Title: Capital Investment Tax Credit

Summary: Authorizing passenger car rental companies and travel agencies that meet certain criteria in a specified year to use unused tax credits for certain purposes; authorizing the Department of Revenue to adopt emergency rules, etc.

Full Text:
An act relating to capital investment tax credit; amending s. 220.191, F.S.; authorizing passenger car rental companies and travel agencies that meet certain criteria in a specified year to use unused tax credits for certain purposes; authorizing the Department of Revenue to adopt emergency rules; providing for expiration of such authority; providing effective dates. Be It Enacted by the Legislature of the State of Florida: Section 1. Subsection (9) is added to section 220.191, Florida Statutes, to read: 220.191 Capital investment tax credit.  (9)   In addition to any methods authorized to carry forward unused tax credits in this section and for taxable years beginning in 2020 only, any qualifying business whose primary business activity is within the standard industrial classifi cation codes of 4724 or 7514 which ended the taxable year beginning in 2020 with unused tax credits as otherwise authorized under this section, and whose total gross receipts between April 1, 2020, and December 31, 2020, were percent less when compared to the same period in 2019, may use up to percent of the unused tax credits in the tax year beginning January 1, 2021, by: (a)   Transferring its unused tax credits to another business subject to the tax imposed under this chapter, as long as the business receiving the transferred credits uses the credits only in the year received; (b)   Using its unused tax credits against amounts payable to the department, either as consumer or dealer, for sales or use taxes imposed under chapter 212; or (c)   Applying its unused tax credits against its corporate income tax payments for a single taxable year or a combination of taxable years beginning after January 1, 2021, and ending before December 31, 2025. Section 2.  (1)   The Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules pursuant to s. 120.54(4), Florida Statutes, for the purpose of administering this act. (2)   Notwithstanding any other law, emergency rules adopted pursuant to subsection (1) are effective for months after adoption and may be renewed during the pendency of procedures to adopt permanent rules addressing the subject of the emerg ency rules. (3)   This section shall take effect upon this act becoming a law and expires July 1, 2023. Section 3. Except as otherwise expressly provided in this act and except for this section, which shall take effect upon this act becoming a law, this act shall take effect July 1, 2021.