| 16 | | - | credits; amending s. 213.053, F.S.; authorizing the 3 |
|---|
| 17 | | - | Department of Revenue to disclose information relating 4 |
|---|
| 18 | | - | to a residential graywater system tax credit to the 5 |
|---|
| 19 | | - | Department of Environmental Protection; creat ing s. 6 |
|---|
| 20 | | - | 220.199, F.S.; providing definitions; providing a tax 7 |
|---|
| 21 | | - | credit to developers and homebuilders for certain 8 |
|---|
| 22 | | - | graywater systems purchased during the taxable year; 9 |
|---|
| 23 | | - | providing a cap on the amount of the tax credit per 10 |
|---|
| 24 | | - | system and per developer or homebuilder; specifying 11 |
|---|
| 25 | | - | information the developer or homebuilder must provide; 12 |
|---|
| 26 | | - | requiring the Department of Environmental Protection 13 |
|---|
| 27 | | - | to make certain determination and to certify such 14 |
|---|
| 28 | | - | determinations within a specified time frame; 15 |
|---|
| 29 | | - | requiring such determinations be include d on specified 16 |
|---|
| 30 | | - | returns; prohibiting the certification of credits for 17 |
|---|
| 31 | | - | tax years after a certain date; authorizing tax 18 |
|---|
| 32 | | - | credits to be carried forward for up to a specified 19 |
|---|
| 33 | | - | number of years; authorizing the Department of Revenue 20 |
|---|
| 34 | | - | and the Department of Environmen tal Protection to 21 |
|---|
| 35 | | - | adopt rules; providing for future repeal; amending s. 22 |
|---|
| 36 | | - | 220.02, F.S.; revising the order in which credits may 23 |
|---|
| 37 | | - | be taken to include credits created by this act; 24 |
|---|
| 38 | | - | amending s. 220.13, F.S.; revising the definition of 25 |
|---|
| 16 | + | credits; creating s. 220.199, F.S.; providing 3 |
|---|
| 17 | + | definitions; providing a tax credit to developers and 4 |
|---|
| 18 | + | homebuilders for certain graywater systems purchased 5 |
|---|
| 19 | + | during the taxable year; providing a cap on the amount 6 |
|---|
| 20 | + | of the tax credit per system; specifying information 7 |
|---|
| 21 | + | the developer or homebuilder must provide to the 8 |
|---|
| 22 | + | Department of Revenue; authorizing tax credits to be 9 |
|---|
| 23 | + | carried forward for up to a specified number of years; 10 |
|---|
| 24 | + | authorizing the department to adopt rules; amending s. 11 |
|---|
| 25 | + | 220.02, F.S.; revising the order in which credits may 12 |
|---|
| 26 | + | be taken to include credits created by this act; 13 |
|---|
| 27 | + | amending s. 220.13, F.S.; revising t he definition of 14 |
|---|
| 28 | + | the term "adjusted federal income" to include credits 15 |
|---|
| 29 | + | created by this act; providing an effective date. 16 |
|---|
| 30 | + | 17 |
|---|
| 31 | + | Be It Enacted by the Legislature of the State of Florida: 18 |
|---|
| 32 | + | 19 |
|---|
| 33 | + | Section 1. Section 220.199, Florida Statutes, is created 20 |
|---|
| 34 | + | to read: 21 |
|---|
| 35 | + | 220.199 Residential graywater system tax credit. — 22 |
|---|
| 36 | + | (1) For purposes of this section, the term: 23 |
|---|
| 37 | + | (a) "Department" means the Department of Revenue. 24 |
|---|
| 38 | + | (b) "Developer" has the same meaning as in s. 380.031(2). 25 |
|---|
| 51 | | - | the term "adjusted federal i ncome" to include credits 26 |
|---|
| 52 | | - | created by this act; providing an effective date. 27 |
|---|
| 53 | | - | 28 |
|---|
| 54 | | - | Be It Enacted by the Legislature of the State of Florida: 29 |
|---|
| 55 | | - | 30 |
|---|
| 56 | | - | Section 1. Paragraph (o) of subsection (8) of section 31 |
|---|
| 57 | | - | 213.053, Florida Statutes, is amended to read: 32 |
|---|
| 58 | | - | 213.053 Confidentiality and information sharing. — 33 |
|---|
| 59 | | - | (8) Notwithstanding any other provision of this section, 34 |
|---|
| 60 | | - | the department may provide: 35 |
|---|
