Bill
Bill > H1183
summary
Introduced
01/03/2024
01/03/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
2024 Regular Session
Bill Summary
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 applications to 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.
AI Summary
This bill creates the "Main Street Historical Tourism and Revitalization Act", which provides tax credits for the rehabilitation of certified historic structures in Florida. The bill defines key terms, sets eligibility requirements, specifies the amount and distribution of the tax credits, allows for the carryforward, sale, and transfer of the credits, and grants the Department of Revenue authority to audit and enforce the program. The bill also requires the Department of Revenue to submit annual reports on the impacts of the program. The tax credits can be used against corporate income tax and insurance premium tax, and the total amount of credits granted per fiscal year is capped at $25 million. The bill applies to taxable years beginning on or after January 1, 2025.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Died in Ways & Means Committee (on 03/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2024/1183 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1183/BillText/Filed/PDF |
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