18382972, 12C-1.0196 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 18382972

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.0196

Research and Development Tax Credit

PURPOSE:

The purpose of the proposed amendments to Rule 12C-1.0196, F.A.C. (Research and Development Tax Credit), are to clarify the application process for eligible corporate partners, provide guidance to businesses that have timely challenged a Department of Economic Opportunity (“DEO”) refusal to issue a certification letter, clarify the Department’s review and allocation process for applications which require appeal to DEO, and provide an explanation of the impact on the allocated credit amount when the credit applied for is understated or overstated.

SUMMARY:

The proposed amendments clarify application and allocation procedures related to the Research and Development Tax Credit in Rule 12C-1.0196, F.A.C.

RULEMAKING AUTHORITY:

213.06(1), 220.196(4), 220.51 FS.

LAW:

220.196 FS.

PRINT PUBLISH DATE:

12/20/2016 Vol. 42/245

COMMENTS:

From 12/20/2016 To 1/10/2017 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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