| 61 | | - | (o) Information relative to ss. 220.1845 , 220.199, and 36 |
|---|
| 62 | | - | 376.30781 to the Department of Environmental Protection in the 37 |
|---|
| 63 | | - | conduct of its official business. 38 |
|---|
| 64 | | - | 39 |
|---|
| 65 | | - | Disclosure of information under this subsection shall be 40 |
|---|
| 66 | | - | pursuant to a written agreement between the executive director 41 |
|---|
| 67 | | - | and the agency. Such agencies, governmental or nongovernmental, 42 |
|---|
| 68 | | - | shall be bound by the same requirements of co nfidentiality as 43 |
|---|
| 69 | | - | the Department of Revenue. Breach of confidentiality is a 44 |
|---|
| 70 | | - | misdemeanor of the first degree, punishable as provided by s. 45 |
|---|
| 71 | | - | 775.082 or s. 775.083. 46 |
|---|
| 72 | | - | Section 2. Section 220.199, Florida Statutes, is created 47 |
|---|
| 73 | | - | to read: 48 |
|---|
| 74 | | - | 220.199 Residential gray water system tax credit. — 49 |
|---|
| 75 | | - | (1) For purposes of this section, the term: 50 |
|---|
| 51 | + | (c) "Graywater" has the same meaning as in s. 26 |
|---|
| 52 | + | 381.0065(2)(f). 27 |
|---|
| 53 | + | (2) For taxable years beginning on or after January 1, 28 |
|---|
| 54 | + | 2024, a developer or homebuilder is eligible to receive a credit 29 |
|---|
| 55 | + | against the tax imposed by this chapter in an amount up to 50 30 |
|---|
| 56 | + | percent of the cost of each NSF/ANSI 350 Class R certif ied 31 |
|---|
| 57 | + | noncommercial, residential graywater system purchased during the 32 |
|---|
| 58 | + | taxable year. The tax credit may not exceed $4,200 for each 33 |
|---|
| 59 | + | system purchased. 34 |
|---|
| 60 | + | (3) A developer or homebuilder that wishes to claim a tax 35 |
|---|
| 61 | + | credit under this section must submit an applicat ion to the 36 |
|---|
| 62 | + | department which includes a written verification by the 37 |
|---|
| 63 | + | Department of Environmental Protection that the developer or 38 |
|---|
| 64 | + | homebuilder has submitted reasonable assurances that the system 39 |
|---|
| 65 | + | meets the requirements of subsection (2) and the functionality 40 |
|---|
| 66 | + | assurances provided in s. 403.892(3)(c). The Department of 41 |
|---|
| 67 | + | Environmental Protection shall make a determination on the 42 |
|---|
| 68 | + | eligibility of the applicant for the credit sought and certify 43 |
|---|
| 69 | + | the determination to the applicant and the department. The 44 |
|---|
| 70 | + | taxpayer must attach the certification to the tax return on 45 |
|---|
| 71 | + | which the credit is claimed. 46 |
|---|
| 72 | + | (4) Any unused tax credit authorized under this section 47 |
|---|
| 73 | + | may be carried forward and claimed by the taxpayer for up to 2 48 |
|---|
| 74 | + | taxable years. 49 |
|---|
| 75 | + | (5) The department may adopt rules to administ er this 50 |
|---|
| 88 | | - | (a) "Developer" has the same meaning as in s. 380.031(2). 51 |
|---|
| 89 | | - | (b) "Graywater" has the same meaning as in s. 52 |
|---|
| 90 | | - | 381.0065(2)(f). 53 |
|---|
| 91 | | - | (2) For taxable years beginning on or after January 1, 54 |
|---|
| 92 | | - | 2024, a developer or homebuilder is eligible to receive a credit 55 |
|---|
| 93 | | - | against the tax imposed by this chapter in an amount up to 50 56 |
|---|
| 94 | | - | percent of the cost of each NSF/ANSI 350 Class R certified 57 |
|---|
| 95 | | - | noncommercial, residential graywater system purchased during the 58 |
|---|
| 96 | | - | taxable year. The tax credit may not exceed $4,200 for each 59 |
|---|
| 97 | | - | system purchased or $2,000,000 per developer or homebuilder per 60 |
|---|
| 98 | | - | taxable year. 61 |
|---|
| 99 | | - | (3)(a) To claim a tax credit under this section, a 62 |
|---|
| 100 | | - | developer or homebuilder must submit an application to the 63 |
|---|
| 101 | | - | Department of Environmental Protection which includes 64 |
