LRBa0996/1
JK:cjs:rs
2003 - 2004 LEGISLATURE
ASSEMBLY AMENDMENT 2,
TO 2003 ASSEMBLY BILL 499
November 4, 2003 - Offered by Representatives Schooff and Shilling.
AB499-AA2,1,4
21. Page 8, line 15: delete lines 15 and 16 and substitute "property for the
3purposes of ss. 71.07 (9m) (a), 71.28 (6) (a), and 71.47 (6) (a). Such standards shall
4be substantially similar to the standards".
AB499-AA2,1,12
6"71.07
(9m) (a) 2. a. Any person may claim as a credit against the taxes
7otherwise due under this chapter, up to the amount of those taxes, an amount equal
8to 20 percent of the costs of qualified rehabilitation expenditures, as defined in
9section
47 (c) (2) of the Internal Revenue Code, for certified historic structures on
10property located in a certified downtown under s. 560.03 (21m) or included in a
11business revitalization under s. 560.081, if the physical work of construction or
12destruction in preparation for construction begins after December 31, 2003.
AB499-AA2,2,16
1b. A person whose qualified rehabilitation expenditures do not satisfy the
2adjusted basis requirement under section
47 (c) (1) of the Internal Revenue Code, but
3who otherwise would be eligible to claim the rehabilitation credit under section
47 4of the Internal Revenue Code, may claim as a credit against taxes imposed under s.
571.02, up to the amount of those taxes, an amount equal to 20 percent of the costs of
6qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the Internal
7Revenue Code, if the property is located in a certified downtown under s. 560.03
8(21m) or is included in a business area revitalization under s. 560.081; if the person's
9qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the Internal
10Revenue Code, are at least $10,000; if the rehabilitation is approved by the state
11historical society before the physical work of construction, or destruction in
12preparation for construction, begins; if the person includes evidence of such approval
13with the person's return; if the physical work of construction, or destruction in
14preparation for construction, begins after December 31, 2003; and if the person
15claims the credit for the same taxable year in which the person would have claimed
16the credit for federal purposes.".
AB499-AA2,3,7
1"71.28
(6) (a) 2. a. Any person may claim as a credit against the taxes otherwise
2due under this chapter, up to the amount of those taxes, an amount equal to 20
3percent of the costs of qualified rehabilitation expenditures, as defined in section
47 4(c) (2) of the Internal Revenue Code, for certified historic structures on property
5located in a certified downtown under s. 560.03 (21m) or included in a business
6revitalization under s. 560.081, if the physical work of construction or destruction in
7preparation for construction begins after December 31, 2003.
AB499-AA2,3,238
b. A person whose qualified rehabilitation expenditures do not satisfy the
9adjusted basis requirement under section
47 (c) (1) of the Internal Revenue Code, but
10who otherwise would be eligible to claim the rehabilitation credit under section
47 11of the Internal Revenue Code, may claim as a credit against taxes imposed under s.
1271.23, up to the amount of those taxes, an amount equal to 20 percent of the costs of
13qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the Internal
14Revenue Code, if the property is located in a certified downtown under s. 560.03
15(21m) or is included in a business area revitalization under s. 560.081; if the person's
16qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the Internal
17Revenue Code, are at least $10,000; if the rehabilitation is approved by the state
18historical society before the physical work of construction, or destruction in
19preparation for construction, begins; if the person includes evidence of such approval
20with the person's return; if the physical work of construction, or destruction in
21preparation for construction, begins after December 31, 2003; and if the person
22claims the credit for the same taxable year in which the person would have claimed
23the credit for federal purposes.".
AB499-AA2,4,10
4"71.47
(6) (a) 2. a. Any person may claim as a credit against the taxes otherwise
5due under this chapter, up to the amount of those taxes, an amount equal to 20
6percent of the costs of qualified rehabilitation expenditures, as defined in section
47 7(c) (2) of the Internal Revenue Code, for certified historic structures on property
8located in a certified downtown under s. 560.03 (21m) or included in a business
9revitalization under s. 560.081, if the physical work of construction or destruction in
10preparation for construction begins after December 31, 2003.
AB499-AA2,5,211
b. A person whose qualified rehabilitation expenditures do not satisfy the
12adjusted basis requirement under section
47 (c) (1) of the Internal Revenue Code, but
13who otherwise would be eligible to claim the rehabilitation credit under section
47 14of the Internal Revenue Code, may claim as a credit against taxes imposed under s.
1571.43, up to the amount of those taxes, an amount equal to 20 percent of the costs of
16qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the Internal
17Revenue Code, if the property is located in a certified downtown under s. 560.03
18(21m) or is included in a business area revitalization under s. 560.081; if the person's
19qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the Internal
20Revenue Code, are at least $10,000; if the rehabilitation is approved by the state
21historical society before the physical work of construction, or destruction in
22preparation for construction, begins; if the person includes evidence of such approval
23with the person's return; if the physical work of construction, or destruction in
24preparation for construction, begins after December 31, 2003; and if the person
1claims the credit for the same taxable year in which the person would have claimed
2the credit for federal purposes.".
