CS/HB 627 Summary: Community Contribution Tax Credits

• Amends sections 220.03, 212.08, and 624.5105 of Florida Statutes to establish and define community contribution tax credits applicable to business income tax, sales and use tax, and insurance premium tax liabilities.

• Defines "community contribution" as grants of cash, liquid assets, real property (including real property holding companies), goods, inventory, or other physical resources by eligible business firms and insurers to qualified projects.

• Establishes tax credit limits: $200,000 annual maximum per person; $18.4-$21.4 million annually for housing and special needs projects; $3.5 million annually for other projects, with 3-year carryover periods allowed.

• Requires contributions to benefit eligible projects including affordable housing, commercial/industrial development, job training, or rural broadband access in enterprise zones or Front Porch Florida Communities, with prior Department of Economic Opportunity approval.

• All provisions expire June 30, 2018, though unused carryover credits may continue through their 3-year carryover period; effective date July 1, 2016.