28492021, 12CER24-4 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 28492021

Notice of Emergency Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Overview

RULE:

12CER24-4

Forms

SPECIFIC REASONS FOR FINDING AN IMMEDIATE DANGER TO THE PUBLIC HEALTH, SAFETY OR WELFARE:

Section 61, Chapter 2024-158, Laws of Florida (L.O.F.), authorizes the Department of Revenue to promulgate emergency rules to implement the provisions of section 220.1915, F.S., Credit for Qualified Railroad Reconstruction or Replacement Expenditures, as amended by section 40, Chapter 2024-158, L.O.F., effective July 1, 2024. The promulgation of this emergency rule ensures that the public is notified in the most expedient and appropriate manner regarding the amendments to section 220.1915, F.S.

REASON FOR CONCLUDING THAT THE PROCEDURE IS FAIR UNDER THE CIRCUMSTANCES:

The Legislature expressly authorized the promulgation of emergency rules to implement the provisions of section 40,  Chapter 2024-158, L.O.F. Additionally, this emergency rule is the most expedient and appropriate means of notifying taxpayers of these provisions.

SUMMARY:

Emergency Rule 12CER24-4, Forms, adopts revisions to the two forms used in the administration of the Credit for Qualified Railroad Reconstruction or Replacement Expenditures to incorporate the provisions of section 220.1915, F.S., as amended by section 40, Chapter 2024-158, L.O.F., effective July 1, 2024. Revisions to the forms reflect the change in the calculation of the tax credit, the limitation of the application to one each taxable year, the documentation required to be included at the time of applying and after applying for the credit, and when a tax credit may be transferred and used by the recipient of the transferred credit.

THE PERSON TO BE CONTACTED REGARDING THE EMERGENCY RULE IS:

Martha Gregory, Technical Assistance and Dispute Resolution, telephone 850-717-6041, email RuleComments@floridarevenue.com.

PRINT PUBLISH DATE:

6/27/2024 Vol. 50/126

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=12CER24-4&PDate=6/27/2024&Section=4

REFERENCE MATERIALS:

No reference(s).

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