|---|
| 102 | | - | documentation showing that the developer or homebuilder has 65 |
|---|
| 103 | | - | purchased for use in this state a graywater system meeting the 66 |
|---|
| 104 | | - | requirements of subsection (2) and that the graywater system 67 |
|---|
| 105 | | - | meets the functionality assuranc es provided in s. 403.892(3)(c). 68 |
|---|
| 106 | | - | The Department of Environmental Protection shall make a 69 |
|---|
| 107 | | - | determination on the eligibility of the applicant for the credit 70 |
|---|
| 108 | | - | sought and shall certify the determination to the applicant and 71 |
|---|
| 109 | | - | the Department of Revenue within 60 da ys after receipt of a 72 |
|---|
| 110 | | - | completed application. The taxpayer must attach the 73 |
|---|
| 111 | | - | certification from the Department of Environmental Protection to 74 |
|---|
| 112 | | - | the tax return on which the credit is claimed. 75 |
|---|
| 88 | + | section, including, but not limited to, rules prescribing forms, 51 |
|---|
| 89 | + | application procedures and dates, and guidelines for making an 52 |
|---|
| 90 | + | affirmative showing of qualification for a credit and any 53 |
|---|
| 91 | + | evidence needed to substantiate a claim for a credit under thi s 54 |
|---|
| 92 | + | section. 55 |
|---|
| 93 | + | Section 2. Subsection (8) of section 220.02, Florida 56 |
|---|
| 94 | + | Statutes, is amended to read: 57 |
|---|
| 95 | + | 220.02 Legislative intent. — 58 |
|---|
| 96 | + | (8) It is the intent of the Legislature that credits 59 |
|---|
| 97 | + | against either the corporate income tax or the franchise tax be 60 |
|---|
| 98 | + | applied in the following order: those enumerated in s. 631.828, 61 |
|---|
| 99 | + | those enumerated in s. 220.191, those enumerated in s. 220.181, 62 |
|---|
| 100 | + | those enumerated in s. 220.183, those enumerated in s. 220.182, 63 |
|---|
| 101 | + | those enumerated in s. 220.1895, those enumerated in s. 220.195, 64 |
|---|
| 102 | + | those enumerated in s. 220.184, those enumerated in s. 220.186, 65 |
|---|
| 103 | + | those enumerated in s. 220.1845, those enumerated in s. 220.19, 66 |
|---|
| 104 | + | those enumerated in s. 220.185, those enumerated in s. 220.1875, 67 |
|---|
| 105 | + | those enumerated in s. 220.1876, those enumerated in s. 68 |
|---|
| 106 | + | 220.1877, those enumerated in s. 220.193, those enumerated in s. 69 |
|---|
| 107 | + | 288.9916, those enumerated in s. 220.1899, those enumerated in 70 |
|---|
| 108 | + | s. 220.194, those enumerated in s. 220.196, those enumerated in 71 |
|---|
| 109 | + | s. 220.198, and those enumerated in s. 220.1915 , and those 72 |
|---|
| 110 | + | enumerated in s. 220.199 . 73 |
|---|
| 111 | + | Section 3. Paragraph (a) of subsection (1) of section 74 |
|---|
| 112 | + | 220.13, Florida Statutes, is amended to read: 75 |
|---|
| 125 | | - | (b) No credits may be certified by the Department of 76 |
|---|
| 126 | | - | Environmental Protection for taxable years beginning on or after 77 |
|---|
| 127 | | - | January 1, 2027. 78 |
|---|
| 128 | | - | (4) Any unused tax credit authorized under this section 79 |
|---|
| 129 | | - | may be carried forward and claimed by the taxpayer for up to 2 80 |
|---|
| 130 | | - | taxable years. 81 |
|---|
| 131 | | - | (5) The department shall adopt rules to administer this 82 |
|---|
| 132 | | - | section, including, but not limited to, rules prescribing the 83 |
|---|
| 133 | | - | method to claim a credit certified by the Department of 84 |
|---|
| 134 | | - | Environmental Protection under this section. 85 |
|---|
| 135 | | - | (6) The Department of Environmental Protection may adopt 86 |
|---|
| 136 | | - | rules to administer this sec tion, including, but not limited to, 87 |
|---|
| 137 | | - | rules relating to application forms for credit approval and 88 |
|---|
| 138 | | - | certification and the application and certification procedures, 89 |
