FL
Florida House Bill H0247

Florida 2022 Regular Session

Florida House Bill H0247 Compare Versions

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1010 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
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1414 A bill to be entitled 1
15-An act relating to the Florida Main Street Program and 2
15+An act relating to Florida Main Street Program and 2
1616 historic preservation tax credits; creating s. 3
1717 220.197, F.S.; providing a short title; defining 4
1818 terms; specifying eligibility requirements for 5
1919 receiving specified tax credits for taxpayers that 6
2020 rehabilitate certified historic structures; specifying 7
21-requirements for taxpayers claiming or transferring 8
22-specified tax credits; specifying requirements for the 9
23-Division of Historical Resources of the Department of 10
24-State for evaluating and certifying application s for 11
25-specified tax credits; specifying the amount of tax 12
26-credits; providing construction; authorizing the 13
27-carryforward, sale, and transfer of tax credits; 14
28-providing the Department of Revenue and the division 15
29-audit and examination powers for specified purp oses 16
30-related to certified rehabilitation expenses; 17
31-requiring the return of forfeited tax credits under 18
32-certain circumstances; providing penalties; requiring 19
33-the Department of Revenue to provide specified annual 20
34-reports to the Legislature; providing duties of the 21
35-Department of Revenue; authorizing the Department of 22
36-Revenue and the division to adopt rules; amending s. 23
37-213.053, F.S.; authorizing the Department of Revenue 24
38-and the Secretary of the Department of the Interior of 25
21+the amount of tax credits; authorizing the 8
22+carryforward, sale, and transfer of tax credits; 9
23+providing the Department of Revenue audit and 10
24+examination powers for specified purposes related to 11
25+certified rehabilitation expenses; requiring the 12
26+return of forfeited tax credits under certain 13
27+circumstances; requiring the department to provide 14
28+specified annual reports to t he Legislature; providing 15
29+duties of the department; authorizing the department 16
30+to adopt rules; providing an effective date. 17
31+ 18
32+ WHEREAS, historic revitalization creates highly paid local 19
33+construction jobs, and 20
34+ WHEREAS, historic rehabilitation increases the value of 21
35+buildings and results in a growing state and local tax base, and 22
36+ WHEREAS, historic revitalization boosts heritage tourism 23
37+and creates thriving downtowns that are attractive to main 24
38+street businesses, and 25
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4747 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
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51-the United States to make certain i nformation 26
52-available for specified purposes; amending s. 220.02, 27
53-F.S.; revising the order in which tax credits against 28
54-the corporate income tax credit or the franchise tax 29
55-are applied; amending s. 220.13, F.S.; revising the 30
56-definition of the term "adjusted federal income"; 31
57-amending s. 624.509, F.S.; revising the order in which 32
58-credits and deductions against the insurance premium 33
59-tax are applied; authorizing the Department of Revenue 34
60-to adopt emergency rules to implement certain 35
61-provisions; providing for exp iration of that 36
62-authority; providing applicability; providing an 37
63-effective date. 38
64- WHEREAS, historic revitalization creates highly paid local 39
65-construction jobs, and 40
66- WHEREAS, historic rehabilitation increases the value of 41
67-buildings and results in a grow ing state and local tax base, and 42
68- WHEREAS, historic revitalization boosts heritage tourism 43
69-and creates thriving downtowns that are attractive to main 44
70-street businesses, and 45
71- WHEREAS, reusing historic buildings creates affordable 46
72-spaces for small business incubation, and 47
73- WHEREAS, repurposing historic buildings saves resources and 48
74-activates vacant spaces, and 49
75- WHEREAS, historic rehabilitation projects leverage 50
51+ WHEREAS, reusing historic buildings c reates affordable 26
52+spaces for small business incubation, and 27
53+ WHEREAS, repurposing historic buildings saves resources and 28
54+activates vacant spaces, and 29
55+ WHEREAS, historic rehabilitation projects leverage 30
56+significant private investment, and 31
57+ WHEREAS, leveraging state tax incentives increases the 32
58+effectiveness of federal Historic Preservation Tax Incentives 33
59+and the Opportunity Zones Program to encourage the historic 34
60+preservation of existing buildings, and 35
61+ WHEREAS, an increase in rehabilitation activity occurs when 36
62+a state incentive is combined with federal Historic Preservation 37
63+Tax Incentives, and 38
64+ WHEREAS, many historic buildings in the state need safety 39
65+upgrades and other improvements that require both public and 40
66+private investment to return these buildings a s assets of their 41
67+local communities, NOW, THEREFORE, 42
68+ 43
69+Be It Enacted by the Legislature of the State of Florida: 44
70+ 45
71+ Section 1. Section 220.197, Florida Statutes, is created 46
72+to read: 47
73+ 220.197 The Main Street Historic Tourism and 48
74+Revitalization Act; tax credits; reports.— 49
75+ (1) SHORT TITLE.-This act may be cited as the "Main Street 50
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8484 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
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88-significant private investment, and 51
89- WHEREAS, leveraging state tax incentives increases the 52
90-effectiveness of federal Historic Preservation Tax Incentives 53
91-and the Opportunity Zones Program to encourage the historic 54
92-preservation of existing buildings, and 55
93- WHEREAS, an increase in rehabilitation activity occurs when 56
94-a state incentive is combined with fede ral Historic Preservation 57
95-Tax Incentives, and 58
96- WHEREAS, many historic buildings in this state need safety 59
97-upgrades and other improvements that require both public and 60
98-private investment to return these buildings as assets of their 61
99-local communities, NOW, T HEREFORE, 62
100-Be It Enacted by the Legislature of the State of Florida: 63
101- 64
102- Section 1. Section 220.197, Florida Statutes, is created 65
103-to read: 66
104- 220.197 Main Street Historic Tourism and Revitalization 67
105-Act; tax credits; reports. — 68
106- (1) SHORT TITLE.—This act may be cited as the "Main Street 69
