Florida 2024 Regular Session

Florida House Bill H1183 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 1183 2024
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10	10	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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14	14	A bill to be entitled 1
15	15	An act relating to the Florida Main Street Program and 2
16	16	historic preservation tax credits; creating s. 3
17	17	220.197, F.S.; providing a short title; defining 4
18	18	terms; specifying eligibility requirements for 5
19	19	receiving specified tax credits; specifying 6
20	20	requirements for the Department of Revenue relating to 7
21	21	approving and denying certain applications and 8
22	22	granting credits; specifying requirements for such tax 9
23	23	credits; requiring applications to be rolled forward 10
24	24	in certain circumstances; authorizing the 11
25	25	carryforward, sale, and transfer of such tax credits; 12
26	26	providing a limitation; authorizing the department to 13
27	27	perform certain audits and examinations; specifying 14
28	28	requirements for taxpayers; authorizing the department 15
29	29	to issue a notice of deficiency under certain 16
30	30	circumstances; providing penalties; requiring the 17
31	31	department to submit specified annual reports to the 18
32	32	Legislature; providing duties of the department; 19
33	33	authorizing the department to adopt rules; amending s. 20
34	34	213.053, F.S.; authorizing the department to make 21
35	35	certain information available to the Division of 22
36	36	Historical Resources and the Secretary of the United 23
37	37	States Department of the Interior for specified 24
38	38	purposes; amending s. 220.02, F.S.; revising the order 25
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47	47	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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49	49
50	50
51	51	in which tax credits against the corporate income tax 26
52	52	or the franchise tax are applied; amending s. 220.13, 27
53	53	F.S.; revising the definition of the term "adjusted 28
54	54	federal income"; amending s. 624.509, F.S.; revising 29
55	55	the order in which tax credits and deductions against 30
56	56	the insurance premium tax are applied; creating s. 31
57	57	624.5095, F.S.; authorizing certain tax credits to be 32
58	58	used against a specified tax; providing applicability; 33
59	59	providing construction; authorizing the Department of 34
60	60	Revenue to adopt emergency rules for a specified 35
61	61	timeframe; providing for expiration of such a uthority; 36
62	62	providing applicability; providing effective dates. 37
63	63	38
64	64	WHEREAS, historic revitalization creates highly paid local 39
65	65	construction jobs, and 40
66	66	WHEREAS, historic rehabilitation increases the value of 41
67	67	buildings and results in a growing state and loca l tax base, and 42
68	68	WHEREAS, historic revitalization boosts heritage tourism 43
69	69	and creates thriving downtowns that are attractive to main 44
70	70	street businesses, and 45
71	71	WHEREAS, reusing historic buildings creates affordable 46
72	72	spaces for small business incubation, and 47
73	73	WHEREAS, repurposing historic buildings saves resources and 48
74	74	activates vacant spaces, and 49
75	75	WHEREAS, historic rehabilitation projects leverage 50
76	76
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84	84	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
85	85
86	86
87	87
88	88	significant private investment, and 51
89	89	WHEREAS, leveraging state tax incentives increases the 52
90	90	effectiveness of federal Historic Preservation Tax Incentives 53
91	91	and the Opportunity Zones Program to encourage the historic 54
92	92	preservation of existing buildings, and 55
93	93	WHEREAS, an increase in rehabilitation activity occurs when 56
94	94	a state incentive is combined with federal Historic Prese rvation 57
95	95	Tax Incentives, and 58
96	96	WHEREAS, many historic buildings in this state need safety 59
97	97	upgrades and other improvements that require both public and 60
98	98	private investment to return these buildings as assets of their 61
99	99	local communities, NOW, THEREFORE , 62
100	100	63
101	101	Be It Enacted by the Legislature of the State of Florida: 64
102	102	65
103	103	Section 1. Section 220.197, Florida Statutes, is created 66
104	104	to read: 67
105	105	220.197 Main Street Historical Tourism and Revitalization 68
106	106	Act; tax credits; reports. — 69
107	107	(1) SHORT TITLE.—This act may be cited as the "Main Street 70
108	108	Historical Tourism and Revitalization Act." 71
109	109	(2) DEFINITIONS.—As used in this section, the term: 72
110	110	(a) "Active Main Street program" means an area 73