|---|
| 139 | | - | guidelines, and requirements necessary to administer this 90 |
|---|
| 140 | | - | section. 91 |
|---|
| 141 | | - | (7) This section is repeal ed December 31, 2030. 92 |
|---|
| 142 | | - | Section 3. Subsection (8) of section 220.02, Florida 93 |
|---|
| 143 | | - | Statutes, is amended to read: 94 |
|---|
| 144 | | - | 220.02 Legislative intent. — 95 |
|---|
| 145 | | - | (8) It is the intent of the Legislature that credits 96 |
|---|
| 146 | | - | against either the corporate income tax or the franchise tax b e 97 |
|---|
| 147 | | - | applied in the following order: those enumerated in s. 631.828, 98 |
|---|
| 148 | | - | those enumerated in s. 220.191, those enumerated in s. 220.181, 99 |
|---|
| 149 | | - | those enumerated in s. 220.183, those enumerated in s. 220.182, 100 |
|---|
| 125 | + | 220.13 "Adjusted federal income" defined. — 76 |
|---|
| 126 | + | (1) The term "adjusted federal income" means an amount 77 |
|---|
| 127 | + | equal to the taxpayer's taxable income as defined in subsection 78 |
|---|
| 128 | + | (2), or such taxable income of more than one taxpayer as 79 |
|---|
| 129 | + | provided in s. 220.131, for the taxable year, adjust ed as 80 |
|---|
| 130 | + | follows: 81 |
|---|
| 131 | + | (a) Additions.—There shall be added to such taxable 82 |
|---|
| 132 | + | income: 83 |
|---|
| 133 | + | 1.a. The amount of any tax upon or measured by income, 84 |
|---|
| 134 | + | excluding taxes based on gross receipts or revenues, paid or 85 |
|---|
| 135 | + | accrued as a liability to the District of Columbia or any sta te 86 |
|---|
| 136 | + | of the United States which is deductible from gross income in 87 |
|---|
| 137 | + | the computation of taxable income for the taxable year. 88 |
|---|
| 138 | + | b. Notwithstanding sub -subparagraph a., if a credit taken 89 |
|---|
| 139 | + | under s. 220.1875, s. 220.1876, or s. 220.1877 is added to 90 |
|---|
| 140 | + | taxable income in a previous taxable year under subparagraph 11. 91 |
|---|
| 141 | + | and is taken as a deduction for federal tax purposes in the 92 |
|---|
| 142 | + | current taxable year, the amount of the deduction allowed shall 93 |
|---|
| 143 | + | not be added to taxable income in the current year. The 94 |
|---|
| 144 | + | exception in this sub -subparagraph is intended to ensure that 95 |
|---|
| 145 | + | the credit under s. 220.1875, s. 220.1876, or s. 220.1877 is 96 |
|---|
| 146 | + | added in the applicable taxable year and does not result in a 97 |
|---|
| 147 | + | duplicate addition in a subsequent year. 98 |
|---|
| 148 | + | 2. The amount of interest which is excluded from taxabl e 99 |
|---|
| 149 | + | income under s. 103(a) of the Internal Revenue Code or any other 100 |
|---|
| 162 | | - | those enumerated in s. 220.1895, those enumerated in s. 220.19 5, 101 |
|---|
| 163 | | - | those enumerated in s. 220.184, those enumerated in s. 220.186, 102 |
|---|
| 164 | | - | those enumerated in s. 220.1845, those enumerated in s. 220.19, 103 |
|---|
| 165 | | - | those enumerated in s. 220.185, those enumerated in s. 220.1875, 104 |
|---|
| 166 | | - | those enumerated in s. 220.1876, those enumerated in s. 105 |
|---|
| 167 | | - | 220.1877, those enumerated in s. 220.193, those enumerated in s. 106 |
|---|
| 168 | | - | 288.9916, those enumerated in s. 220.1899, those enumerated in 107 |
|---|
| 169 | | - | s. 220.194, those enumerated in s. 220.196, those enumerated in 108 |
|---|
| 170 | | - | s. 220.198, and those enumerated in s. 220.1915 , and those 109 |
|---|
| 171 | | - | enumerated in s. 220.199. 110 |
|---|
| 172 | | - | Section 4. Paragraph (a) of subsection (1) of section 111 |
|---|
| 173 | | - | 220.13, Florida Statutes, is amended to read: 112 |
|---|
| 174 | | - | 220.13 "Adjusted federal income" defined. — 113 |
|---|
| 175 | | - | (1) The term "adjusted federal income" means an amount 114 |
|---|
| 176 | | - | equal to the taxpayer's taxable i ncome as defined in subsection 115 |