107-Historic Tourism and Revitalization Act." 70
108- (2) DEFINITIONS.—As used in this section, the term: 71
109- (a) "Accredited Main Street Program" means an active 72
110-Florida Main Street Program or the Orlando Main Streets program, 73
111-provided that such program meets the Main Street America 74
112-accreditation standards. An Accredited Main Street Program must: 75
88+Historic Tourism and Revitalization Act." 51
89+ (2) DEFINITIONS.—As used in this section, the term: 52
90+ (a) "Accredited Main Street Program" means an active 53
91+Florida Main Street Program that meets Main Street America 54
92+accreditation standards. An Accredited Main Street Program must: 55
93+ 1. Have broad-based community support for the commercial 56
94+district revitalization process with strong support from the 57
95+public and private sectors. 58
96+ 2. Have a developed vision and mission statement relevant 59
97+to community conditions and to Main Street America's 60
98+organizational stage. 61
99+ 3. Have a comprehensive Main Street America work plan. 62
100+ 4. Possess an historic preservation ethic. 63
101+ 5. Have an active boa rd of directors and committees. 64
102+ 6. Have an adequate operating budget. 65
103+ 7. Have a paid professional program manager. 66
104+ 8. Conduct a program of ongoing training for staff and 67
105+volunteers. 68
106+ 9. Report key statistics. 69
107+ 10. Be a current member of Main Street America. 70
108+ (b) "Certified historic structure" means a building and 71
109+its structural components as defined in 36 C.F.R s. 67.2 that is 72
110+of a character subject to the allowance for depreciation 73
111+provided in s. 167 of the Internal Revenue Code of 1986, as 74
112+amended, and that is: 75
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121121 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
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125- 1. Have broad-based community support for the commercial 76
126-district revitalization process with strong support from the 77
127-public and private sec tors. 78
128- 2. Have a developed vision and mission statement relevant 79
129-to community conditions and to Main Street America's 80
130-organizational stage. 81
131- 3. Have a comprehensive Main Street America work plan. 82
132- 4. Possess a historic preservation ethic. 83
133- 5. Have an active board of directors and committees. 84
134- 6. Have an adequate operating budget. 85
135- 7. Have a paid professional program manager. 86
136- 8. Conduct a program of ongoing training for staff and 87
137-volunteers. 88
138- 9. Report key statistics. 89
139- 10. Be a current member of Ma in Street America. 90
140- (b) "Certified historic structure" means a building and 91
141-its structural components as defined in 36 C.F.R. s. 67.2 which 92
142-is of a character subject to the allowance for depreciation 93
143-provided in s. 167 of the Internal Revenue Code of 1986 , as 94
144-amended, and which is: 95
145- 1. Individually listed in the National Register of 96
146-Historic Places; or 97
147- 2. Located within a registered historic district and 98
148-certified by the United States Secretary of the Interior as 99
149-being of historic significance to the re gistered historic 100
125+ 1. Individually listed in the National Register of 76
126+Historic Places; or 77
127+ 2. Located within a registered historic district and 78
128+certified by the United States Secretary of the Interior as 79
129+being of historic significance to the registered his toric 80
130+district as set forth in 36 C.F.R. s. 67.2. 81
131+ (c) "Certified rehabilitation" means the rehabilitation of 82
132+a certified historic structure that the United States Secretary 83
133+of the Interior has certified to the United States Secretary of 84
134+the Treasury as being consistent with the historic character of 85
135+the certified historic structure and, if applicable, consistent 86
136+with the registered historic district in which the certified 87
137+historic structure is located as set forth in 36 C.F.R. s. 67.2. 88
138+ (d) "Division" means the Division of Historical Resources 89
139+of the Department of State. 90
140+ (e) "Florida Main Street Program" means a statewide 91
141+historic preservation -based downtown revitalization assistance 92
142+program created, maintained, and administered by the division 93
143+under s. 267.031(5). 94
144+ (f) "Local program area" means the specific geographic 95
145+area in which an Accredited Main Street Program is conducted as 96
146+approved and maintained by the division. 97
147+ (g) "Main Street America" means a national network of 98
148+grassroots organizations revitalizing historic downtown areas 99
149+under the leadership of the National Main Street Center, Inc., a 100
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158158 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
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162-district as set forth in 36 C.F.R. s. 67.2. 101
163- (c) "Certified rehabilitation" means the rehabilitation of 102
164-a certified historic structure that the United States Secretary 103
165-of the Interior has certified to the United States Secretary of 104
166-the Treasury as being consistent with the historic character of 105
167-the certified historic structure and, if applicable, consistent 106
168-with the registered historic district in which the certified 107
169-historic structure is located as set forth in 36 C.F.R. s. 67.2. 108
170- (d) "Division" means the Division of Historical Resources 109
171-of the Department of State. 110
172- (e) "Florida Main Street Program" means a statewide 111
173-historic preservation -based downtown revitalization assistance 112
174-program created, maintained, and administered by the divis ion 113
175-under s. 267.031(5). 114
176- (f) "Local program area" means the specific geographic 115
177-area in which an Accredited Main Street Program is conducted as 116
178-approved and maintained by the division or in which the Orlando 117
179-Main Streets program is conducted. 118
180- (g) "Long-term leasehold" means a leasehold in a 119
181-nonresidential real property for a term of 39 years or more or a 120
182-leasehold in a residential real property for a term of 27.5 121
183-years or more. 122
184- (h) "Main Street America" means a national network of 123
185-grassroots organizat ions revitalizing historic downtown areas 124
186-under the leadership of the National Main Street Center, Inc., a 125
162+subsidiary of the National Trust for Historic Preservation. 101
163+ (h) "National Register of Historic Places" means the list 102