111	111	participating under a recognized coordinated Main Street America 74
112	112	licensed program or the Orlando Main Streets program. An Active 75
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121	121	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	125	Main Street program must: 76
126	126	1. Have broad-based community support for the comme rcial 77
127	127	district revitalization process with strong support from the 78
128	128	public and private sectors. 79
129	129	2. Have a developed vision and mission statement relevant 80
130	130	to community conditions. 81
131	131	3. Have a comprehensive work plan. 82
132	132	4. Possess a historic preservation et hic. 83
133	133	5. Have an active board of directors and committees. 84
134	134	6. Have an adequate operating budget. 85
135	135	7. Have a paid professional program manager. 86
136	136	8. Conduct a program of ongoing training for staff and 87
137	137	volunteers. 88
138	138	9. Report key statistics. 89
139	139	10. Be a current designated Florida Main Street program. 90
140	140	(b) "Affordable housing unit" means a housing unit that is 91
141	141	affordable, as defined in s. 420.0004(3). 92
142	142	(c) "Certified historic structure" means a building and 93
143	143	its structural components, as defined in 36 C.F. R. s. 67.2, 94
144	144	which is of a character subject to the allowance for 95
145	145	depreciation provided in s. 167 of the Internal Revenue Code of 96
146	146	1986, as amended, and which is: 97
147	147	1. Individually listed in the National Register of 98
148	148	Historic Places; or 99
149	149	2. Located within a registered historic district and 100
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158	158	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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160	160
161	161
162	162	certified by the United States Secretary of the Interior as 101
163	163	being of historic significance to the registered historic 102
164	164	district as set forth in 36 C.F.R. s. 67.2. 103
165	165	(d) "Certified rehabilitation" means the rehabilitation of 104
166	166	a certified historic structure that the United States Secretary 105
167	167	of the Interior has certified to the United States Secretary of 106
168	168	the Treasury as being consistent with the historic character of 107
169	169	the certified historic structure and, if applicable, consistent 108
170	170	with the registered historic district in which the certified 109
171	171	historic structure is located as set forth in 36 C.F.R. s. 67.2. 110
172	172	(e) "Division" means the Division of Historical Resources 111
173	173	of the Department of State. 112
174	174	(f) "Florida Main Street program" means a statewide 113
175	175	historic preservation -based downtown revitalization assistance 114
176	176	program created, maintained, and administered by the division 115
177	177	under s. 267.031(5). 116
178	178	(g) "Local program area" means the specific geographic 117
179	179	area in which an Active Main Street progr am is conducted as 118
180	180	approved and maintained by the division or in which the Orlando 119
181	181	Main Streets program is conducted. 120
182	182	(h) "Long-term leasehold" means a leasehold in a 121
183	183	nonresidential real property for a term of 39 years or more or a 122
184	184	leasehold in a residen tial real property for a term of 27.5 123
185	185	years or more. 124
186	186	(i) "National Register of Historic Places" means the list 125
187	187
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195	195	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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197	197
198	198
199	199	of historic properties significant in American history, 126
200	200	architecture, archeology, engineering, and culture maintained by 127
201	201	the United States Secr etary of the Interior as authorized in 54 128
202	202	U.S.C. s. 302101. 129
203	203	(j) "Orlando Main Streets program" means a historic 130
204	204	preservation-based district revitalization program administered 131
205	205	by the City of Orlando. 132
206	206	(k) "Placed in service" means when the property is p laced 133
207	207	in a condition or state of readiness and availability for a 134
208	208	specifically assigned function. A building is placed in service 135
209	209	when the appropriate work has been completed which would allow 136
210	210	for occupancy of either the entire building or some identifiabl e 137
211	211	portion of the building as detailed in Treasury Regulation 1.46 -138
212	212	3(d). 139
213	213	(l) "Qualified expenses" means rehabilitation expenditures 140
214	214	that qualify for the credit under 26 U.S.C. s. 47 incurred in 141
215	215	this state. 142
216	216	(m) "Registered historic district" means a dist rict listed 143
