the insurance premium tax imposed in s. 236
624.509. An insurer claiming a credit against insurance premium 237
tax liability under this section may not be required to pay any 238
additional retaliatory tax levied pursuant to s. 624.5091 as a 239
result of claiming such credit. Section 624.5091 does not limit 240
such credit in any manner. 241
(5) CARRYFORWARD OF TAX CREDIT. — 242
(a) If a taxpayer is eligible for a tax credit that 243
exceeds taxes owed, the taxpayer may carry the unused tax credit 244
forward for a period of up to 5 taxable years. 245
(b) A carryforward is considered the remaining portion of 246
a tax credit that cannot be claimed in the current tax year. 247
(6) SALE OR TRANSFER OF TAX CREDIT. — 248
(a) A taxpayer that incurs qualified exp enses may sell or 249
transfer all or part of the tax credit that may otherwise be 250
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 11 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
claimed to another taxpayer. 251
(b) A taxpayer to which all or part of the tax credit is 252
sold or transferred may sell or transfer all or part of the tax 253
credit that may otherwise be claimed to another taxpayer. 254
(c) A taxpayer that sells or transfers a tax credit to 255
another taxpayer must provide a copy of the certificate of 256
eligibility together with the audited cost report to the 257
purchaser or transferee. 258
(d) Qualified expenses may be counted only once in 259
determining the amount of an available tax credit, and more than 260
one taxpayer may not claim a tax credit for the same qualified 261
expenses. 262
(e) There is no limit on the total number of transactions 263
for the sale or transfer of al l or part of a tax credit. 264
(f)1. A taxpayer that sells or transfers a tax credit 265
under this subsection and the purchaser or transferee shall 266
jointly submit written notice of the sale or transfer to the 267
department on a form adopted by the department no la ter than the 268
30th day after the date of the sale or transfer. The notice must 269
include all of the following: 270
a. The date of the sale or transfer. 271
b. The amount of the tax credit sold or transferred. 272
c. The name and federal tax identification number of the 273
taxpayer that sold or transferred the tax credit and the 274
purchaser or transferee. 275
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 12 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
d. The amount of the tax credit owned by the taxpayer 276
before the sale or transfer and the amount the selling or 277
transferring taxpayer retained, if any, after the sale or 278
transfer. 279
2. The sale or transfer of a tax credit under this 280
subsection does not extend the period for which a tax credit may 281
be carried forward and does not increase the total amount of the 282
tax credit that may be claimed. 283
3. If a taxpayer claims a tax credit for qualified 284
expenses, another taxpayer may not use the same expenses as the 285
basis for claiming a tax credit. 286
4. Notwithstanding the requirements of this subsection, a 287
tax credit earned by, purchased by, or transferred to a 288
partnership, limited liability company, S corporation, or other 289
pass-through taxpayer may be allocated to the partners, members, 290
or shareholders of that taxpayer and claimed under this section 291
in accordance with any agreement among the partners, members, or 292
shareholders and without regard to the ownership interest of the 293
partners, members, or shareholders in the rehabilitated 294
certified historic structure. 295
(g) If the tax credit is reduced due to a determination, 296
examination, or audit by the department, the tax deficiency 297
shall be recovered from the taxpayer that sold or transferred 298
the tax credit or the purchaser or transferee that claimed the 299
tax credit up to the amount of the tax credit taken. 300
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 13 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(h) Any subsequent deficiencies shall be assessed against 301
the purchaser or tra nsferee that claimed the tax credit or, in 302
the case of multiple succeeding entities, in the order of tax 303
credit succession. 304
(7) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 305
CREDITS; FRAUDULENT CLAIMS. — 306
(a) The department, with assistance from the division, may 307
perform any additional financial and technical audits and 308
examinations, including examining the accounts, books, or 309
records of the tax credit applicant, to verify the legitimacy of 310
the qualified expenses included in a tax credit return and to 311
ensure compliance with this section. If requested by the 312
department, the division must provide technical assistance for 313
any technical audits or examinations performed under this 314
subsection. 315
(b) It is grounds for forfeiture of previously claimed and 316
received tax credits if the department determines, as a result 317
of an audit or information received from the division or the 318
United States Department of the Interior, that a taxpayer 319
received a tax credit pursuant to this section to which the 320
taxpayer was not entitled. In the case of fraud, the taxpayer 321
may not claim any future tax credits under this section. 322
(c) The taxpayer must return forfeited tax credits to the 323
department, and such funds shall be paid into the General 324
Revenue Fund. 325
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 14 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(d) The taxpayer shal l file with the department an amended 326
tax return or such other report as the department prescribes and 327
shall pay any required tax within 60 days after the taxpayer 328