164+of historic properties significant in American history, 103
165+architecture, archeology, engineering, and culture maintained by 104
166+the United States Secretary of the Interior as authorized in 54 105
167+U.S.C s. 3021. 106
168+ (i) "Qualified expenses" means qualified rehabilitation 107
169+expenditures as defined in 26 U. S.C. s. 47(c)(2) and structural 108
170+components as defined in 26 C.F.R. s. 1.48 -1(e)(2) at the time 109
171+of project certification by the United States Secretary of the 110
172+Interior and the United States Internal Revenue Service. 111
173+ (j) "Registered historic district" mean s a district listed 112
174+in the National Register of Historic Places or a district: 113
175+ 1. Designated under general law or local ordinance and 114
176+certified by the United States Secretary of the Interior as 115
177+containing criteria that will substantially achieve the purp oses 116
178+of preserving and rehabilitating buildings of historic 117
179+significance to the district; and 118
180+ 2. Certified by the United States Secretary of the 119
181+Interior as meeting substantially all of the requirements for 120
182+listing a district in the National Register of Historic Places. 121
183+ (3) ELIGIBILITY FOR TAX CREDIT. —To claim and receive a tax 122
184+credit under this section, a taxpayer must first apply to the 123
185+department for a tax credit for qualified expenses in the amount 124
186+and under the conditions and limitations provided i n this 125
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195195 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
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199-subsidiary of the National Trust for Historic Preservation. 126
200- (i) "National Register of Historic Places" means the list 127
201-of historic properties signif icant in American history, 128
202-architecture, archeology, engineering, and culture maintained by 129
203-the United States Secretary of the Interior as authorized in 54 130
204-U.S.C. s. 3021. 131
205- (j) "Orlando Main Streets" means a historic preservation -132
206-based district revitaliza tion program administered by the City 133
207-of Orlando. 134
208- (k) "Qualified expenses" means rehabilitation expenditures 135
209-that qualify for the credit under 26 U.S.C. s. 47 incurred in 136
210-this state. 137
211- (l) "Registered historic district" means a district listed 138
212-in the National Register of Historic Places or a district: 139
213- 1. Designated under general law or local ordinance and 140
214-certified by the United States Secretary of the Interior as 141
215-meeting criteria that will substantially achieve the purposes of 142
216-preserving and rehabilita ting buildings of historic significance 143
217-to the district; and 144
218- 2. Certified by the United States Secretary of the 145
219-Interior as meeting substantially all of the requirements for 146
220-listing a district in the National Register of Historic Places. 147
221- (3) ELIGIBILITY FOR TAX CREDIT.—For taxable years 148
222-beginning on or after January 1, 2023, there is allowed a credit 149
223-against any tax due for a taxable year under this chapter after 150
199+section against the tax due for a taxable year under this 126
200+chapter and must document that: 127
201+ (a) The rehabilitation is a certified rehabilitation. 128
202+ (b) The structure is a certified historic structure, is 129
203+income-producing, is located within the state , and was 130
204+rehabilitated and placed into service on or after July 1, 2022. 131
205+ (c) The taxpayer had an ownership interest in the 132
206+certified historic structure in the year during which the 133
207+certified historic structure was placed into service after the 134
208+certified rehabilitation was completed. 135
209+ (d) The total amount of qualified expenses incurred in 136
210+rehabilitating the certified historic structure exceeded $5,000. 137
211+ (4) TAX CREDIT FILING REQUIREMENTS. —Before claiming or 138
212+transferring a tax credit under this section, the taxpayer must 139
213+provide the department with the following information: 140
214+ (a) An official certificate of eligibility from the 141
215+division signed by the State Historic Preservation Officer or 142
216+the Deputy State Historic Preservation Officer attesting that 143
217+the project has been approved by the National Park Service and 144
218+confirming whether the project is or is not located within a 145
219+Main Street local program area. 146
220+ (b) National Park Service Form 10 -168e (Rev. 2019), titled 147
221+"Historic Preservation Certification Applica tion–Request for 148
222+Certification of Completed Work -Part 3," signed by the National 149
223+Park Service attesting that the completed rehabilitation meets 150
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232232 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
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236-the application of any other allowable credits by the taxpayer. 151
237- (a) To claim and receive a tax credit under this section, 152
238-a taxpayer must apply to the division for a tax credit for 153
239-qualified expenses in the amount and under the conditions and 154
240-limitations provided in this section against the tax due for a 155
241-taxable year under this chapter and mus t provide the division 156
242-with all of the following: 157
243- 1. Documentation showing that: 158
244- a. The rehabilitation is a certified rehabilitation; 159
245- b. The structure is a certified historic structure, is 160
246-income-producing, is located within this state, and is 161
247-rehabilitated and placed in service on or after January 1, 2023; 162
248- c. The taxpayer had an ownership or a long -term leasehold 163
249-interest in the certified historic structure in the year during 164
250-which the certified historic structure was placed into service 165
251-after the certified rehabilitation was completed; 166
252- d. The total amount of qualified expenses incurred in 167
253-rehabilitating the certified historic structure exceeded $5,000; 168
254- e. The qualified expenses were incurred in this state; and 169
255- f. The taxpayer received a tax credit for the qualified 170
256-expenses under 26 U.S.C. s. 47. 171
257- 2. An official certificate of eligibility from the 172
258-division, signed by the State Historic Preservation Officer or 173
259-the Deputy State Historic Preservation Officer, attesting that 174
260-the project has been approved by the National Park Service and 175
236+the United States Secretary of the Interior's Standards for 151