217	217	in the National Register of Historic Places or a district: 144
218	218	1. Designated under general law or local ordinance and 145
219	219	certified by the United States Secretary of the Interior as 146
220	220	meeting criteria that will substantially achieve the purposes of 147
221	221	preserving and rehabilitating buildings of historic significance 148
222	222	to the district; and 149
223	223	2. Certified by the United States Secretary of the 150
224	224
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232	232	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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235	235
236	236	Interior as meeting substantially all of the requirements for 151
237	237	listing a district in the National Register of Historic Pl aces. 152
238	238	(3) ELIGIBILITY FOR TAX CREDIT. —For taxable years 153
239	239	beginning on or after January 1, 2025, there is allowed a credit 154
240	240	against any tax due for a taxable year under this chapter after 155
241	241	the application of any other allowable credits by the taxpayer. 156
242	242	(a) To claim and receive a tax credit under this section, 157
243	243	a taxpayer must submit an application to the department for a 158
244	244	tax credit for qualified expenses in the amount and under the 159
245	245	conditions and limitations provided in this section against the 160
246	246	tax due for a taxable year under this chapter and must provide 161
247	247	the department with all of the following: 162
248	248	1. An official certificate of eligibility from the 163
249	249	division, signed by the State Historic Preservation Officer or 164
250	250	the Deputy State Historic Preservation Officer, attesting that 165
251	251	the project has been approved by the National Park Service and 166
252	252	indicating whether the project is located within a local program 167
253	253	area in this state. 168
254	254	2. National Park Service Form 10 -168c (Rev. 2023), titled 169
255	255	"Historic Preservation Certificat ion Application Part 3 -Request 170
256	256	for Certification of Completed Work," or a similar form, signed 171
257	257	by an officer of the National Park Service, attesting that the 172
258	258	completed rehabilitation meets the United States Secretary of 173
259	259	the Interior's Standards for Rehabil itation and is consistent 174
260	260	with the historic character of the property and, if applicable, 175
261	261
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269	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	271
272	272
273	273	the district in which the completed rehabilitation is located. 176
274	274	The form may be obtained through the National Park Service. 177
275	275	3. An identification of the dates during which the 178
276	276	certified historic structure was rehabilitated and the date on 179
277	277	which the certified historic structure was placed in service. 180
278	278	4. Documentation that the taxpayer had an ownership or a 181
279	279	long-term leasehold interest in the certified historic structu re 182
280	280	in the year during which such structure was placed in service 183
281	281	after the certified rehabilitation was completed. 184
282	282	5. A list of total qualified expenses incurred by the 185
283	283	taxpayer in rehabilitating the certified historic structure. The 186
284	284	taxpayer must submit an audited cost report issued by a 187
285	285	certified public accountant which itemizes the qualified 188
286	286	expenses incurred in rehabilitating the certified historic 189
287	287	structure. 190
288	288	6. An attestation of the total qualified expenses incurred 191
289	289	in this state by the taxpayer in rehabilitating the certified 192
290	290	historic structure in this state. 193
291	291	7. The information required to be reported by the 194
292	292	department in subsection (8) to enable the department to compile 195
293	293	its annual report. 196
294	294	(b) Within 60 days after receipt of the information 197
295	295	required under paragraph (a), the department must approve or 198
296	296	deny the application. If approved, the department must provide a 199
297	297	letter of certification to the taxpayer consistent with any 200
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306	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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308	308
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310	310	restrictions imposed. If the department denies any part of the 201
311	311	requested credit, the department must inform the taxpayer of the 202
312	312	grounds for the denial. 203
313	313	(4) AMOUNT AND DISTRIBUTION OF TAX CREDIT. — 204
314	314	(a) The total tax credit claimed annually may not exceed 205
315	315	the amount of tax due after any other applicable tax credits and 206
