Florida Senate - 2020 SB By Senator Powell 30-00261B-20 2020642__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled

An act relating to an internship tax credit program; 2 creating s. 220.198, F.S.; providing a

short title; 3 defining terms; providing a corporate income tax credit for qualified businesses employing degree-5 seeking student interns if certain criteria are met; 6 specifying the amount of the credit per student intern; specifying a limit on the credit claimed per taxable year; authorizing the Department of Revenue to adopt certain rules; authorizing a qualified business to carry forward unused credit for a certain time; 11 providing an effective date. 12

Be It Enacted by the Legislature of the State of Florida: 14

Section

Section 220.198, Florida Statutes, is created to read: 17 220.198 Internship tax credit program.— 18

(1) This

section may be cited as the “Florida Internship Tax Credit Program.” 20

(2) As used in this section, the term: 21

(a) “Degree-seeking student intern” means a person who is a senior at a state university, a Florida College System institution, a career center operated by a school district under s. 1001.44, or a charter technical career center, or any graduate student enrolled at a state university. 26

(b) “Full time” means at least hours per week. 27

(c) “Qualified business” means a business that has been continuously operating for at least years. 29 Florida Senate - 2020 SB 642 30-00261B-20 2020642__ CODING: Words stricken are deletions; words underlined are additions.

(3) For taxable years beginning on or after January 1, 30 2021, a qualified business shall be allowed a tax credit against previously paid corporate income taxes imposed under this

chapter in the amount of $2,000 per student intern, if: 33

(

a) During the degree-seeking student’s internship, the student worked full time for at least consecutive weeks; 35

(

b) The qualified business provides documentation for the current taxable year to show that at least percent of its full-time employees were previously employed as degree-seeking student interns by that qualified business; 39

(

c) The degree-seeking student intern had a minimum grade point average of 2.0 at the start of the internship; and 41

(

d) The state university, Florida College System institution, career center operated by a school district under s. 1001.44, or charter technical career center has provided documentation attesting to the degree-seeking student intern’s enrollment status. 46

(4) Notwithstanding paragraph (3)(b), a qualified business that, for the prior years on average, employed or fewer full-time employees shall be allowed the tax credit if it provides documentation that it previously hired at least 1 degree-seeking student intern, and, for the current taxable year, it employs on a full-time basis at least employee who was previously employed as a degree-seeking student intern by that qualified business. 54

(5) A qualified business may not claim a tax credit of more than $10,000 for previously paid corporate income taxes in any 1 taxable year. 57

(6) The department may adopt rules governing the manner and Florida Senate - 2020 SB 642 30-00261B-20 2020642__ CODING: Words stricken are deletions; words underlined are additions. form of applications for the tax credit and establishing qualification requirements for the tax credit. 60

(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 for up to 2 taxable years. 64

Section 2. This act shall take effect July 1, 2020. 65