237+Rehabilitation and is consistent with the historic c haracter of 152
238+the property and, if applicable, the district in which the 153
239+completed rehabilitation is located. The form may be obtained 154
240+through the National Park Service. 155
241+ (c) An identification of the dates during which the 156
242+certified historic structure was r ehabilitated, the date the 157
243+certified historic structure was first placed into service after 158
244+the certified rehabilitation was completed, and evidence that 159
245+the certified historic structure was placed into service after 160
246+the certified rehabilitation was comple ted. 161
247+ (d) A list of total qualified expenses incurred by the 162
248+taxpayer in rehabilitating the certified historic structure. For 163
249+certified rehabilitations with qualified expenses that exceeded 164
250+$750,000, the taxpayer must submit an audited cost report issued 165
251+by a certified public accountant that itemizes the qualified 166
252+expenses incurred in rehabilitating the certified historic 167
253+structure as provided in s. 215.97. 168
254+ (e) An attestation of the total qualified expenses 169
255+incurred by the taxpayer in rehabilitating the certified 170
256+historic structure. 171
257+ (f) A completed Form F -1120, titled "Florida Corporate 172
258+Income/Franchise Tax Return," or other appropriate tax form 173
259+issued by the department for insurance premium tax reporting. 174
260+ (g) The information required to be reported b y the 175
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269269 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
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273-confirming that the project is located within a local program 176
274-area. 177
275- 3. National Park Service Form 10 -168c (Rev. 2019), titled 178
276-"Historic Preservation Certification Application -Part 3-Request 179
277-for Certification of Completed Work," or a similar form, signed 180
278-by an officer of the National Park Service, attesting that the 181
279-completed rehabilitation meets the United States Secretary of 182
280-the Interior's Standards for Rehabilitation and is consistent 183
281-with the historic character of the property and, if applicable, 184
282-the district in whic h the completed rehabilitation is located. 185
283-The form may be obtained through the National Park Service. 186
284- 4. An identification of the dates during which the 187
285-certified historic structure was rehabilitated, the date the 188
286-certified historic structure was placed in service after the 189
287-certified rehabilitation was completed, and evidence that the 190
288-certified historic structure was placed in service after the 191
289-certified rehabilitation was completed. 192
290- 5. A list of total qualified expenses incurred by the 193
291-taxpayer in rehabilitating the certified historic structure. For 194
292-certified rehabilitations with qualified expenses that exceed 195
293-$750,000, the taxpayer must submit an audited cost report issued 196
294-by a certified public accountant which itemizes the qualified 197
295-expenses incurred in rehabilitating the certified historic 198
296-structure. A taxpayer may submit an audited cost report issued 199
297-by a certified public accountant which was created for purposes 200
273+department in subsection (9) to enable the department to compile 176
274+its annual report. 177
275+ (5) AMOUNT OF TAX CREDIT. —The total tax credit claimed 178
276+annually may not exceed the amount of tax due after any other 179
277+applicable tax credits and may not exceed the following: 180
278+ (a) Twenty percent of the total qualified expenses 181
279+incurred in rehabilitating a certified historic structure that 182
280+has been approved by the National Park Service to receive the 183
281+federal historic rehabilitation tax credit; or 184
282+ (b) Thirty percent of the total qualified expenses 185
283+incurred in rehabilitating a certified historic structure that 186
284+has been approved by the National Park Service to receive the 187
285+federal historic rehabilitation tax credit and that is located 188
286+within a local program area of an A ccredited Main Street 189
287+Program. 190
288+ 191
289+The tax credit may be used to offset the corporate income tax 192
290+imposed in s. 220.11 and the insurance premium tax imposed in s. 193
291+624.509. 194
292+ (6) CARRYFORWARD OF TAX CREDIT. — 195
293+ (a) If a taxpayer is eligible for a tax credit that 196
294+exceeds taxes owed, the taxpayer may carry the unused tax credit 197
295+forward for a period of up to 10 years. 198
296+ (b) A carryforward is considered the remaining portion of 199
297+a tax credit that cannot be claimed in the current tax year. 200
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306306 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
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310-of applying for a federal historic rehabilitation tax credit and 201
311-which includes all of the qualified expenses incurred in 202
312-rehabilitating the certified historic structure. 203
313- 6. An attestation of the total qualified expenses incurred 204
314-by the taxpayer in rehabilitating the certified historic 205
315-structure. 206
316- 7. The information required to be reporte d by the 207
317-department in subsection (8) to enable the department to compile 208
318-its annual report. 209
319- (b) Within 60 days after receipt of the information 210
320-required under paragraph (a), the division shall evaluate the 211
321-application and recommend the applicant for cer tification or 212
322-denial. The division must approve or deny the application within 213
323-30 days after receiving the recommendation. If approved, the 214
324-division must provide a letter of certification to the applicant 215
325-consistent with any restrictions imposed. If the di vision denies 216
326-any part of the requested credit, the division must inform the 217
327-applicant of the grounds for the denial. The division must 218
328-submit a copy of the certification and the information provided 219
329-by the taxpayer to the department within 10 days after t he 220
330-division's approval. 221
331- (4) AMOUNT OF TAX CREDIT. —The total tax credit claimed 222
332-annually may not exceed the amount of tax due after any other 223
333-applicable tax credits and may not exceed the following: 224
334- (a) Twenty percent of the total qualified expenses 225
310+ (7) SALE OR TRANSFER OF TAX CREDIT.— 201
311+ (a) A taxpayer that incurs qualified expenses may sell or 202
312+transfer all or part of the tax credit that may otherwise be 203
