2015 - 2016 LEGISLATURE
SENATE AMENDMENT 2,
TO SENATE BILL 404
February 11, 2016 - Offered by
Joint Committee on Finance.
SB404-SA2,1,4
3"
Section 1b. 71.07 (5b) (b) 1. of the statutes is renumbered 71.07 (5b) (b) and
4amended to read:
SB404-SA2,1,105
71.07
(5b) (b) For taxable years beginning after December 31, 2004, subject to
6the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009
7stats.,
and except as provided in subd. 2., a claimant may claim as a credit against
8the tax imposed under ss. 71.02 and 71.08, up to the amount of those taxes, 25 percent
9of the claimant's investment paid to a fund manager that the fund manager invests
10in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.
SB404-SA2,1c
11Section 1c. 71.07 (5b) (b) 2. of the statutes is repealed.
SB404-SA2,1d
12Section 1d. 71.07 (5b) (c) of the statutes is amended to read:
SB404-SA2,2,9
171.07
(5b) (c)
Limitations. Partnerships, limited liability companies, and
2tax-option corporations may not claim the credit under this subsection, but the
3eligibility for, and the amount of, the credit are based on their payment of amounts
4under par. (b). A partnership, limited liability company, or tax-option corporation
5shall compute the amount of credit that each of its partners, members, or
6shareholders may claim and shall provide that information to each of them.
7Partners, members of limited liability companies, and shareholders of tax-option
8corporations may claim the credit in proportion to their ownership interest
or as
9specially allocated in their organizational documents.
SB404-SA2,1e
10Section 1e. 71.28 (5b) (b) 1. of the statutes is renumbered 71.28 (5b) (b) and
11amended to read:
SB404-SA2,2,1712
71.28
(5b) (b) For taxable years beginning after December 31, 2004, subject to
13the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009
14stats.,
and except as provided in subd. 2., a claimant may claim as a credit against
15the tax imposed under s. 71.23, up to the amount of those taxes, 25 percent of the
16claimant's investment paid to a fund manager that the fund manager invests in a
17business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.
SB404-SA2,1f
18Section 1f. 71.28 (5b) (b) 2. of the statutes is repealed.
SB404-SA2,1g
19Section 1g. 71.28 (5b) (c) of the statutes is amended to read:
SB404-SA2,3,320
71.28
(5b) (c)
Limitations. Partnerships, limited liability companies, and
21tax-option corporations may not claim the credit under this subsection, but the
22eligibility for, and the amount of, the credit are based on their payment of amounts
23under par. (b). A partnership, limited liability company, or tax-option corporation
24shall compute the amount of credit that each of its partners, members, or
25shareholders may claim and shall provide that information to each of them.
1Partners, members of limited liability companies, and shareholders of tax-option
2corporations may claim the credit in proportion to their ownership interest
or as
3specially allocated in their organizational documents.
SB404-SA2,1h
4Section 1h. 71.47 (5b) (b) 1. of the statutes is renumbered 71.47 (5b) (b) and
5amended to read:
SB404-SA2,3,116
71.47
(5b) (b) For taxable years beginning after December 31, 2004, subject to
7the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009
8stats.,
and except as provided in subd. 2., a claimant may claim as a credit against
9the tax imposed under s. 71.43, up to the amount of those taxes, 25 percent of the
10claimant's investment paid to a fund manager that the fund manager invests in a
11business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.
SB404-SA2,1i
12Section 1i. 71.47 (5b) (b) 2. of the statutes is repealed.
SB404-SA2,1j
13Section 1j. 71.47 (5b) (c) of the statutes is amended to read:
SB404-SA2,3,2214
71.47
(5b) (c)
Limitations. Partnerships, limited liability companies, and
15tax-option corporations may not claim the credit under this subsection, but the
16eligibility for, and the amount of, the credit are based on their payment of amounts
17under par. (b). A partnership, limited liability company, or tax-option corporation
18shall compute the amount of credit that each of its partners, members, or
19shareholders may claim and shall provide that information to each of them.
20Partners, members of limited liability companies, and shareholders of tax-option
21corporations may claim the credit in proportion to their ownership interest
or as
22specially allocated in their organizational documents.".
SB404-SA2,4,7
2"
(2) The treatment of sections 71.07 (5b) (c), 71.28 (5b) (c), and 71.47 (5b) (c) of
3the statutes, the renumbering and amendment of sections 71.07 (5b) (b) 1., 71.28 (5b)
4(b) 1., and 71.47 (5b) (b) 1. of the statutes, and the repeal of sections 71.07 (5b) (b) 2.,
571.28 (5b) (b) 2., and 71.47 (5b) (b) 2. of the statutes first apply to investments in
6qualified new business ventures eligible for early stage seed credits made on the
7effective date of this subsection.".