Bill > S0504

This bill amends Florida Statute 212.17 to establish procedures for dealers to obtain tax credits or refunds for taxes paid on worthless or uncollectible private-label credit card accounts or receivables, which are essentially debts incurred by customers using a store-branded credit card that the store cannot collect. The bill outlines specific requirements for claiming these credits or refunds, including that the accounts must be charged off as bad debt on the lender's books, a credit or refund was not previously claimed, and the claim is made within 12 months of the bad debt being charged off for federal income tax purposes. It also details how to calculate the credit or refund amount, including methods for determining the taxable portion of the uncollectible balance and specifies limitations on the amount a dealer can recover, with these limitations gradually increasing from 25% in 2014 to 100% by 2017. The bill also clarifies definitions for terms like "dealer's affiliates," "lender," and "private-label credit card" to ensure proper application of these provisions.