1211.0252 Credit for contributions to the New Worlds Reading Initiative.—Beginning January 1, 2022, there is allowed a credit of 100 percent of an eligible contribution made to the New Worlds Reading Initiative under s. 1003.485 against any tax due under s. 211.02 or s. 211.025. However, the combined credit allowed under this section and s. 211.0251 may not exceed 50 percent of the tax due on the return on which the credit is taken. If the combined credit allowed under this section and s. 211.0251 exceeds 50 percent of the tax due on the return, the credit must first be taken under s. 211.0251. Any remaining liability must be taken under this section, but may not exceed 50 percent of the tax due. For purposes of the distributions of tax revenue under s. 211.06, the department shall disregard any tax credits allowed under this section to ensure that any reduction in tax revenue received which is attributable to the tax credits results only in a reduction in distributions to the General Revenue Fund. Section 1003.485 applies to the credit authorized by this section.
History.—s. 2, ch. 2021-193.
1Note.—Section 12, ch. 2021-193, provides that “[t]he Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under s. 120.54(4), Florida Statutes, for the purpose of implementing provisions related to the New Worlds Reading Initiative Tax Credit created by this act. Notwithstanding any other law, emergency rules adopted under this section are effective for 6 months after adoption and may be renewed during the pendency of procedures to adopt permanent rules addressing the subject of the emergency rules.”