receives notification from the United States Internal Revenue 329
Service that a previously appr oved tax credit has been revoked 330
or modified, if uncontested, or within 60 days after a final 331
order is issued following proceedings involving a contested 332
revocation or modification order. 333
(e) A notice of deficiency may be issued by the department 334
at any time within 5 years after the date on which the taxpayer 335
receives notification from the United States Internal Revenue 336
Service that a previously approved tax credit has been revoked 337
or modified. 338
(f) If a taxpayer fails to notify the department of any 339
change in its tax credit claimed, a notice of deficiency may be 340
issued at any time. In either case, the amount of any proposed 341
assessment set forth in such notice of deficiency is limited to 342
the amount of any deficiency resulting under this section from 343
the precomputation of the taxpayer's tax for the taxable year. 344
(g) A taxpayer that fails to report and timely pay any tax 345
due as a result of the forfeiture of its tax credit violates 346
this section and is subject to applicable penalties and 347
interest. 348
(8) ANNUAL REPORTS.—Based on the applications submitted 349
and approved, the department must submit a report by December 1 350
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 15 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
of each year to the President of the Senate and the Speaker of 351
the House of Representatives that identifies, in the aggregate, 352
all of the following: 353
(a) The number of employees hired during construction 354
phases. 355
(b) The use of each newly rehabilitated building and the 356
expected number of employees hired. 357
(c) The number of affordable housing units created or 358
preserved. 359
(d) The property values before and after the certified 360
rehabilitations. 361
(9) DEPARTMENT DUTIES. —The department shall: 362
(a) Establish a cooperative agreement with the division. 363
(b) Establish any necessary forms required to claim a tax 364
credit under this section. 365
(c) Provide administrative guidelines and procedures 366
required to administer this section, including rules 367
establishing an entitlement to and sale or transfer of a tax 368
credit under this section. 369
(d) Provide examination and audit procedures required to 370
administer this section. 371
(10) RULES.—The department and the division may adopt 372
rules to administer this section. 373
Section 2. Subsection (23) is added to section 213.053, 374
Florida Statutes, to read: 375
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 16 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
213.053 Confidentiality and information sharing. — 376
(23) The department may make available to the Division of 377
Historical Resources of the Department of State and the 378
Secretary of the Department of the Interior of the United States 379
or his or her delegate, exclusively for official purposes, 380
information for the purpose s of administering the Main Street 381
Historic Tourism and Revitalization Act pursuant to s. 220.197. 382
Section 3. Subsection (8) of section 220.02, Florida 383
Statutes, is amended to read: 384
220.02 Legislative intent. — 385
(8) It is the intent of the Legislature that credits against 386
either the corporate income tax or the franchise tax be applied 387
in the following order: those enumerated in s. 631.828, those 388
enumerated in s. 220.191, those enumerated in s. 220.181, those 389
enumerated in s. 220.183, those enumerated i n s. 220.182, those 390
enumerated in s. 220.1895, those enumerated in s. 220.195, those 391
enumerated in s. 220.184, those enumerated in s. 220.186, those 392
enumerated in s. 220.1845, those enumerated in s. 220.19, those 393
enumerated in s. 220.185, those enumerated in s. 220.1875, those 394
enumerated in s. 220.1876, those enumerated in s. 220.1877, 395
those enumerated in s. 220.193, those enumerated in s. 288.9916, 396
those enumerated in s. 220.1899, those enumerated in s. 220.194, 397
those enumerated in s. 220.196, and those enumerated in s. 398
220.198, and those enumerated in s. 220.197 . 399
Section 4. Paragraph (a) of subsection (1) of section 400
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 17 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
220.13, Florida Statutes, is amended to read: 401
220.13 "Adjusted federal income" defined. — 402
(1) The term "adjusted federal income" means an amount 403
equal to the taxpayer's taxable income as defined in subsection 404
(2), or such taxable income of more than one taxpayer as 405
provided in s. 220.131, for the taxable year, adjusted as 406
follows: 407
(a) Additions.—There shall be added to such taxable 408
income: 409
1.a. The amount of any tax upon or measured by income, 410
excluding taxes based on gross receipts or revenues, paid or 411
accrued as a liability to the District of Columbia or any state 412
of the United States which is deductible from gross income in 413
the computation of taxable income for the taxable year. 414
b. Notwithstanding sub -subparagraph a., if a credit taken 415
under s. 220.1875, s. 220.1876, or s. 220.1877 is added to 416
taxable income in a previous taxable year under subparagraph 11. 417
and is taken as a deduct ion for federal tax purposes in the 418
current taxable year, the amount of the deduction allowed shall 419
not be added to taxable income in the current year. The 420
exception in this sub -subparagraph is intended to ensure that 421
the credit under s. 220.1875, s. 220.1 876, or s. 220.1877 is 422
added in the applicable taxable year and does not result in a 423
duplicate addition in a subsequent year. 424
