Taxation
What changed between versions
Created the Rural Community Investment Program within the Department of Commerce to provide tax credits for investments in rural businesses with fewer than 250 employees, with a $7 million annual cap and $35 million lifetime limit.
Established the Home Away From Home Tax Credit allowing taxpayers to claim credits for contributions to eligible charitable organizations that house critically ill children, with caps of $5 million annually for sales tax and $7 million for corporate income tax.
Exempted the sale of gold, silver, and platinum bullion from state sales tax when the sales price exceeds $500 per transaction.
Extended clothing sales tax exemption to include items priced at $75 or less per item, previously limited to lower thresholds.
Extended agricultural land assessment relief to include citrus lands taken out of production due to citrus greening disease, in addition to Hurricane Irma damage, with a 5-year classification period.
Required forwarding agents to surrender certificates under specific circumstances including cessation of business, address changes, or changes in principal business activity.
Added requirements for rural funds to submit detailed reports on eligible investments, jobs created, and financial information to the Department of Commerce.
Extended the date by which local communications services tax rates may not be increased from January 1, 2023 to January 1, 2026.
Established recapture mechanisms for Rural Community Investment Program tax credits if rural funds fail to meet investment requirements, with a 6-month cure period and potential penalties for fraud.
Added provisions for electronic hearings before the value adjustment board, allowing petitioners to appear remotely if requested in writing at least 10 days before the hearing.