316	316	may not exceed the following: 207
317	317	1. Twenty percent, up to a maximum of $200,000, of the 208
318	318	total qualified expenses incurred in this state in 209
319	319	rehabilitating at least one certified historic structure that 210
320	320	has been approved by the National Park Service to receive the 211
321	321	federal historic rehabilitation tax credit; or 212
322	322	2. Thirty percent, up to a maximum of $200,000, of the 213
323	323	total qualified expenses incurred in this state in 214
324	324	rehabilitating at least one certified historic structure that 215
325	325	has been approved by the National Park Service to receive the 216
326	326	federal historic rehabilitation tax credit and that is located 217
327	327	within a local program area in this state. 218
328	328	(b) The tax credit may be used to offset the corporate 219
329	329	income tax imposed in s. 220.11 and the insurance premium tax 220
330	330	imposed in s. 624.509. An insurer claiming a credit against 221
331	331	insurance premium tax liability under this section may not be 222
332	332	required to pay any additional retaliatory tax levied pursuant 223
333	333	to s. 624.5091 as a result of claiming such credit. Section 224
334	334	624.5091 does not limit such credit in any manner. 225
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343	343	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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347	347	(c) The combined total amount of tax credits that may be 226
348	348	granted for all taxpayers under this section is $25 million per 227
349	349	state fiscal year. 228
350	350	(d) A taxpayer may not receive more than $1 million in tax 229
351	351	credits for a single development project, even if such credits 230
352	352	are accrued over multiple tax years. However, additional tax 231
353	353	credits purchased from another taxpayer or entity, and carryover 232
354	354	tax credits from a prior tax year, may be used by such taxpayer 233
355	355	if the additional tax cr edits were accrued from a different 234
356	356	development project. 235
357	357	(e) The department shall award the tax credits on a first -236
358	358	come, first-served basis. 237
359	359	(f) If the annual amount of approved tax credits exceeds 238
360	360	the maximum provided in paragraph (c), applications sh all be 239
361	361	rolled forward to be granted by the department during the 240
362	362	following fiscal year. 241
363	363	(5) CARRYFORWARD OF TAX CREDIT. — 242
364	364	(a) If a taxpayer is eligible for a tax credit that 243
365	365	exceeds taxes owed, the taxpayer may carry the unused tax credit 244
366	366	forward for a period of up to 5 taxable years. 245
367	367	(b) A carryforward is considered the remaining portion of 246
368	368	a tax credit that cannot be claimed in the current tax year. 247
369	369	(6) SALE OR TRANSFER OF TAX CREDIT. — 248
370	370	(a) A taxpayer that incurs qualified expenses may sell or 249
371	371	transfer all or part of the tax credit that may otherwise be 250
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380	380	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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382	382
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384	384	claimed to another taxpayer. 251
385	385	(b) A taxpayer to which all or part of the tax credit is 252
386	386	sold or transferred may sell or transfer all or part of the tax 253
387	387	credit that may otherwise be claimed to anothe r taxpayer. 254
388	388	(c) A taxpayer that sells or transfers a tax credit to 255
389	389	another taxpayer must provide a copy of the certificate of 256
390	390	eligibility together with the audited cost report to the 257
391	391	purchaser or transferee. 258
392	392	(d) Qualified expenses may be counted only o nce in 259
393	393	determining the amount of an available tax credit, and more than 260
394	394	one taxpayer may not claim a tax credit for the same qualified 261
395	395	expenses. 262
396	396	(e) There is a limit of two transactions for the sale or 263
397	397	transfer of all or part of a tax credit. 264
398	398	1. A taxpayer that sells or transfers a tax credit under 265
399	399	this subsection and the purchaser or transferee shall jointly 266
400	400	submit written notice of the sale or transfer to the department 267
401	401	on a form adopted by the department no later than the 30th day 268
402	402	after the date of the sale or transfer. The notice must include 269
403	403	all of the following: 270
404	404	a. The date of the sale or transfer. 271
405	405	b. The amount of the tax credit sold or transferred. 272
406	406	c. The name and federal tax identification number of the 273
407	407	taxpayer that sold or transferred the tax credit and the 274