313+claimed to another taxpayer. 204
314+ (b) A taxpayer to which all or part of the tax credit is 205
315+sold or transferred may sell or trans fer all or part of the tax 206
316+credit that may otherwise be claimed to another taxpayer. 207
317+ (c) A taxpayer that sells or transfers a tax credit to 208
318+another taxpayer must provide a copy of the certificate of 209
319+eligibility together with the audited cost report to th e 210
320+purchaser or transferee. 211
321+ (d) Qualified expenses may only be counted once in 212
322+determining the amount of an available tax credit, and more than 213
323+one taxpayer may not claim a tax credit for the same qualified 214
324+expenses. 215
325+ (e) There is no limit on the total n umber of transactions 216
326+for the sale or transfer of all or part of a tax credit. 217
327+ (f)1. A taxpayer that sells or transfers a tax credit 218
328+under this subsection and the purchaser or transferee shall 219
329+jointly submit written notice of the sale or transfer to the 220
330+department on a form adopted by the department no later than the 221
331+30th day after the date of the sale or transfer. The notice must 222
332+include all of the following: 223
333+ a. The date of the sale or transfer. 224
334+ b. The amount of the tax credit sold or transferred. 225
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343343 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
344344
345345
346346
347-incurred in this state in rehabilitating a certified historic 226
348-structure that has been approved by the National Park Service to 227
349-receive the federal historic rehabilitation tax credit; or 228
350- (b) Thirty percent of the total qualified expenses 229
351-incurred in this sta te in rehabilitating a certified historic 230
352-structure that has been approved by the National Park Service to 231
353-receive the federal historic rehabilitation tax credit and that 232
354-is located within a local program area. 233
355- 234
356-The tax credit may be used to offset the cor porate income tax 235
357-imposed in s. 220.11 and the insurance premium tax imposed in s. 236
358-624.509. An insurer claiming a credit against insurance premium 237
359-tax liability under this section may not be required to pay any 238
360-additional retaliatory tax levied pursuant to s. 624.5091 as a 239
361-result of claiming such credit. Section 624.5091 does not limit 240
362-such credit in any manner. 241
363- (5) CARRYFORWARD OF TAX CREDIT. — 242
364- (a) If a taxpayer is eligible for a tax credit that 243
365-exceeds taxes owed, the taxpayer may carry the unused tax credit 244
366-forward for a period of up to 5 taxable years. 245
367- (b) A carryforward is considered the remaining portion of 246
368-a tax credit that cannot be claimed in the current tax year. 247
369- (6) SALE OR TRANSFER OF TAX CREDIT. — 248
370- (a) A taxpayer that incurs qualified exp enses may sell or 249
371-transfer all or part of the tax credit that may otherwise be 250
347+ c. The name and federal tax identification number of the 226
348+taxpayer that sold or transferred the tax credit and the 227
349+purchaser or transferee. 228
350+ d. The amount of the tax credit owed by the taxpayer 229
351+before the sale or transfer and the amount the selling or 230
352+transferring taxpayer retained, if any, after the sale or 231
353+transfer. 232
354+ 2. The sale or transfer of a tax credit under this 233
355+subsection does not extend the period for which a tax credit may 234
356+be carried forward and does not increase the total amount of the 235
357+tax credit that may be claimed. 236
358+ 3. If a taxpayer claims a tax credit for qualified 237
359+expenses, another taxpayer may not use the same expenses as the 238
360+basis for claiming a tax credit. 239
361+ 4. Notwithstanding the requirements of this subsection, a 240
362+tax credit earned, purchased by, or transferred to a 241
363+partnership, limited liability company, S corporation, or other 242
364+pass-through taxpayer may be allocated to the partners, members, 243
365+or shareholders of that taxpayer and claimed under this section 244
366+in accordance with any agree ment among the partners, members, or 245
367+shareholders and without regard to the ownership interest of the 246
368+partners, members, or shareholders in the rehabilitated 247
369+certified historic structure. 248
370+ (g) If the tax credit is reduced due to a determination, 249
371+examination, or audit by the department, the tax deficiency shall 250
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375375
376376
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380380 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
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384-claimed to another taxpayer. 251
385- (b) A taxpayer to which all or part of the tax credit is 252
386-sold or transferred may sell or transfer all or part of the tax 253
387-credit that may otherwise be claimed to another taxpayer. 254
388- (c) A taxpayer that sells or transfers a tax credit to 255
389-another taxpayer must provide a copy of the certificate of 256
390-eligibility together with the audited cost report to the 257
391-purchaser or transferee. 258
392- (d) Qualified expenses may be counted only once in 259
393-determining the amount of an available tax credit, and more than 260
394-one taxpayer may not claim a tax credit for the same qualified 261
395-expenses. 262
396- (e) There is no limit on the total number of transactions 263
397-for the sale or transfer of al l or part of a tax credit. 264
398- (f)1. A taxpayer that sells or transfers a tax credit 265
399-under this subsection and the purchaser or transferee shall 266
400-jointly submit written notice of the sale or transfer to the 267
401-department on a form adopted by the department no la ter than the 268
402-30th day after the date of the sale or transfer. The notice must 269
403-include all of the following: 270
404- a. The date of the sale or transfer. 271
405- b. The amount of the tax credit sold or transferred. 272
406- c. The name and federal tax identification number of the 273
407-taxpayer that sold or transferred the tax credit and the 274
408-purchaser or transferee. 275
384+be recovered from the taxpayer that sold or transferred the tax 251
385+credit or the purchaser or transferee that claimed the tax 252
386+credit up to the amount of the tax credit taken. 253
387+ (h) Any subsequent deficien cies shall be assessed against 254
388+the purchaser or transferee that claimed the tax credit or, in 255
389+the case of multiple succeeding entities, in the order of tax 256
