9748905, 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: 9748905

Notice of Proposed Rule

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.
The Florida Tax Credit Scholarship Program, as amended by Chapter 2010-24, L.O.F., 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, 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, including the procedures and applications governing the approval of tax credit allocations and rescindments, the procedures to be followed by taxpayers when claiming tax credits on tax returns, and the procedures to obtain approval to carry forward tax credits to a subsequent tax year.

SUMMARY:

Proposed Rule Chapter 12-29, F.A.C. (Multitax Credits), provides for the administration of tax credit programs which authorize eligible taxpayers tax credits against more than one tax imposed under Florida law.
Proposed Rule 12-29.001, F.A.C. (Scope), provides that Rule Chapter 12-29, F.A.C., sets forth the rules to be used in the administration of tax credits for contributions made to nonprofit scholarship funding organizations under Section 1002.395, F.S., Florida Tax Credit Scholarship Program.
Proposed Rule 12-29.002, F.A.C. (Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Rescindment): (1) provides the taxpayers eligible to participate in the Florida Tax Credit Scholarship Program and when those taxpayers are authorized under Chapter 2010-24, L.O.F., to participate in the Program; (2) requires eligible taxpayers to apply on-line using the Department’s website, or to file Form DR-116000, Application for Tax Credit Contributions to Nonprofit Scholarship Funding Organizations, with the Department, to receive a credit allocation from the tax cap authorized by the law; (3) establishes the procedures the Department will use to notify an applicant of the taxpayer’s credit allocation; (4) establishes the procedures for claiming the credit allocation as a tax credit on a tax return; (5) provides that a contribution to an eligible nonprofit scholarship funding organization must be made by an eligible taxpayer prior to taking a tax credit on a tax return; (6) establishes procedures for taxpayers to carry forward a tax credit for a period of up to three years when a taxpayer’s tax liability is insufficient to take the full amount of the tax credit; and (7) establishes procedures for taxpayers who are unable to use a credit allocation to apply on-line with the Department or to submit Form DR-116100, Application for Rescindment of Tax Credit Allocation to Nonprofit Scholarship Funding Organizations, to rescind that credit and when those funds are eligible to other taxpayers for that state fiscal year.
Proposed Rule 12-29.003, F.A.C. (Florida Tax Credit Scholarship Program; Applications), adopts, by reference, applications used by the Department in the administration of the Florida Tax Credit Scholarship Program and provides how to obtain copies of those applications.

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:

3/18/2011 Vol. 37/11

COMMENTS:

From 3/18/2011 To 4/8/2011 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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