SB 258 — Internship Tax Credit Program

b. Notwithstanding sub-subparagraph a., if a credit taken under s.

220.1875 is added to taxable income in a previous taxable year under subparagraph 11.

and is taken as a deduction for federal tax purposes in the current taxable year, the amount of the deduction allowed shall not be added to taxable income in the current year.

The exception in this sub-subparagraph is intended to ensure that the credit under s.

220.1875 is added in the applicable taxable year and does not result in a duplicate addition in a subsequent year.

2. The amount of interest which is excluded from taxable income under s.

103(a) of the Internal Revenue Code or any other federal law, less the associated expenses disallowed in the computation of taxable income under s.

265 of the Internal Revenue Code or any other law, excluding 60 percent of any amounts included in alternative minimum taxable income, as defined in s.

55(b)(2) of the Internal Revenue Code, if the taxpayer pays tax under s.

220.11(3).

3. In the case of a regulated investment company or real estate investment trust, an amount equal to the excess of the net long-term capital gain for the taxable year over the amount of the capital gain dividends attributable to the taxable year.

4. That portion of the wages or salaries paid or incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year under s.

220.181.

This subparagraph shall expire on the date specified in s.

290.016 for the expiration of the Florida Enterprise Zone Act.

5. That portion of the ad valorem school taxes paid or incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year under s.

220.182.

This subparagraph shall expire on the date specified in s.

290.016 for the expiration of the Florida Enterprise Zone Act.

6. The amount taken as a credit under s.

220.195 which is deductible from gross income in the computation of taxable income for the taxable year.

7. That portion of assessments to fund a guaranty association incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year.

8. In the case of a nonprofit corporation which holds a pari-mutuel permit and which is exempt from federal income tax as a farmers’ cooperative, an amount equal to the excess of the gross income attributable to the pari-mutuel operations over the attributable expenses for the taxable year.

9. The amount taken as a credit for the taxable year under s.

220.1895.

10. Up to nine percent of the eligible basis of any designated project which is equal to the credit allowable for the taxable year under s.

220.185.

11. The amount taken as a credit for the taxable year under s.

220.1875.

The addition in this subparagraph is intended to ensure that the same amount is not allowed for the tax purposes of this state as both a deduction from income and a credit against the tax.

This addition is not intended to result in adding the same expense back to income more than once.

12. The amount taken as a credit for the taxable year under s.

220.193.

13. Any portion of a qualified investment, as defined in s.

288.9913, which is claimed as a deduction by the taxpayer and taken as a credit against income tax pursuant to s.

288.9916.

14. The costs to acquire a tax credit pursuant to s.

288.1254(5) that are deducted from or otherwise reduce federal taxable income for the taxable year.

15. The amount taken as a credit for the taxable year pursuant to s.

220.194.

16. The amount taken as a credit for the taxable year under s.

220.196.

The addition in this subparagraph is intended to ensure that the same amount is not allowed for the tax purposes of this state as both a deduction from income and a credit against the tax.

The addition is not intended to result in adding the same expense back to income more than once.

17. The amount taken as a credit for the taxable year pursuant to s.

220.198.

Section 3. Section 220.198, Florida Statutes, is created to read:

(a) “Degree-seeking(a) “Full studenttime” intern” means a person who is a junior or senior at aleast state30 university,hours aper Floridaweek. College System institution, a career center operated by a school district under s.

1001.44,(b) “Qualified orbusiness” means a charterbusiness technicalthat careeris center,in orexistence anyand graduatehas studentbeen enrolledcontinuously operating for at aleast state3 university.years.

(b) “Full(c) “Student time”intern” means a person who has completed at least 3060 credit hours perat week.a state university or a Florida College System institution;

(c) “Qualified business” means a businessperson thatwho is enrolled in existencea andcareer hascenter beenoperated continuouslyby operatinga forschool atdistrict leastunder 3s. years.

(3) For1001.44 taxable years beginning on or after January 1, 2022, a qualifiedcharter businesstechnical maycareer receivecenter; a tax credit for previously paid corporate income taxes imposed under this chapter in the amount of $2,000 per student intern if:

(a) Theor qualifiedany businessgraduate employed a degree-seeking student inenrolled an internship in which the student worked full time for at leasta 9state consecutiveuniversity. weeks;

(b) The(3) For qualifiedtaxable businessyears providesbeginning documentationon foror theafter currentJanuary taxable1, year2022, toa showqualified thatbusiness atis leasteligible 20for percenta ofcredit against the business’stax full-timeimposed employeesby werethis previouslychapter employedin bythe thatamount businessof as$2,000 degree-seekingper student interns;intern if all of the following apply:

(c) A(a) The degree-seekingqualified business employed at least one student intern workingin foran ainternship qualifiedin businesswhich hadthe astudent minimumintern gradeworked pointfull averagetime ofin 2.0this state for at least 9 consecutive weeks, and the startqualified ofbusiness provides the internship;department documentation evidencing each internship claimed.

and(b) The (d) Thequalified statebusiness university,provides Floridathe Collegedepartment Systemdocumentation institution,for careerthe centercurrent operatedtaxable year showing that at least 20 percent of the business’ full-time employees were previously employed by athat schoolbusiness districtas understudent s.interns.

1001.44,(c) At orthe charterstart technicalof careeran centerinternship, haseach providedstudent documentationintern attestingprovides to the degree-seekingqualified business with verification by the student intern’s enrollmentstate status.university, Florida College System institution, career center operated by a school district under s.

(4) Notwithstanding1001.44, paragraph (3)(b), a qualified business that, for the 3 prior years on average, employed 10 or fewercharter full-timetechnical employeescareer maycenter receivethat the tax credit if it provides documentation that it previously hired at least one degree seeking student intern and,is forenrolled theand currentmaintains taxable year, that it employs on a full-timeminimum basisgrade atpoint leastaverage oneof employee2.0 whoon was previously employed by that qualified business as a degree4.0 seekingscale. student intern.

(5) A(4) Notwithstanding paragraph (3)(b), a qualified business maythat, noton claimaverage afor the 3 immediately preceding years, employed 10 or fewer full-time employees may receive the tax credit ofif moreit thanprovides $10,000documentation forthat it previously paidhired corporateat incomeleast taxesone instudent anyintern oneand, for the current taxable year.year, that it employs on a full-time basis at least one employee who was previously employed by that qualified business as a student intern.

(5) A qualified business may not claim a tax credit of more than $10,000 in any one taxable year.

(7) A qualified business awarded a tax credit for previously paid corporate income taxes under this section may carry forward any unused portion of a tax credit under this section for up to 2 taxable years.

Section 2. This4. (1) The actDepartment shallof takeRevenue effectis Julyauthorized, 1,and 2021.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 6 months after adoption and may be renewed during the pendency of procedures to adopt permanent rules addressing the subject of the emergency rules.

(3) This section shall take effect upon this act becoming a law and expires July 1, 2022.

Section 5. 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.