4439222, 12C-2.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 4439222

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

INTANGIBLE PERSONAL PROPERTY TAX

Overview

RULE:

12C-2.001	Definitions
12C-2.002	Property Subject to Tax - Annual and Nonrecurring (Repealed)
12C-2.003	Exemptions (Repealed)
12C-2.004	Property Subject to Tax - Government Leasehold Estates and Nonrecurring.
12C-2.005	Reporting Requirements - Due Date - Payment of Tax - Discounts Allowed
12C-2.006	Taxable Situs - Reporting Requirements - Who Shall File a Return (Repealed)
12C-2.0061	Transfer of Intangible Personal Property to Certain Out-of-State Entities (Repealed)
12C-2.0062	Management or Control (Repealed)
12C-2.0063	Intangible Personal Property Held in Trusts (Repealed)
12C-2.007	Penalties and Interest
12C-2.008	Information Reports (Repealed)
12C-2.010	Valuations
12C-2.0105	Tax Credits (Repealed)
12C-2.011	Administration
12C-2.0115	Public Use Forms
12C-2.012	Refunds

PURPOSE:

The purpose of the proposed changes to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax), is to remove provisions regarding the administration of the annual intangible personal property tax repealed effective January 1, 2007, by Chapter 2006-312, L.O.F. The proposed changes to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax): (1) remove provisions from the rule chapter that have been rendered obsolete with the repeal of the annual personal property tax; and (2) update, consolidate, and simplify provisions for the administration of the 1 mil tax imposed on the value of leases government-owned property and the 2 mil nonrecurring tax imposed on the value of notes, bonds, and other obligations for payment of money that is secured by a mortgage, deed of trust, or other lien on Florida real property.
The following rule sections have been rendered obsolete and are proposed to be repealed:
12C-2.002 Property Subject to Tax – Annual and Nonrecurring
12C-2.003 Exemptions
12C-2.006 Taxable Situs – Reporting Requirements – Who Shall File a Return
12C-2.0061 Transfer of Intangible Personal Property to Certain Out-of-State Entities
12C-2.0062 Management or Control
12C-2.0063 Intangible Personal Property Held in Trust
12C-2.008 Information Reports
12C-2.0105 Tax Credits
The proposed amendments to the following rule sections provide for the continued administration of the one mil tax imposed on government leasehold estates and the nonrecurring two mil tax imposed on notes, bonds, and other obligations for payment of money secured by Florida real property:
12C-2.001 Definitions
12C-2.004 Property Subject to Tax
12C-2.005 Reporting Requirements – Due Date – Payment of Tax – Discounts Allowed 
12C-2.007 Penalties and Interest
12C-2.010 Valuations
12C-2.011 Administration
12C-2.0115 Public Use Forms
12C-2.012 Refunds
These rule sections: (1) retain the definitions for just value and other synonymous terms; (2) provide for the imposition of the one mil tax imposed on government leasehold estates and the two mil nonrecurring tax imposed on value of notes, bonds, and other obligations for payment of money that is secured by a mortgage, deed of trust, or other lien on Florida real property; (3) provide for the valuation of leases of governmental property subject to tax and for the valuation of property subject to the nonrecurring tax; (3) provide for the requirements for the administration of the taxes, including the due dates, discounts allowed, the methods of payment, and the imposition of penalties and interest; (4) provide for the administration of refunds for the overpayment of the tax; and (5) remove obsolete forms no longer used by the Department and adopt revisions to forms that continue to be used for reporting the government leasehold tax.

SUBJECT:

The subject area of the workshop is the proposed changes to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax), which provides for the continued administration of the one mil tax imposed on government leasehold estates and the two mil nonrecurring tax imposed on notes, bonds, and other obligations for payment of money secured by Florida real property.

RULEMAKING AUTHORITY:

199.202(2), 213.06(1) FS.

LAW:

196.199, 199.133, 199.135, 199.143, 199.145, 199.155, 199.183, 199.232, 199.292, 213.235, 213.255(2), (3), 215.26(2) FS.

PRINT PUBLISH DATE:

8/10/2007 Vol. 33/32

RELATED STATUTES
AND LAWS:

199.202(2), 213.06(1) FS., 196.199, 199.133, 199.135, 199.143, 199.145, 199.155, 199.183, 199.232, 199.292, 213.235, 213.255(2), (3), 215.26(2) 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-2.001&PDate=8/10/2007&Section=1

REFERENCE MATERIALS:

No reference(s).

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