SB 908 — Strong Families Tax Credit

Florida Senate - 2021 CS for CS for SB 908 By the CommitteesCommittee on FinanceChildren, Families, and Tax;Elder Affairs;

and Children,Senator Families,Rodrigues and586-03268-21 Elder2021908c1 Affairs;A bill to be entitled An act relating to the Strong Families Tax Credit;

and Senator Rodrigues 593-03640-21 2021908c2 A bill to be entitled An act relating to the Strong Families Tax Credit;

specifying requirements and procedures forfor, and limitations on, the credit;

The credit granted by this section shall be reduced by the difference between the amount of federal corporate income tax, taking into account the credit granted by this section, and the amount of federal corporate income tax without application of the credit granted by this section.

220.131(1) may be allowed the credit on a consolidated return basis.basis;

however, the total credit taken by the affiliated group is subject to the limitation established under subsection (1).

402.62 Strong402.62  Strong Families Tax Credit.— (1) DEFINITIONS.—As used in this section, the term:

c. Provide books to the homes of children eligible for a federal free or reduced-price meals program or those testing below grade level in kindergarten through gradeGrade 5;

5. Annually submits a statement,statement signedsigned, under penalty of perjuryperjury, by a current officer of the organization, that the organization meets all criteria to qualify as an eligible charitable organization, has fulfilled responsibilities under this section for the previous fiscal year if the organization received any funding through this credit during the previous year, and intends to fulfill its responsibilities during the upcoming year.

1. Provides abortionsabortions, pays for or paysprovides coverage for abortions, or financially supports any other entity that provides, pays for, or provides coverage for abortions;

An organization that has had its designation removed by the department may reapply for designation as an eligible charitable organization, and the department shall redesignate such organization,organization if it meets the requirements of this section and demonstrates through its application that all factors leading to its removal as an eligible charitable organization have been sufficiently addressed.

The website must,shall, at a minimum, provide all of the following:

2. A list of the eligible charitable organizations that are currently designated by the department and the information provided under subparagraph (2)(a)4.(2)(a)5.

APPLICATIONS, TRANSFERS, AND LIMITATIONS.— (a) Beginning(a) The in fiscal year 2021-2022, the tax credit cap amount is $5 million in each state fiscal year.