408	408	purchaser or transferee. 275
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417	417	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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421	421	d. The amount of the tax credit owned by the taxpayer 276
422	422	before the sale or transfer and the amount the selling or 277
423	423	transferring taxpayer retained, if any, after the sale or 278
424	424	transfer. 279
425	425	2. The sale or transfer of a tax credit under this 280
426	426	subsection does not extend the period for which a tax credit may 281
427	427	be carried forward and does not increase the total amount of the 282
428	428	tax credit that may be claimed. 283
429	429	3. If a taxpayer claims a tax credit for qualified 284
430	430	expenses, another taxpayer may not use the same expenses as the 285
431	431	basis for claiming a tax credit. 286
432	432	4. Notwithstanding the requirements of this subsection, a 287
433	433	tax credit earned by, purchased by, or transferred to a 288
434	434	partnership, limited liability company, S corporation, or other 289
435	435	pass-through entity may be allocated to the partners, members, 290
436	436	or shareholders of that entity and claimed under this section in 291
437	437	accordance with any agreement among the partners, members, or 292
438	438	shareholders and without regard to the ownership interest o f the 293
439	439	partners, members, or shareholders in the rehabilitated 294
440	440	certified historic structure. 295
441	441	(f) If the tax credit is reduced due to a determination, 296
442	442	examination, or audit by the department, the tax deficiency 297
443	443	shall be recovered from the taxpayer that sol d or transferred 298
444	444	the tax credit or the purchaser or transferee that claimed the 299
445	445	tax credit up to the amount of the tax credit taken. 300
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454	454	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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458	458	(g) Any subsequent deficiencies shall be assessed against 301
459	459	the purchaser or transferee that claimed the tax credit or, in 302
460	460	the case of multiple succeeding entities, in the order of tax 303
461	461	credit succession. 304
462	462	(7) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 305
463	463	CREDITS; FRAUDULENT CLAIMS. — 306
464	464	(a) The department may perform any additional financial 307
465	465	and technical audits and examina tions, including examining the 308
466	466	accounts, books, or records of the taxpayer, to verify the 309
467	467	legitimacy of the qualified expenses included in a tax credit 310
468	468	return and to ensure compliance with this section. If requested 311
469	469	by the department, the division must pro vide technical 312
470	470	assistance for any technical audits or examinations performed 313
471	471	under this subsection. 314
472	472	(b) It is grounds for forfeiture of previously claimed and 315
473	473	received tax credits if the department determines, as a result 316
474	474	of an audit or information recei ved from the department, the 317
475	475	division, or the United States Department of the Interior or 318
476	476	Internal Revenue Service, that a taxpayer received a tax credit 319
477	477	pursuant to this section to which the taxpayer was not entitled. 320
478	478	In the case of fraud, the taxpayer ma y not claim any future tax 321
479	479	credits under this section. 322
480	480	(c) The taxpayer must return forfeited tax credits to the 323
481	481	department, and such funds shall be paid into the General 324
482	482	Revenue Fund. 325
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491	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
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495	495	(d) The taxpayer shall file with the department an amended 326
496	496	tax return or such other report as the department prescribes and 327
497	497	shall pay any required tax within 60 days after the taxpayer 328
498	498	receives notification from the United States Internal Revenue 329
499	499	Service that a previously approved tax credit has been revoked 330
500	500	or modified, if uncontested, or within 60 days after a final 331
501	501	order is issued following proceedings involving a contested 332
502	502	revocation or modification order. 333
503	503	(e) A notice of deficiency may be issued by the department 334
504	504	at any time within 5 years after the date on which th e taxpayer 335
505	505	receives notification from the United States Internal Revenue 336
506	506	Service that a previously approved tax credit has been revoked 337
507	507	or modified. If a taxpayer fails to notify the department of any 338