|---|
| 177 | | - | (2), or such taxable income of more than one taxpayer as 116 |
|---|
| 178 | | - | provided in s. 220.131, for the taxable year, adjusted as 117 |
|---|
| 179 | | - | follows: 118 |
|---|
| 180 | | - | (a) Additions.—There shall be added to such taxable 119 |
|---|
| 181 | | - | income: 120 |
|---|
| 182 | | - | 1.a. The amount of any tax upon or me asured by income, 121 |
|---|
| 183 | | - | excluding taxes based on gross receipts or revenues, paid or 122 |
|---|
| 184 | | - | accrued as a liability to the District of Columbia or any state 123 |
|---|
| 185 | | - | of the United States which is deductible from gross income in 124 |
|---|
| 186 | | - | the computation of taxable income for the taxable y ear. 125 |
|---|
| 162 | + | federal law, less the associated expenses disallowed in the 101 |
|---|
| 163 | + | computation of taxable income under s. 265 of the Internal 102 |
|---|
| 164 | + | Revenue Code or any other law, excluding 60 percent of any 103 |
|---|
| 165 | + | amounts included in alternative minimum taxable income, as 104 |
|---|
| 166 | + | defined in s. 55(b)(2) of the Internal Revenue Code, if the 105 |
|---|
| 167 | + | taxpayer pays tax under s. 220.11(3). 106 |
|---|
| 168 | + | 3. In the case of a regulated investment company or real 107 |
|---|
| 169 | + | estate investment trust, an amount equal to the exc ess of the 108 |
|---|
| 170 | + | net long-term capital gain for the taxable year over the amount 109 |
|---|
| 171 | + | of the capital gain dividends attributable to the taxable year. 110 |
|---|
| 172 | + | 4. That portion of the wages or salaries paid or incurred 111 |
|---|
| 173 | + | for the taxable year which is equal to the amount of the credit 112 |
|---|
| 174 | + | allowable for the taxable year under s. 220.181. This 113 |
|---|
| 175 | + | subparagraph shall expire on the date specified in s. 290.016 114 |
|---|
| 176 | + | for the expiration of the Florida Enterprise Zone Act. 115 |
|---|
| 177 | + | 5. That portion of the ad valorem school taxes paid or 116 |
|---|
| 178 | + | incurred for the taxa ble year which is equal to the amount of 117 |
|---|
| 179 | + | the credit allowable for the taxable year under s. 220.182. This 118 |
|---|
| 180 | + | subparagraph shall expire on the date specified in s. 290.016 119 |
|---|
| 181 | + | for the expiration of the Florida Enterprise Zone Act. 120 |
|---|
| 182 | + | 6. The amount taken as a credit under s. 220.195 which is 121 |
|---|
| 183 | + | deductible from gross income in the computation of taxable 122 |
|---|
| 184 | + | income for the taxable year. 123 |
|---|
| 185 | + | 7. That portion of assessments to fund a guaranty 124 |
|---|
| 186 | + | association incurred for the taxable year which is equal to the 125 |
|---|
| 199 | | - | b. Notwithstanding sub -subparagraph a., if a credit taken 126 |
|---|
| 200 | | - | under s. 220.1875, s. 220.1876, or s. 220.1877 is added to 127 |
|---|
| 201 | | - | taxable income in a previous taxable year under subparagraph 11. 128 |
|---|
| 202 | | - | and is taken as a deduction for federal tax purposes in the 129 |
|---|
| 203 | | - | current taxable year, the amount of the deduction allowed shall 130 |
|---|
| 204 | | - | not be added to taxable income in the current year. The 131 |
|---|
| 205 | | - | exception in this sub -subparagraph is intended to ensure that 132 |
|---|
| 206 | | - | the credit under s. 220.1875, s. 220.1876, or s. 220.1877 is 133 |
|---|
| 207 | | - | added in the applica ble taxable year and does not result in a 134 |
|---|
| 208 | | - | duplicate addition in a subsequent year. 135 |
|---|
| 209 | | - | 2. The amount of interest which is excluded from taxable 136 |
|---|
| 210 | | - | income under s. 103(a) of the Internal Revenue Code or any other 137 |
|---|
| 211 | | - | federal law, less the associated expenses disallo wed in the 138 |
|---|
