3337884, 12C-1.0187 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 3337884

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.0187	Credits for Contributions to Nonprofit Scholarship Funding Organizations (Repealed)
12C-1.0191	Capital Investment Tax Credit Program
12C-1.051	Forms

PURPOSE:

The purpose of the proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), is to incorporate changes to Section 220.187, F.S., as amended by Section 2, Chapter 2006-75, L.O.F., which provide for rescindments of the tax credit for contributions to nonprofit scholarship organizations and remove the limitation on the amount of donation that may be contributed by an entity to such organizations.
The purpose of the proposed amendments to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), is to provide the requirements of the approval process for a new qualifying project located in an enterprise zone and brownfield area for purposes of the capital investment tax credit applied against the corporate income tax, pursuant to Section 220.191(1)(h)3., F.S., created by Section 1, Chapter 2006-55, L.O.F.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to adopt, by reference, new forms and changes to the forms used by the Department in the administration of the corporate income tax and to remove obsolete forms no longer used by the Department.

SUMMARY:

The proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), incorporate changes to Section 220.187, F.S., as amended by Section 2, Chapter 2006-75, L.O.F. The proposed amendments remove language that specifically disallowed a rescindment of an allocated credit and the limitation on the amount of donation that may be contributed by an entity to nonprofit scholarship organizations. The proposed amendments provide guidance on the rescindment process and when such rescindments of credit will be approved by the Department. The proposed amendments also provide that, in lieu of a specific threshold requiring taxpayers to file an application for credit against the corporate income tax online, taxpayers who are required to file returns and remit payments by electronic means pursuant to Section 213.755, F.S., and Rule Chapter 12-24, F.A.C., will be required to file the application online via the Department’s online Internet site.
The proposed amendments to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), provide information and the requirements of the approval process for a new qualifying project that is located in an enterprise zone and brownfield area for purposes of the capital investment tax credit applied against the corporate income tax, pursuant to Section 220.191(1)(h)3., F.S., created by Section 1, Chapter 2006-55, L.O.F.
The proposed amendments to Rule 12C-1.051, F.A.C. (Forms), adopt, by reference, new forms and changes to the forms used by the Department in the administration of the corporate income tax and remove obsolete forms no longer used by the Department.

RULEMAKING AUTHORITY:

213.06(1), 220.187, 220.191(7), 220.51 FS.

LAW:

213.05, 213.35, 213.755, 220.03(1), 220.11, 220.12, 220.13(1), (2), 220.131, 220.14, 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.187, 220.1895, 220.19, 220.191, 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 FS.

PRINT PUBLISH DATE:

12/29/2006 Vol. 32/52

COMMENTS:

From 12/29/2006 To 1/19/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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