27280006, 12-29.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 27280006

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Chapter:

Multitax Credits

Overview

RULE:

12-29.001	Scope
12-29.002	Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment
12-29.003	Public Use Forms
12-29.005	The New Worlds Reading Initiative; Participation; Allocation; Carryforward; Transfer; Rescindment
12-29.006	Live Local Program; Participation; Allocation; Carryforward; Transfer; Rescindment

PURPOSE:

Sections 21, 34, and 41, Chapter 2023-17, L.O.F., provide for a corporate income tax credit and insurance premium tax credit for contributions to the Florida Housing Finance Corporation under the Live Local Program. 
The purpose of the proposed amendments to Rule 12-29.001, F.A.C. (Scope), is to provide this rule chapter sets forth the rules to be used in administration of the Live Local Program. 
The purpose of the proposed amendments to Rules 12-29.002, F.A.C. (Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment), and 12-29.005, F.A.C. (The New Worlds Reading Initiative; Participation; Allocation; Carryforward; Transfer; Rescindment), is to reflect the order of the insurance premium tax credits to be received when receiving credits from the Florida Tax Credit Scholarship Program and the Live Local Program or the New Worlds Reading Initiative and the Live Local Program. 
The purpose of the proposed amendments to Rule 12-29.003, F.A.C., is to adopt, by reference, the new application forms created to administer the Live Local Program Tax Credit Program. The purpose of the creation of new Rule 12-29.006, F.A.C. (Live Local Program; Participation; Allocation; Carryforward; Transfer; Rescindment), is to provide the requirements to administer the Live Local Program including eligibility criteria for qualified businesses to participate in the Program, the application process for applying for a credit allocation, requirements for contributions to the Florida Housing Finance Corporation under the Live Local Program before receiving a tax credits, procedures for receiving credits against corporate income tax and insurance premium tax, and procedures to carryforward any unused tax credits for a period not to exceed ten years, to transfer any unused tax credits to another entity, and to rescind any unused tax credits.

SUBJECT:

:  The subject area is the Live Local Program Tax Credits created by Sections 21, 34, and 41, Chapter 2023-17, L.O.F.

RULEMAKING AUTHORITY:

213.06(1), 402.62(7)(b), 1002.395(12)(b), 1003.485(7)(b) F.S., s. 34, Ch. 2023-17 LOF F.

LAW:

211.0251, 211.0252, 211.0253, 212.1831, 212.1833, 212.1834, 213.06(1), 213.37, 220.1875, 220.1876, 220.1877, 402.62(5), 561.1211, 561.1212, 561.1213, 624.51055, 624.51056, 624.51057, 1002.395(5), 1003.485(5), (7) FS., ss. 21, 34, 41, Ch. 2023-17 LOF F.

PRINT PUBLISH DATE:

6/30/2023 Vol. 49/127

RELATED STATUTES
AND LAWS:

213.06(1), 402.62(7)(b), 1002.395(12)(b), 1003.485(7)(b) F.S., s. 34, Ch. 2023-17 LOF F., 211.0251, 211.0252, 211.0253, 212.1831, 212.1833, 212.1834, 213.06(1), 213.37, 220.1875, 220.1876, 220.1877, 402.62(5), 561.1211, 561.1212, 561.1213, 624.51055, 624.51056, 624.51057, 1002.395(5), 1003.485(5), (7) FS., ss. 21, 34, 41, Ch. 2023-17 LOF F.

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=12-29.001&PDate=6/30/2023&Section=1

REFERENCE MATERIALS:

No reference(s).

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