2. The amount of interest which is excluded from taxable 425
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 18 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
income under s. 103(a) of the Internal Revenue Code or any other 426
federal law, less the associated expenses disallowed in the 427
computation of taxable income under s. 265 of the Internal 428
Revenue Code or any other law, excluding 60 percent of any 429
amounts included in alternative minimum taxable income, as 430
defined in s. 55(b)(2) of the Internal Revenue Code, if the 431
taxpayer pays tax under s. 220.11(3). 432
3. In the case of a regulated investment company or real 433
estate investment trust, an amount equal to the excess of the 434
net long-term capital gain for the taxable year over the amoun t 435
of the capital gain dividends attributable to the taxable year. 436
4. That portion of the wages or salaries paid or incurred 437
for the taxable year which is equal to the amount of the credit 438
allowable for the taxable year under s. 220.181. This 439
subparagraph shall expire on the date specified in s. 290.016 440
for the expiration of the Florida Enterprise Zone Act. 441
5. That portion of the ad valorem school taxes paid or 442
incurred for the taxable year which is equal to the amount of 443
the credit allowable for the tax able year under s. 220.182. This 444
subparagraph shall expire on the date specified in s. 290.016 445
for the expiration of the Florida Enterprise Zone Act. 446
6. The amount taken as a credit under s. 220.195 which is 447
deductible from gross income in the computatio n of taxable 448
income for the taxable year. 449
7. That portion of assessments to fund a guaranty 450
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 19 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
association incurred for the taxable year which is equal to the 451
amount of the credit allowable for the taxable year. 452
8. In the case of a nonprofit corporation w hich holds a 453
pari-mutuel permit and which is exempt from federal income tax 454
as a farmers' cooperative, an amount equal to the excess of the 455
gross income attributable to the pari -mutuel operations over the 456
attributable expenses for the taxable year. 457
9. The amount taken as a credit for the taxable year under 458
s. 220.1895. 459
10. Up to nine percent of the eligible basis of any 460
designated project which is equal to the credit allowable for 461
the taxable year under s. 220.185. 462
11. Any amount taken as a credit for the taxable year 463
under s. 220.1875, s. 220.1876, or s. 220.1877. The addition in 464
this subparagraph is intended to ensure that the same amount is 465
not allowed for the tax purposes of this state as both a 466
deduction from income and a credit against the tax. T his 467
addition is not intended to result in adding the same expense 468
back to income more than once. 469
12. The amount taken as a credit for the taxable year 470
under s. 220.193. 471
13. Any portion of a qualified investment, as defined in 472
s. 288.9913, which is clai med as a deduction by the taxpayer and 473
taken as a credit against income tax pursuant to s. 288.9916. 474
14. The costs to acquire a tax credit pursuant to s. 475
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 20 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
288.1254(5) that are deducted from or otherwise reduce federal 476
taxable income for the taxable year. 477
15. The amount taken as a credit for the taxable year 478
pursuant to s. 220.194. 479
16. The amount taken as a credit for the taxable year 480
under s. 220.196. The addition in this subparagraph is intended 481
to ensure that the same amount is not allowed for the ta x 482
purposes of this state as both a deduction from income and a 483
credit against the tax. The addition is not intended to result 484
in adding the same expense back to income more than once. 485
17. The amount taken as a credit for the taxable year 486
pursuant to s. 220.198. 487
18. The amount taken as a credit for the taxable year 488
pursuant to s. 220.197. 489
Section 5. Subsection (7) of section 624.509, Florida 490
Statutes, is amended to read: 491
624.509 Premium tax; rate and computation. — 492
(7) Credits and deductions against the tax imposed by this 493
section shall be taken in the following order: deductions for 494
assessments made pursuant to s. 440.51; credits for taxes paid 495
under ss. 175.101 and 185.08; credits for income taxes paid 496
under chapter 220 and the credit allowed under subsection (5), 497
as these credits are limited by subsection (6); the credit 498
allowed under s. 624.51057; the credit allowed under s. 220.197; 499
and all other available credits and deductions. 500
CS/HB 247 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0247-01-c1
Page 21 of 21
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Section 6. (1) The Department of Revenue may, and all 501
conditions are deemed met to, adopt emergency rules under s. 502
120.54(4), Florida Statutes, for the purpose of implementing 503
provisions related to the Main Street Historic Tourism and 504
Revitalization Act. 505
(2) Notwithstanding any ot her law, emergency rules adopted 506
under this section are effective for 6 months after adoption and 507
may be renewed during the pendency of procedures to adopt 508
permanent rules addressing the subject of the emergency rules. 509
(3) This section shall take effect upon this act becoming 510
a law and expires July 1, 2023. 511
Section 7. This act applies to taxable years beginning and 512
for qualified expenses incurred on or after January 1, 2023. 513
Section 8. This act shall take effect January 1, 2023. 514