Bill > S1166

Introduced Session

An act relating to the Florida Main Street Program and historic preservation tax credits; creating s. 220.197, F.S.; providing a short title; defining terms; specifying eligibility requirements for receiving specified tax credits; specifying requirements for the Department of Revenue relating to approving and denying certain applications and granting credits; specifying requirements for such tax credits; requiring that applications be rolled forward in certain circumstances; authorizing the carryforward, sale, and transfer of such tax credits; providing a limitation; authorizing the department to perform certain audits and examinations; specifying requirements for taxpayers; authorizing the department to issue a notice of deficiency under certain circumstances; providing penalties; requiring the department to submit specified annual reports to the Legislature; providing duties of the department; authorizing the department to adopt rules; amending s. 213.053, F.S.; authorizing the department to make certain information available to the Division of Historical Resources and the Secretary of the United States Department of the Interior for specified purposes; amending s. 220.02, F.S.; revising the order in which tax credits against the corporate income tax or the franchise tax are applied; amending s. 220.13, F.S.; revising the definition of the term “adjusted federal income”; amending s. 624.509, F.S.; revising the order in which tax credits and deductions against the insurance premium tax are applied; creating s. 624.5095, F.S.; authorizing certain tax credits to be used against a specified tax; providing applicability; providing construction; authorizing the Department of Revenue to adopt emergency rules for a specified timeframe; providing for expiration of such authority; providing applicability; providing effective dates. WHEREAS, historic revitalization creates highly paid local construction jobs, and WHEREAS, historic rehabilitation increases the value of buildings and results in a growing state and local tax base, and WHEREAS, historic revitalization boosts heritage tourism and creates thriving downtowns that are attractive to main street businesses, and WHEREAS, reusing historic buildings creates affordable spaces for small business incubation, and WHEREAS, repurposing historic buildings saves resources and activates vacant spaces, and WHEREAS, historic rehabilitation projects leverage significant private investment, and WHEREAS, leveraging state tax incentives increases the effectiveness of federal Historic Preservation Tax Incentives and the Opportunity Zones Program to encourage the historic preservation of existing buildings, and WHEREAS, an increase in rehabilitation activity occurs when a state incentive is combined with federal Historic Preservation Tax Incentives, and WHEREAS, many historic buildings in this state need safety upgrades and other improvements that require both public and private investment to return these buildings as assets of their local communities, NOW, THEREFORE,

AI Summary

Committee Categories

Nick DiCeglie (R)*, 

Other Sponsors (1)

Died in Finance and Tax (on 03/08/2024)

Official Document