9142267, 12-29.001 - Florida Administrative Rules, Law, Code, Register

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Notice: 9142267

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

PURPOSE:

The purpose of establishing Rule Chapter 12-29, F.A.C. (Multitax Credits), is to establish a rule chapter to set forth rules to be used in the administration of tax credit programs that authorize eligible taxpayers to receive tax credits against more than one tax imposed under Florida law. This rule chapter will establish rules for administering the tax credits for contributions made to nonprofit scholarship funding organizations under Section 1002.395, F.S., Florida Tax Credit Scholarship Program, as amended by Chapter 2010-24, L.O.F. Emergency Rule 12ER10-04, effective July 21, 2010, currently establishes the procedures for administration of tax credits authorized under the Florida Tax Credit Scholarship Program.
The Florida Tax Credit Scholarship Program allows taxpayers to receive a credit allocation for contributions made to nonprofit scholarship funding organizations. The referenced law expands the tax credits against corporate income tax and insurance premium tax, transferring Section 220.187, F.S., to new Section 1002.395, F.S., creating Sections 211.0251, 212.1831, 220.1875, and 561.1211, F.S., and amending Section 624.51055, F.S.
Beginning July 1, 2010, taxpayers were allowed to apply for a credit allocation for contributions to a nonprofit scholarship funding organization for a tax credit against excise taxes on liquor, wine, and malt beverages administered by the Division of Alcoholic Beverages and Tobacco of the Florida Department of Business and Professional Regulation. Beginning January 1, 2011, certain taxpayers are allowed to apply for a credit allocation to be taken as a tax credit against sales and use tax, and taxpayers who pay the tax on oil and gas production in Florida are allowed to apply for a credit allocation to be taken as a tax credit.
When in effect, proposed Rule Chapter 12-29, F.A.C., Multitax Credits, establishes the procedures and applications governing the approval of tax credit allocations and rescindments, the approval for carryforward tax credits to a subsequent tax year, and the procedures to be followed by taxpayers when claiming tax credits on tax returns.

SUBJECT:

The subject of the workshop is the proposed procedures governing the approval of tax credit allocations and rescindments, the approval for carryforward tax credits to a subsequent tax year, and the proposed procedures to be followed by taxpayers when claiming tax credits authorized by the Florida Tax Credit Scholarship Program, as amended by Chapter 2010-24, L.O.F.

RULEMAKING AUTHORITY:

213.06(1), 1002.395(13) FS.

LAW:

92.525(1)(b), 211.0251, 212.1831, 213.37, 220.1875, 561.1211, 624.51055, 1002.395(1)-(3), (13) FS.

PRINT PUBLISH DATE:

9/24/2010 Vol. 36/38

RELATED STATUTES
AND LAWS:

213.06(1), 1002.395(13) FS., 92.525(1)(b), 211.0251, 212.1831, 213.37, 220.1875, 561.1211, 624.51055, 1002.395(1)-(3), (13) 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=12-29.001&PDate=9/24/2010&Section=1

REFERENCE MATERIALS:

No reference(s).

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