| 212 | | - | computation of taxable income under s. 265 of the Internal 139 |
|---|
| 213 | | - | Revenue Code or any other law, excluding 60 percent of any 140 |
|---|
| 214 | | - | amounts included in alternative minimum taxable income, as 141 |
|---|
| 215 | | - | defined in s. 55(b)(2) of the Internal Revenue Code, if the 142 |
|---|
| 216 | | - | taxpayer pays tax under s. 220.11(3). 143 |
|---|
| 217 | | - | 3. In the case of a regulated investment company or real 144 |
|---|
| 218 | | - | estate investment trust, an amount equal to the excess of the 145 |
|---|
| 219 | | - | net long-term capital gain for the taxable year over the amount 146 |
|---|
| 220 | | - | of the capital gain dividends attributabl e to the taxable year. 147 |
|---|
| 221 | | - | 4. That portion of the wages or salaries paid or incurred 148 |
|---|
| 222 | | - | for the taxable year which is equal to the amount of the credit 149 |
|---|
| 223 | | - | allowable for the taxable year under s. 220.181. This 150 |
|---|
| 199 | + | amount of the credit allo wable for the taxable year. 126 |
|---|
| 200 | + | 8. In the case of a nonprofit corporation which holds a 127 |
|---|
| 201 | + | pari-mutuel permit and which is exempt from federal income tax 128 |
|---|
| 202 | + | as a farmers' cooperative, an amount equal to the excess of the 129 |
|---|
| 203 | + | gross income attributable to the pari -mutuel operations over the 130 |
|---|
| 204 | + | attributable expenses for the taxable year. 131 |
|---|
| 205 | + | 9. The amount taken as a credit for the taxable year under 132 |
|---|
| 206 | + | s. 220.1895. 133 |
|---|
| 207 | + | 10. Up to nine percent of the eligible basis of any 134 |
|---|
| 208 | + | designated project which is equal to the credit allowable for 135 |
|---|
| 209 | + | the taxable year under s. 220.185. 136 |
|---|
| 210 | + | 11. Any amount taken as a credit for the taxable year 137 |
|---|
| 211 | + | under s. 220.1875, s. 220.1876, or s. 220.1877. The addition in 138 |
|---|
| 212 | + | this subparagraph is intended to ensure that the same amount is 139 |
|---|
| 213 | + | not allowed for the tax purposes of t his state as both a 140 |
|---|
| 214 | + | deduction from income and a credit against the tax. This 141 |
|---|
| 215 | + | addition is not intended to result in adding the same expense 142 |
|---|
| 216 | + | back to income more than once. 143 |
|---|
| 217 | + | 12. The amount taken as a credit for the taxable year 144 |
|---|
| 218 | + | under s. 220.193. 145 |
|---|
| 219 | + | 13. Any portion of a qualified investment, as defined in 146 |
|---|
| 220 | + | s. 288.9913, which is claimed as a deduction by the taxpayer and 147 |
|---|
| 221 | + | taken as a credit against income tax pursuant to s. 288.9916. 148 |
|---|
| 222 | + | 14. The costs to acquire a tax credit pursuant to s. 149 |
|---|
| 223 | + | 288.1254(5) that are deduct ed from or otherwise reduce federal 150 |
|---|
| 236 | | - | subparagraph shall expire on the date specified in s. 2 90.016 151 |
|---|
| 237 | | - | for the expiration of the Florida Enterprise Zone Act. 152 |
|---|
| 238 | | - | 5. That portion of the ad valorem school taxes paid or 153 |
|---|
| 239 | | - | incurred for the taxable year which is equal to the amount of 154 |
|---|
| 240 | | - | the credit allowable for the taxable year under s. 220.182. This 155 |
|---|
| 241 | | - | subparagraph shall expire on the date specified in s. 290.016 156 |
|---|
| 242 | | - | for the expiration of the Florida Enterprise Zone Act. 157 |
|---|
| 243 | | - | 6. The amount taken as a credit under s. 220.195 which is 158 |
|---|
| 244 | | - | deductible from gross income in the computation of taxable 159 |
|---|
| 245 | | - | income for the taxable year. 160 |
|---|
| 246 | | - | 7. That portion of assessments to fund a guaranty 161 |
|---|
| 247 | | - | association incurred for the taxable year which is equal to the 162 |
|---|
| 248 | | - | amount of the credit allowable for the taxable year. 163 |