508	508	change in its tax credit claimed, a notice of deficienc y may be 339
509	509	issued at any time. In either case, the amount of any proposed 340
510	510	assessment set forth in such notice of deficiency is limited to 341
511	511	the amount of any deficiency resulting under this section from 342
512	512	the recomputation of the taxpayer's tax for the taxable y ear. 343
513	513	(f) A taxpayer that fails to report and timely pay any tax 344
514	514	due as a result of the forfeiture of its tax credit violates 345
515	515	this section and is subject to applicable penalties and 346
516	516	interest. 347
517	517	(8) ANNUAL REPORT.—Based on the applications submitted and 348
518	518	approved, the department must submit a report by December 1 of 349
519	519	each year to the President of the Senate and the Speaker of the 350
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528	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
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532	532	House of Representatives that identifies, in the aggregate, all 351
533	533	of the following: 352
534	534	(a) The number of people employed during the co nstruction 353
535	535	phases of the certified rehabilitation who worked to complete 354
536	536	the project, including contractors and subcontractors. 355
537	537	(b) The use of each newly rehabilitated building and the 356
538	538	number of additional people employed for ongoing operations 357
539	539	after the certified historic structure is placed in service. 358
540	540	(c) The number of affordable housing units created or 359
541	541	preserved. 360
542	542	(d) The property values before and after the certified 361
543	543	rehabilitations. 362
544	544	(9) DEPARTMENT DUTIES. —The department shall: 363
545	545	(a) Establish or amend any necessary forms required to 364
546	546	claim a tax credit under this section. 365
547	547	(b) Provide administrative guidelines and procedures 366
548	548	required to administer this section, including rules 367
549	549	establishing an entitlement to and sale or transfer of a tax 368
550	550	credit under this section. 369
551	551	(c) Provide examination and audit procedures required to 370
552	552	administer this section. 371
553	553	(10) RULES.—The department may adopt rules to administer 372
554	554	this section. 373
555	555	Section 2. Subsection (24) is added to section 213.053, 374
556	556	Florida Statutes, to read: 375
557	557
558	558	HB 1183 2024
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560	560
561	561
562	562	CODING: Words stricken are deletions; words underlined are additions.
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565	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	566
567	567
568	568
569	569	213.053 Confidentiality and information sharing. — 376
570	570	(24) The department may make available to the Division of 377
571	571	Historical Resources of the Department of State and the 378
572	572	Secretary of the United States Department of the Interior or his 379
573	573	or her delegate, exclusively for official purposes, information 380
574	574	for the purposes of administering the Main Street Historical 381
575	575	Tourism and Revitalization Act pursuant to s. 220.197. 382
576	576	Section 3. Subsection (8) of section 220.02, Florida 383
577	577	Statutes, is amended to read: 384
578	578	220.02 Legislative intent. — 385
579	579	(8) It is the intent of the Legislature that credits 386
580	580	against either the corporate income tax or the franchise tax be 387
581	581	applied in the following order: those enumerated in s. 631.828, 388
582	582	those enumerated in s. 220.191, those enumer ated in s. 220.181, 389
583	583	those enumerated in s. 220.183, those enumerated in s. 220.182, 390
584	584	those enumerated in s. 220.1895, those enumerated in s. 220.195, 391
585	585	those enumerated in s. 220.184, those enumerated in s. 220.186, 392
586	586	those enumerated in s. 220.1845, those enum erated in s. 220.19, 393
587	587	those enumerated in s. 220.185, those enumerated in s. 220.1875, 394
588	588	those enumerated in s. 220.1876, those enumerated in s. 395
589	589	220.1877, those enumerated in s. 220.1878, those enumerated in 396
590	590	s. 220.193, those enumerated in former s. 288.9916, those 397
591	591	enumerated in former s. 220.1899, those enumerated in former s. 398
592	592	220.194, those enumerated in s. 220.196, those enumerated in s. 399
593	593	220.198, those enumerated in s. 220.1915, those enumerated in s. 400
594	594
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597	597
598	598
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602	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	603
604	604
605	605
606	606	220.199, and those enumerated in s. 220.1991 , and those 401