390+credit succession. 257
391+ (8) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 258
392+CREDITS; FRAUDULENT CLAIM S.— 259
393+ (a) The department may perform any additional financial and 260
394+technical audits and examinations, including examining the 261
395+accounts, books, or records of the tax credit applicant, to 262
396+verify the legitimacy of the qualified expenses included in a 263
397+tax credit return and to ensure compliance with this section. 264
398+ (b) It is grounds for forfeiture of previously claimed and 265
399+received tax credits if the department determines, as a result 266
400+of an audit or information received from the division or the 267
401+United States Department of the Interior, that a taxpayer 268
402+received a tax credit pursuant to this section to which the 269
403+taxpayer was not entitled. In the case of fraud, the taxpayer 270
404+may not claim any future tax credits under this section. 271
405+ (c) The taxpayer must return forfeit ed tax credits to the 272
406+department and such funds shall be paid into the General Revenue 273
407+Fund. 274
408+ (d) The taxpayer shall file with the department an amended 275
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417417 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
418418
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421- d. The amount of the tax credit owned by the taxpayer 276
422-before the sale or transfer and the amount the selling or 277
423-transferring taxpayer retained, if any, after the sale or 278
424-transfer. 279
425- 2. The sale or transfer of a tax credit under this 280
426-subsection does not extend the period for which a tax credit may 281
427-be carried forward and does not increase the total amount of the 282
428-tax credit that may be claimed. 283
429- 3. If a taxpayer claims a tax credit for qualified 284
430-expenses, another taxpayer may not use the same expenses as the 285
431-basis for claiming a tax credit. 286
432- 4. Notwithstanding the requirements of this subsection, a 287
433-tax credit earned by, purchased by, or transferred to a 288
434-partnership, limited liability company, S corporation, or other 289
435-pass-through taxpayer may be allocated to the partners, members, 290
436-or shareholders of that taxpayer and claimed under this section 291
437-in accordance with any agreement among the partners, members, or 292
438-shareholders and without regard to the ownership interest of the 293
439-partners, members, or shareholders in the rehabilitated 294
440-certified historic structure. 295
441- (g) If the tax credit is reduced due to a determination, 296
442-examination, or audit by the department, the tax deficiency 297
443-shall be recovered from the taxpayer that sold or transferred 298
444-the tax credit or the purchaser or transferee that claimed the 299
445-tax credit up to the amount of the tax credit taken. 300
421+tax return or such other report as the department prescribes and 276
422+shall pay any required tax within 60 d ays after the taxpayer 277
423+receives notification from the United States Internal Revenue 278
424+Service that a previously approved tax credit has been revoked 279
425+or modified, if uncontested, or within 60 days after a final order 280
426+is issued following proceedings involving a contested revocation 281
427+or modification order. 282
428+ (e) A notice of deficiency may be issued by the department 283
429+at any time within 5 years after the date on which the taxpayer 284
430+receives notification from the United States Internal Revenue 285
431+Service that a previously ap proved tax credit has been revoked 286
432+or modified. 287
433+ (f) If a taxpayer fails to notify the department of any 288
434+change in its tax credit claimed, a notice of deficiency may be 289
435+issued at any time. In either case, the amount of any proposed 290
436+assessment set forth in s uch notice of deficiency is limited to 291
437+the amount of any deficiency resulting under this section from 292
438+the precomputation of the taxpayer's tax for the taxable year. 293
439+ (g) A taxpayer that fails to report and timely pay any tax 294
440+due as a result of the forfeitur e of its tax credit violates 295
441+this section and is subject to applicable penalties and 296
442+interest. 297
443+ (9) ANNUAL REPORTS. —Each year, based on the applications 298
444+submitted and approved, the department must issue a report to 299
445+the President of the Senate and the Spea ker of the House of 300
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454454 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
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457457
458- (h) Any subsequent deficiencies shall be assessed against 301
459-the purchaser or tra nsferee that claimed the tax credit or, in 302
460-the case of multiple succeeding entities, in the order of tax 303
461-credit succession. 304
462- (7) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 305
463-CREDITS; FRAUDULENT CLAIMS. — 306
464- (a) The department, with assistance from the division, may 307
465-perform any additional financial and technical audits and 308
466-examinations, including examining the accounts, books, or 309
467-records of the tax credit applicant, to verify the legitimacy of 310
468-the qualified expenses included in a tax credit return and to 311
469-ensure compliance with this section. If requested by the 312
470-department, the division must provide technical assistance for 313
471-any technical audits or examinations performed under this 314
472-subsection. 315
473- (b) It is grounds for forfeiture of previously claimed and 316
474-received tax credits if the department determines, as a result 317
475-of an audit or information received from the division or the 318
476-United States Department of the Interior, that a taxpayer 319
477-received a tax credit pursuant to this section to which the 320
478-taxpayer was not entitled. In the case of fraud, the taxpayer 321
479-may not claim any future tax credits under this section. 322
480- (c) The taxpayer must return forfeited tax credits to the 323
481-department, and such funds shall be paid into the General 324
482-Revenue Fund. 325
483-
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491-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
492-
493-
494-
495- (d) The taxpayer shal l file with the department an amended 326
496-tax return or such other report as the department prescribes and 327
497-shall pay any required tax within 60 days after the taxpayer 328
498-receives notification from the United States Internal Revenue 329
