11756417, 12C-1.0191 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11756417

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.0191	Capital Investment Tax Credit Program
12C-1.0193	Florida Renewable Energy Production Credit (Repealed)
12C-1.0221	Returns, Notices, and Elections; Signing and Verification
12C-1.051	Forms

PURPOSE:

Section 1, Chapter 2011-223, L.O.F., allows certain unused capital investment tax credits to be carried forward through the 30th tax year after commencement of operations. The purpose of the proposed amendments to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), is to add this provision to the rule.
Section 7, Chapter 2012-117, L.O.F., effective July 1, 2012, requires an application to be filed with the Department of Agriculture and Consumer Services for an allocation of an annual tax credit against corporate income tax based on the taxpayer’s production and sale of electricity from a Florida renewable energy facility. The purpose of the proposed amendments to Rule 12C-1.0193, F.A.C. (Florida Renewable Energy Production Credit), and to Rule 12C-1.051, F.A.C. (Forms), is to update the Department’s rules and form to include the provisions of Section 7, Chapter 2012-117, L.O.F., and to remove the obsolete application for the tax credit previously submitted to the Department of Revenue.
The purpose of the proposed amendments to Rule 12C-1.0221, FA.C. (Returns, Notices, and Elections; Signing and Verification), is to adopt, by reference, updates to Treasury Department Circular Number 230.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to: (1) adopt, by reference: (1) annual changes to update Florida corporate income tax returns to reflect law changes; (2) updates to the application used to notify the Department of a transfer of a tax credit to another taxpayer; and (3) to remove an application for the Florida renewable energy tax credit that will be administered by the Florida Department of Agriculture and Consumer Services beginning July 1, 2012.

SUBJECT:

The subject of the rule workshop is the: (1) proposed changes to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), to incorporate the provisions of Section 1, Chapter 2011-223, L.O.F.; (2) proposed changes to Rule 12C-1.0193, F.A.C., and Form F-1193T (Notice of Intent to Transfer A Florida Energy Tax Credit) to incorporate the provisions of Section 7, Chapter 2012-117, L.O.F., effective July 1, 2012, and to remove the obsolete application for a Florida renewable energy tax credit; and (3) updates to materials and forms used to administer the Florida corporate income tax.

RULEMAKING AUTHORITY:

213.06(1), 220.191(8), 220.192(5), (7), 220.193, 220.196(4), 220.51, 1002.395(13) FS.

LAW:

119.071(5), 212.08(5)(p), 213.35, 213.755, 220.02(3), (8), 220.03(1), 220.11, 220.12, 220.13(1), (2), 220.131, 220.14, 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.19, 220.191, 220.192, 220.193, 220.196, 220.21, 220.211, 220.22, 220.221, 220.222, 220.23, 220.24, 220.241, 220.31, 220.32, 220.33, 220.34, 220.41, 220.42, 220.43, 220.44, 220.51, 220.721, 220.723, 220.725, 220.737, 220.801, 220.803, 220.805, 220.807, 220.809, 221.04, 624.5105, 624.51055, 1002.395 FS.

PRINT PUBLISH DATE:

7/20/2012 Vol. 38/29

RELATED STATUTES
AND LAWS:

213.06(1), 220.191(8), 220.192(5), (7), 220.193, 220.196(4), 220.51, 1002.395(13) FS., 119.071(5), 212.08(5)(p), 213.35, 213.755, 220.02(3), (8), 220.03(1), 220.11, 220.12, 220.13(1), (2), 220.131, 220.14, 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.19, 220.191, 220.192, 220.193, 220.196, 220.21, 220.211, 220.22, 220.221, 220.222, 220.23, 220.24, 220.241, 220.31, 220.32, 220.33, 220.34, 220.41, 220.42, 220.43, 220.44, 220.51, 220.721, 220.723, 220.725, 220.737, 220.801, 220.803, 220.805, 220.807, 220.809, 221.04, 624.5105, 624.51055, 1002.395 FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=12C-1.0191&PDate=7/20/2012&Section=1

REFERENCE MATERIALS:

No reference(s).

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