607	607	enumerated in s. 220.197 . 402
608	608	Section 4. Paragraph (a) of subsection (1) of section 403
609	609	220.13, Florida Statutes, is amended to read: 404
610	610	220.13 "Adjusted federal income" defined. — 405
611	611	(1) The term "adjusted federal income" means an amount 406
612	612	equal to the taxpayer's taxable income as defined in subsection 407
613	613	(2), or such taxable income of more than one taxpayer as 408
614	614	provided in s. 220.131, for the taxable year, adjusted as 409
615	615	follows: 410
616	616	(a) Additions.—There shall be added to such taxable 411
617	617	income: 412
618	618	1.a. The amount of any tax u pon or measured by income, 413
619	619	excluding taxes based on gross receipts or revenues, paid or 414
620	620	accrued as a liability to the District of Columbia or any state 415
621	621	of the United States which is deductible from gross income in 416
622	622	the computation of taxable income for the taxable year. 417
623	623	b. Notwithstanding sub -subparagraph a., if a credit taken 418
624	624	under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878 is 419
625	625	added to taxable income in a previous taxable year under 420
626	626	subparagraph 11. and is taken as a deduction for federal tax 421
627	627	purposes in the current taxable year, the amount of the 422
628	628	deduction allowed shall not be added to taxable income in the 423
629	629	current year. The exception in this sub -subparagraph is intended 424
630	630	to ensure that the credit under s. 220.1875, s. 220.1876, s. 425
631	631
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639	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	640
641	641
642	642
643	643	220.1877, or s. 220.1878 is added in the applicable taxable year 426
644	644	and does not result in a duplicate addition in a subsequent 427
645	645	year. 428
646	646	2. The amount of interest which is excluded from taxable 429
647	647	income under s. 103(a) of the Internal Revenue Code or any other 430
648	648	federal law, less the associated expenses disallowed in the 431
649	649	computation of taxable income under s. 265 of the Internal 432
650	650	Revenue Code or any other law, excluding 60 percent of any 433
651	651	amounts included in alternative minimum taxable income, as 434
652	652	defined in s. 55(b)(2) of the Int ernal Revenue Code, if the 435
653	653	taxpayer pays tax under s. 220.11(3). 436
654	654	3. In the case of a regulated investment company or real 437
655	655	estate investment trust, an amount equal to the excess of the 438
656	656	net long-term capital gain for the taxable year over the amount 439
657	657	of the capital gain dividends attributable to the taxable year. 440
658	658	4. That portion of the wages or salaries paid or incurred 441
659	659	for the taxable year which is equal to the amount of the credit 442
660	660	allowable for the taxable year under s. 220.181. This 443
661	661	subparagraph shall e xpire on the date specified in s. 290.016 444
662	662	for the expiration of the Florida Enterprise Zone Act. 445
663	663	5. That portion of the ad valorem school taxes paid or 446
664	664	incurred for the taxable year which is equal to the amount of 447
665	665	the credit allowable for the taxable yea r under s. 220.182. This 448
666	666	subparagraph shall expire on the date specified in s. 290.016 449
667	667	for the expiration of the Florida Enterprise Zone Act. 450
668	668
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671	671
672	672
673	673	CODING: Words stricken are deletions; words underlined are additions.
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676	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	677
678	678
679	679
680	680	6. The amount taken as a credit under s. 220.195 which is 451
681	681	deductible from gross income in the computation of tax able 452
682	682	income for the taxable year. 453
683	683	7. That portion of assessments to fund a guaranty 454
684	684	association incurred for the taxable year which is equal to the 455
685	685	amount of the credit allowable for the taxable year. 456
686	686	8. In the case of a nonprofit corporation which hol ds a 457
687	687	pari-mutuel permit and which is exempt from federal income tax 458
688	688	as a farmers' cooperative, an amount equal to the excess of the 459
689	689	gross income attributable to the pari -mutuel operations over the 460
690	690	attributable expenses for the taxable year. 461
691	691	9. The amount taken as a credit for the taxable year under 462
692	692	s. 220.1895. 463
693	693	10. Up to nine percent of the eligible basis of any 464
694	694	designated project which is equal to the credit allowable for 465
695	695	the taxable year under s. 220.185. 466
696	696	11. Any amount taken as a credit for the tax able year 467