499-Service that a previously appr oved tax credit has been revoked 330
500-or modified, if uncontested, or within 60 days after a final 331
501-order is issued following proceedings involving a contested 332
502-revocation or modification order. 333
503- (e) A notice of deficiency may be issued by the department 334
504-at any time within 5 years after the date on which the taxpayer 335
505-receives notification from the United States Internal Revenue 336
506-Service that a previously approved tax credit has been revoked 337
507-or modified. 338
508- (f) If a taxpayer fails to notify the department of any 339
509-change in its tax credit claimed, a notice of deficiency may be 340
510-issued at any time. In either case, the amount of any proposed 341
511-assessment set forth in such notice of deficiency is limited to 342
512-the amount of any deficiency resulting under this section from 343
513-the precomputation of the taxpayer's tax for the taxable year. 344
514- (g) A taxpayer that fails to report and timely pay any tax 345
515-due as a result of the forfeiture of its tax credit violates 346
516-this section and is subject to applicable penalties and 347
517-interest. 348
518- (8) ANNUAL REPORTS.—Based on the applications submitted 349
519-and approved, the department must submit a report by December 1 350
520-
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528-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
529-
530-
531-
532-of each year to the President of the Senate and the Speaker of 351
533-the House of Representatives that identifies, in the aggregate, 352
534-all of the following: 353
535- (a) The number of employees hired during construction 354
536-phases. 355
537- (b) The use of each newly rehabilitated building and the 356
538-expected number of employees hired. 357
539- (c) The number of affordable housing units created or 358
540-preserved. 359
541- (d) The property values before and after the certified 360
542-rehabilitations. 361
543- (9) DEPARTMENT DUTIES. —The department shall: 362
544- (a) Establish a cooperative agreement with the division. 363
545- (b) Establish any necessary forms required to claim a tax 364
546-credit under this section. 365
547- (c) Provide administrative guidelines and procedures 366
548-required to administer this section, including rules 367
549-establishing an entitlement to and sale or transfer of a tax 368
550-credit under this section. 369
551- (d) Provide examination and audit procedures required to 370
552-administer this section. 371
553- (10) RULES.—The department and the division may adopt 372
554-rules to administer this section. 373
555- Section 2. Subsection (23) is added to section 213.053, 374
556-Florida Statutes, to read: 375
557-
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565-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
566-
567-
568-
569- 213.053 Confidentiality and information sharing. — 376
570- (23) The department may make available to the Division of 377
571-Historical Resources of the Department of State and the 378
572-Secretary of the Department of the Interior of the United States 379
573-or his or her delegate, exclusively for official purposes, 380
574-information for the purpose s of administering the Main Street 381
575-Historic Tourism and Revitalization Act pursuant to s. 220.197. 382
576- Section 3. Subsection (8) of section 220.02, Florida 383
577-Statutes, is amended to read: 384
578- 220.02 Legislative intent. — 385
579-(8) It is the intent of the Legislature that credits against 386
580-either the corporate income tax or the franchise tax be applied 387
581-in the following order: those enumerated in s. 631.828, those 388
582-enumerated in s. 220.191, those enumerated in s. 220.181, those 389
583-enumerated in s. 220.183, those enumerated i n s. 220.182, those 390
584-enumerated in s. 220.1895, those enumerated in s. 220.195, those 391
585-enumerated in s. 220.184, those enumerated in s. 220.186, those 392
586-enumerated in s. 220.1845, those enumerated in s. 220.19, those 393
587-enumerated in s. 220.185, those enumerated in s. 220.1875, those 394
588-enumerated in s. 220.1876, those enumerated in s. 220.1877, 395
589-those enumerated in s. 220.193, those enumerated in s. 288.9916, 396
590-those enumerated in s. 220.1899, those enumerated in s. 220.194, 397
591-those enumerated in s. 220.196, and those enumerated in s. 398
592-220.198, and those enumerated in s. 220.197 . 399
593- Section 4. Paragraph (a) of subsection (1) of section 400
594-
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602-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
603-
604-
605-
606-220.13, Florida Statutes, is amended to read: 401
607- 220.13 "Adjusted federal income" defined. — 402
608- (1) The term "adjusted federal income" means an amount 403
609-equal to the taxpayer's taxable income as defined in subsection 404
610-(2), or such taxable income of more than one taxpayer as 405
611-provided in s. 220.131, for the taxable year, adjusted as 406
612-follows: 407
613- (a) Additions.—There shall be added to such taxable 408
614-income: 409
615- 1.a. The amount of any tax upon or measured by income, 410
616-excluding taxes based on gross receipts or revenues, paid or 411
617-accrued as a liability to the District of Columbia or any state 412
618-of the United States which is deductible from gross income in 413
619-the computation of taxable income for the taxable year. 414
620- b. Notwithstanding sub -subparagraph a., if a credit taken 415
621-under s. 220.1875, s. 220.1876, or s. 220.1877 is added to 416
622-taxable income in a previous taxable year under subparagraph 11. 417
623-and is taken as a deduct ion for federal tax purposes in the 418
624-current taxable year, the amount of the deduction allowed shall 419
625-not be added to taxable income in the current year. The 420
626-exception in this sub -subparagraph is intended to ensure that 421
627-the credit under s. 220.1875, s. 220.1 876, or s. 220.1877 is 422
628-added in the applicable taxable year and does not result in a 423
629-duplicate addition in a subsequent year. 424
630- 2. The amount of interest which is excluded from taxable 425
631-
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639-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
640-
641-
642-
643-income under s. 103(a) of the Internal Revenue Code or any other 426
644-federal law, less the associated expenses disallowed in the 427
645-computation of taxable income under s. 265 of the Internal 428
646-Revenue Code or any other law, excluding 60 percent of any 429
647-amounts included in alternative minimum taxable income, as 430