|---|
| 249 | | - | 8. In the case of a nonprofit corporation which holds a 164 |
|---|
| 250 | | - | pari-mutuel permit and which i s exempt from federal income tax 165 |
|---|
| 251 | | - | as a farmers' cooperative, an amount equal to the excess of the 166 |
|---|
| 252 | | - | gross income attributable to the pari -mutuel operations over the 167 |
|---|
| 253 | | - | attributable expenses for the taxable year. 168 |
|---|
| 254 | | - | 9. The amount taken as a credit for the taxable year under 169 |
|---|
| 255 | | - | s. 220.1895. 170 |
|---|
| 256 | | - | 10. Up to nine percent of the eligible basis of any 171 |
|---|
| 257 | | - | designated project which is equal to the credit allowable for 172 |
|---|
| 258 | | - | the taxable year under s. 220.185. 173 |
|---|
| 259 | | - | 11. Any amount taken as a credit for the taxable year 174 |
|---|
| 260 | | - | under s. 220.1875, s. 220 .1876, or s. 220.1877. The addition in 175 |
|---|
| 261 | | - | |
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| 262 | | - | CS/HB 475 2023 |
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| 265 | | - | |
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| 266 | | - | CODING: Words stricken are deletions; words underlined are additions. |
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| 267 | | - | hb0475-01-c1 |
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| 268 | | - | Page 8 of 9 |
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| 269 | | - | 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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| 271 | | - | |
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| 273 | | - | this subparagraph is intended to ensure that the same amount is 176 |
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| 274 | | - | not allowed for the tax purposes of this state as both a 177 |
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| 275 | | - | deduction from income and a credit against the tax. This 178 |
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| 276 | | - | addition is not intended to result in a dding the same expense 179 |
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| 277 | | - | back to income more than once. 180 |
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| 278 | | - | 12. The amount taken as a credit for the taxable year 181 |
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| 279 | | - | under s. 220.193. 182 |
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| 280 | | - | 13. Any portion of a qualified investment, as defined in 183 |
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| 281 | | - | s. 288.9913, which is claimed as a deduction by the taxpayer and 184 |
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| 282 | | - | taken as a credit against income tax pursuant to s. 288.9916. 185 |
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| 283 | | - | 14. The costs to acquire a tax credit pursuant to s. 186 |
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| 284 | | - | 288.1254(5) that are deducted from or otherwise reduce federal 187 |
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| 285 | | - | taxable income for the taxable year. 188 |
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| 286 | | - | 15. The amount taken as a credit for the taxable year 189 |
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| 287 | | - | pursuant to s. 220.194. 190 |
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| 288 | | - | 16. The amount taken as a credit for the taxable year 191 |
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| 289 | | - | under s. 220.196. The addition in this subparagraph is intended 192 |
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| 290 | | - | to ensure that the same amount is not allowed for the tax 193 |
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| 291 | | - | purposes of this state as both a deductio n from income and a 194 |
