16510193, 12C-1.0194 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 16510193

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.0194	Corporate Income Tax Credit for Spaceflight Projects
12C-1.0196	Research and Development Tax Credit
12C-1.051	Forms

PURPOSE:

Section 15 of Chapter 2011-76, Laws of Florida (L.O.F.), created a new tax credit for spaceflight projects to become effective October 1, 2015.  The purpose of new rule 12C-1.0194, F.A.C. (Corporate Income Tax Credit for Spaceflight Projects), is to provide guidance to taxpayers on how they can apply for, transfer, and use the credit once it becomes effective.  
Section 21 of Chapter 2015-221, Laws of Florida, amended Section 220.196, F.S., relating to the research and development tax credit. The statutory amendments changed the types of businesses that may qualify for the credit; increased the total amount of credits that may be awarded in 2016; changed the period during which applications for the credit may be submitted; and changed the method by which credits may be awarded to qualifying businesses. The purpose of the proposed amendment to Rule 12C-1.0196, F.A.C. (Research and Development Tax Credit), is to bring the rule into compliance with the statutory changes.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to adopt, by reference, changes to forms used by the Department in the administration of the corporate income tax.

SUBJECT:

The subject areas of the rule development workshop are the creation of a new rule (12C-1.0194, F.A.C.) to address the administration of the spaceflight projects tax credit found in s. 220.194, F.S.; the changes needed to bring Rule 12C-1.0196, F.A.C., into compliance with the amendments made to Section 220.196, F.S., by the 2015 Legislature; and the proposed changes to forms used by the Department in the administration of the corporate income tax.

RULEMAKING AUTHORITY:

213.06(1), 220.192(7), 220.193(4), 220.194(8), 220.196(4), 220.51, 1002.395(13) FS.

LAW:

119.071(5), 212.08(5)(p), 213.755(1), 220.11, 220.12, 220.13(1), (2), 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.1899, 220.191, 220.192, 220.193, 220.194, 220.195, 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:

9/22/2015 Vol. 41/184

RELATED STATUTES
AND LAWS:

213.06(1), 220.192(7), 220.193(4), 220.194(8), 220.196(4), 220.51, 1002.395(13) FS., 119.071(5), 212.08(5)(p), 213.755(1), 220.11, 220.12, 220.13(1), (2), 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.1899, 220.191, 220.192, 220.193, 220.194, 220.195, 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-1.0194&PDate=9/22/2015&Section=1

REFERENCE MATERIALS:

No reference(s).

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