648-defined in s. 55(b)(2) of the Internal Revenue Code, if the 431
649-taxpayer pays tax under s. 220.11(3). 432
650- 3. In the case of a regulated investment company or real 433
651-estate investment trust, an amount equal to the excess of the 434
652-net long-term capital gain for the taxable year over the amoun t 435
653-of the capital gain dividends attributable to the taxable year. 436
654- 4. That portion of the wages or salaries paid or incurred 437
655-for the taxable year which is equal to the amount of the credit 438
656-allowable for the taxable year under s. 220.181. This 439
657-subparagraph shall expire on the date specified in s. 290.016 440
658-for the expiration of the Florida Enterprise Zone Act. 441
659- 5. That portion of the ad valorem school taxes paid or 442
660-incurred for the taxable year which is equal to the amount of 443
661-the credit allowable for the tax able year under s. 220.182. This 444
662-subparagraph shall expire on the date specified in s. 290.016 445
663-for the expiration of the Florida Enterprise Zone Act. 446
664- 6. The amount taken as a credit under s. 220.195 which is 447
665-deductible from gross income in the computatio n of taxable 448
666-income for the taxable year. 449
667- 7. That portion of assessments to fund a guaranty 450
668-
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676-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
677-
678-
679-
680-association incurred for the taxable year which is equal to the 451
681-amount of the credit allowable for the taxable year. 452
682- 8. In the case of a nonprofit corporation w hich holds a 453
683-pari-mutuel permit and which is exempt from federal income tax 454
684-as a farmers' cooperative, an amount equal to the excess of the 455
685-gross income attributable to the pari -mutuel operations over the 456
686-attributable expenses for the taxable year. 457
687- 9. The amount taken as a credit for the taxable year under 458
688-s. 220.1895. 459
689- 10. Up to nine percent of the eligible basis of any 460
690-designated project which is equal to the credit allowable for 461
691-the taxable year under s. 220.185. 462
692- 11. Any amount taken as a credit for the taxable year 463
693-under s. 220.1875, s. 220.1876, or s. 220.1877. The addition in 464
694-this subparagraph is intended to ensure that the same amount is 465
695-not allowed for the tax purposes of this state as both a 466
696-deduction from income and a credit against the tax. T his 467
697-addition is not intended to result in adding the same expense 468
698-back to income more than once. 469
699- 12. The amount taken as a credit for the taxable year 470
700-under s. 220.193. 471
701- 13. Any portion of a qualified investment, as defined in 472
702-s. 288.9913, which is clai med as a deduction by the taxpayer and 473
703-taken as a credit against income tax pursuant to s. 288.9916. 474
704- 14. The costs to acquire a tax credit pursuant to s. 475
705-
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713-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
714-
715-
716-
717-288.1254(5) that are deducted from or otherwise reduce federal 476
718-taxable income for the taxable year. 477
719- 15. The amount taken as a credit for the taxable year 478
720-pursuant to s. 220.194. 479
721- 16. The amount taken as a credit for the taxable year 480
722-under s. 220.196. The addition in this subparagraph is intended 481
723-to ensure that the same amount is not allowed for the ta x 482
724-purposes of this state as both a deduction from income and a 483
725-credit against the tax. The addition is not intended to result 484
726-in adding the same expense back to income more than once. 485
727- 17. The amount taken as a credit for the taxable year 486
728-pursuant to s. 220.198. 487
729- 18. The amount taken as a credit for the taxable year 488
730-pursuant to s. 220.197. 489
731- Section 5. Subsection (7) of section 624.509, Florida 490
732-Statutes, is amended to read: 491
733- 624.509 Premium tax; rate and computation. — 492
734- (7) Credits and deductions against the tax imposed by this 493
735-section shall be taken in the following order: deductions for 494
736-assessments made pursuant to s. 440.51; credits for taxes paid 495
737-under ss. 175.101 and 185.08; credits for income taxes paid 496
738-under chapter 220 and the credit allowed under subsection (5), 497
739-as these credits are limited by subsection (6); the credit 498
740-allowed under s. 624.51057; the credit allowed under s. 220.197; 499
741-and all other available credits and deductions. 500
742-
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750-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
751-
752-
753-
754- Section 6. (1) The Department of Revenue may, and all 501
755-conditions are deemed met to, adopt emergency rules under s. 502
756-120.54(4), Florida Statutes, for the purpose of implementing 503
757-provisions related to the Main Street Historic Tourism and 504
758-Revitalization Act. 505
759- (2) Notwithstanding any ot her law, emergency rules adopted 506
760-under this section are effective for 6 months after adoption and 507
761-may be renewed during the pendency of procedures to adopt 508
762-permanent rules addressing the subject of the emergency rules. 509
763- (3) This section shall take effect upon this act becoming 510
764-a law and expires July 1, 2023. 511
765- Section 7. This act applies to taxable years beginning and 512
766-for qualified expenses incurred on or after January 1, 2023. 513
767- Section 8. This act shall take effect January 1, 2023. 514
458+Representatives that identifies, in the aggregate, all of the 301
459+following: 302
460+ (a) The number of employees hired during construction 303
461+phases. 304
462+ (b) The use of each newly rehabilitated building and the 305
463+expected number of employees hired. 306
464+ (c) The number of affordable housing units created or 307
465+preserved. 308
466+ (d) The property values before and after the certified 309
467+rehabilitations. 310
468+ (10) DEPARTMENT DUTIES. -The department shall: 311
469+ (a) Establish any necessary forms required to claim a tax 312
470+credit under this section. 313
471+ (b) Provide administrative guidelines and procedures 314
472+required to administer this section, including rules 315
473+establishing an entitlement to and sale or transfer of a tax 316
474+credit under this section. 317
475+ (c) Provide examination and audit procedur es required to 318
476+administer this section. 319
477+ (11) RULES.—The department may adopt rules to administer 320
478+this section. 321
479+ Section 2. This act shall take effect July 1, 2022. 322