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| 292 | | - | credit against the tax. The addition is not intended to result 195 |
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| 293 | | - | in adding the same expense back to income more than once. 196 |
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| 294 | | - | 17. The amount taken as a credit for the taxable year 197 |
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| 295 | | - | pursuant to s. 220.198. 198 |
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| 296 | | - | 18. The amount taken as a credit for the taxable year 199 |
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| 297 | | - | pursuant to s. 220.1915. 200 |
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| 298 | | - | |
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| 299 | | - | CS/HB 475 2023 |
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| 301 | | - | |
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| 302 | | - | |
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| 303 | | - | CODING: Words stricken are deletions; words underlined are additions. |
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| 304 | | - | hb0475-01-c1 |
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| 305 | | - | Page 9 of 9 |
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| 306 | | - | 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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| 307 | | - | |
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| 308 | | - | |
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| 309 | | - | |
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| 310 | | - | 19. The amount taken as a credit for the taxable year 201 |
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| 311 | | - | pursuant to s. 220.199. 202 |
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| 312 | | - | Section 5. This act shall take effect July 1, 2023. 203 |
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| 236 | + | taxable income for the taxable year. 151 |
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| 237 | + | 15. The amount taken as a credit for the taxable year 152 |
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| 238 | + | pursuant to s. 220.194. 153 |
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| 239 | + | 16. The amount taken as a credit for the taxable year 154 |
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| 240 | + | under s. 220.196. The addition in this subparag raph is intended 155 |
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| 241 | + | to ensure that the same amount is not allowed for the tax 156 |
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| 242 | + | purposes of this state as both a deduction from income and a 157 |
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| 243 | + | credit against the tax. The addition is not intended to result 158 |
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| 244 | + | in adding the same expense back to income more than once. 159 |
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| 245 | + | 17. The amount taken as a credit for the taxable year 160 |
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| 246 | + | pursuant to s. 220.198. 161 |
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| 247 | + | 18. The amount taken as a credit for the taxable year 162 |
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| 248 | + | pursuant to s. 220.1915. 163 |
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| 249 | + | 19. The amount taken as a credit for the taxable year 164 |
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| 250 | + | pursuant to s. 220.199. 165 |
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| 251 | + | Section 4. This act shall take effect July 1, 2023. 166 |
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