15703056, 12B-8.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15703056

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Division:

Miscellaneous Tax

Chapter:

INSURANCE PREMIUM TAXES, FEES AND SURCHARGES

Overview

RULE:

12B-8.001

Premium Tax; Rate and Computation

PURPOSE:

Section 17, Chapter 2014-184, Laws of Florida, provides that for purposes of determining if a penalty under Section 624.5092, F.S., should be imposed on the underpayment of an installment, an insurer may reduce the installment amount required to meet the prior year exception in that taxable year by the amount of the credit earned under Section 624.51055, F.S. (Credit for contributions to eligible nonprofit scholarship-funding organizations). The amount required to meet the prior year exception may only be reduced with respect to contributions made on or after July 1, 2014.
The purpose of the proposed amendments to Rule 12B-8.001, F.A.C. (Premium Tax; Rate and Computation), is to provide clarification regarding the computation of the installment payment amount required to meet the prior year exception when a taxpayer has made one or more qualifying contributions to eligible nonprofit scholarship-funding organizations.

SUBJECT:

The subject area to be addressed is the computation of the installment payment amount required to meet the prior year exception pursuant to Section 624.5092, F.S., when a taxpayer has made one or more qualifying contributions to eligible nonprofit scholarship-funding organizations.

RULEMAKING AUTHORITY:

213.06(1), 220.183(4)(d), 288.99(11) (2010), 624.5105(4)(b), 1002.395(13) FS.

LAW:

175.101, 175.1015, 175.121, 175.141, 185.08(3), 185.085, 185.10, 185.12, 213.05, 213.235, 220.183(3), 288.99(11) (2010), 624.4621, 624.46226, 624.4625, 624.475, 624.509, 624.5092, 624.50921, 624.510, 624.5105, 624.51055, 624.511, 624.518, 624.519, 624.520(2), 626.7451(11), 627.3512, 627.357(9), 628.6015, 629.5011, 634.131, 634.313(2), 634.415(2), 1002.395 FS.

PRINT PUBLISH DATE:

2/23/2015 Vol. 41/36

RELATED STATUTES
AND LAWS:

213.06(1), 220.183(4)(d), 288.99(11) (2010), 624.5105(4)(b), 1002.395(13) FS., 175.101, 175.1015, 175.121, 175.141, 185.08(3), 185.085, 185.10, 185.12, 213.05, 213.235, 220.183(3), 288.99(11) (2010), 624.4621, 624.46226, 624.4625, 624.475, 624.509, 624.5092, 624.50921, 624.510, 624.5105, 624.51055, 624.511, 624.518, 624.519, 624.520(2), 626.7451(11), 627.3512, 627.357(9), 628.6015, 629.5011, 634.131, 634.313(2), 634.415(2), 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=12B-8.001&PDate=2/23/2015&Section=1

REFERENCE MATERIALS:

No reference(s).

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