697	697	under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878. The 468
698	698	addition in this subparagraph is intended to ensure that the 469
699	699	same amount is not allowed for the tax purposes of this state as 470
700	700	both a deduction from income and a credit against the t ax. This 471
701	701	addition is not intended to result in adding the same expense 472
702	702	back to income more than once. 473
703	703	12. The amount taken as a credit for the taxable year 474
704	704	under s. 220.193. 475
705	705
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709	709
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713	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	714
715	715
716	716
717	717	13. The amount taken as a credit for the taxable year 476
718	718	under s. 220.196. The ad dition in this subparagraph is intended 477
719	719	to ensure that the same amount is not allowed for the tax 478
720	720	purposes of this state as both a deduction from income and a 479
721	721	credit against the tax. The addition is not intended to result 480
722	722	in adding the same expense back to income more than once. 481
723	723	14. The amount taken as a credit for the taxable year 482
724	724	pursuant to s. 220.198. 483
725	725	15. The amount taken as a credit for the taxable year 484
726	726	pursuant to s. 220.1915. 485
727	727	16. The amount taken as a credit for the taxable year 486
728	728	pursuant to s. 220.199. 487
729	729	17. The amount taken as a credit for the taxable year 488
730	730	pursuant to s. 220.1991. 489
731	731	18. The amount taken as a credit for the taxable year 490
732	732	pursuant to s. 220.197. 491
733	733	Section 5. Subsection (7) of section 624.509, Florida 492
734	734	Statutes, is amended to read : 493
735	735	624.509 Premium tax; rate and computation. — 494
736	736	(7) Credits and deductions against the tax imposed by this 495
737	737	section shall be taken in the following order: deductions for 496
738	738	assessments made pursuant to s. 440.51; credits for taxes paid 497
739	739	under ss. 175.101 and 185.08; credits for income taxes paid 498
740	740	under chapter 220 and the credit allowed under subsection (5), 499
741	741	as these credits are limited by subsection (6); the credit 500
742	742
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750	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	751
752	752
753	753
754	754	allowed under s. 624.51057; the credit allowed under s. 501
755	755	624.51058; the credit allowed under s. 6 24.5095; and all other 502
756	756	available credits and deductions. 503
757	757	Section 6. Section 624.5095, Florida Statutes, is created 504
758	758	to read: 505
759	759	624.5095 Premium tax credits related to historic 506
760	760	preservation.— 507
761	761	(1) Tax credits accrued through a certified rehabilitation 508
762	762	as defined in s. 220.197 and 36 C.F.R. s. 67.2 may be used 509
763	763	against any tax due for the taxable year under s. 624.509(1), as 510
764	764	limited under s. 624.509(6). 511
765	765	(2) The certified rehabilitation may eit her be completed 512
766	766	by the insurer pursuant to s. 220.197 or the insurer may 513
767	767	purchase the tax credit from a different entity that accrued or 514
768	768	purchased the tax credit pursuant s. 220.197. 515
769	769	(3) An insurer claiming a tax credit under this section is 516
770	770	not required to pay any additional retaliatory tax levied 517
771	771	pursuant to s. 624.5091 as a result of claiming such credit. The 518
772	772	tax credit under this section is not limited by s. 624.5091. 519
773	773	Section 7. (1) The Department of Revenue may, and all 520
774	774	conditions are deemed m et to, adopt emergency rules under s. 521
775	775	120.54(4), Florida Statutes, for the purpose of implementing the 522
776	776	Main Street Historical Tourism and Revitalization Act. 523
777	777	(2) Notwithstanding any other law, emergency rules adopted 524
778	778	under this section are effective for 6 months after adoption and 525
779	779
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787	787	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
788	788
789	789
790	790
791	791	may be renewed during the pendency of procedures to adopt 526
792	792	permanent rules addressing the subject of the emergency rules. 527
793	793	(3) This section shall take effect upon this act becoming 528
794	794	a law and expires July 1, 2025. 529
795	795	Section 8. This act applies to taxable years beginning, 530
796	796	and for qualified expenses incurred, on or after January 1, 531
797	797	2025. 532
798	798	Section 9. Except as otherwise expressly provided in this 533
799	799	act and except for this section, which shall take effect upon 534
800	800	becoming a law, this act shall take effect July 1, 2024. 535