288.991 – Short title.
1288.991 Short title.—Sections 288.991-288.9922 may be cited as the “New Markets Development Program Act.” History.—ss. 4, 15, ch. 2009-50. 1Note.—Expires December 31, 2022, pursuant to s. 15, ch. 2009-50.
288.9912 – New Markets Development Program; purpose.
1288.9912 New Markets Development Program; purpose.—The New Markets Development Program is established to encourage capital investment in rural and urban low-income communities by allowing taxpayers to earn credits against specified taxes by investing in qualified community development entities that make qualified low-income community investments in qualified active low-income community businesses to create and retain jobs. History.—ss. […]
288.9913 – Definitions.
1288.9913 Definitions.—As used in ss. 288.991-288.9922, the term: (1) “Credit allowance date” means: (a) The date on which a qualified investment is made; and (b) Each of the six anniversaries of that date. (2) “Long-term debt security” means a debt instrument issued by a qualified community development entity at par value or a premium which has a maturity date of […]
288.9914 – Certification of qualified investments; investment issuance reporting.
1288.9914 Certification of qualified investments; investment issuance reporting.— (1) ELIGIBLE INDUSTRIES.— (a) The department, in consultation with Enterprise Florida, Inc., shall designate industries using the North American Industry Classification System which are eligible to receive low-income community investments. The designated industries must be those industries that have the greatest potential to create strong positive impacts on or benefits […]
288.9915 – Use of proceeds from qualified investments; recordkeeping.
1288.9915 Use of proceeds from qualified investments; recordkeeping.— (1) For the period from the issuance of the qualified investment to the 7th anniversary of such issuance, a qualified community development entity may make cash interest payments on a long-term debt security that is a qualified investment, but not in excess of the entity’s cumulative operating income as […]
288.9916 – New markets tax credit.
1288.9916 New markets tax credit.— (1) A person or entity that makes a qualified investment earns a vested tax credit pursuant to the New Markets Development Program Act against taxes under s. 220.11 or s. 624.509 equal to 39 percent of the purchase price of the qualified investment. The holder of a qualified investment may claim the […]
288.9917 – Community development entity reporting after a credit allowance date; certification of tax credit amount.
1288.9917 Community development entity reporting after a credit allowance date; certification of tax credit amount.— (1) A qualified community development entity that has issued a qualified investment shall submit the following to the department within 30 days after each credit allowance date: (a) A list of all qualified active low-income community businesses in which a qualified low-income community […]
288.9918 – Annual reporting by a community development entity.
1288.9918 Annual reporting by a community development entity.— (1) A community development entity that has issued a qualified investment shall submit an annual report to the department by January 31 after the end of each year which includes a credit allowance date. The report shall include information on investments made in the preceding calendar year to include […]
288.9919 – Audits and examinations; penalties.
1288.9919 Audits and examinations; penalties.— (1) AUDITS.—A community development entity that issues an investment approved by the department as a qualified investment shall be deemed a recipient of state financial assistance under s. 215.97, the Florida Single Audit Act. However, an entity that makes a qualified investment or receives a qualified low-income community investment is not a […]
288.9920 – Recapture and penalties.
1288.9920 Recapture and penalties.— (1) Notwithstanding s. 95.091, the department shall direct the Department of Revenue, at any time before December 31, 2022, to recapture all or a portion of a tax credit authorized pursuant to the New Markets Development Program Act if one or more of the following occur: (a) The Federal Government recaptures any portion of […]