Commercial Launch Zone Tax Incentives: Establishes credits against corporate income tax for taxpayers that create or provide investments for spaceflight projects; provides definitions; establishes eligibility requirements for tax credits; allows for carryforward of tax credits; provides application & certification requirements; requires OTTED to determine eligibility of taxpayers; provides for expiration & renewal of taxpayer’s eligibility for tax credits; provides for administration & auditing of tax credits by DOR; requires return & deposit of tax credits under certain circumstances; requires OTTED to consult with Space Florida & adopt rules for tax credit applications & certifications; authorizes DOR to adopt rules for tax administration, claims & transfers of tax credits, auditing, & reporting; requires annual report to Governor & Legislature; revises OTTED’s duties to include administration of tax credits created by act; revises legislative intent of order for applying tax credits.
Read entire bill here: http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0133__.docx&DocumentType=Bill&BillNumber=0133&Session=2010
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