9749584, 12C-1.0186 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 9749584

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.0186	Credit for Florida Alternative Minimum Tax
12C-1.0187	Credits for Contributions to Nonprofit Scholarship Funding Organizations (Repealed)
12C-1.051	Forms

PURPOSE:

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. This 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., and creating Section 220.1875, F.S., to provide for the tax credit against corporate income tax. The proposed changes to Rule Chapter 12C-1, F.A.C., are necessary to update reference to the new law for purposes of the credit for the Florida alternative minimum tax and to remove rule provisions and forms relating to tax credits for contributions to nonprofit scholarship funding organizations prior to July 1, 2010. When in effect, proposed Rule Chapter 12-29, F.A.C. (Multitax Credits), will establish the procedures 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.

SUMMARY:

The proposed amendments to Rule 12C-1.0186, F.A.C. (Credit for Florida Alternative Minimum Tax), update the reference to the credits for contributions to nonprofit scholarship funding organizations to Section 220.1875, F.S., as provided in Sections 10 and 11, Chapter 2010-24, L.O.F.
The proposed repeal of Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), removes provisions regarding the credit against corporate income tax for contributions made to eligible nonprofit scholarship funding organizations that will be provided in Rule Chapter 12-29, F.A.C., when effective.
The proposed amendments to Rule 12C-1.051, F.A.C. (Forms), remove the obsolete application to obtain an allocation of the tax credit for contributions made to eligible nonprofit scholarship funding organizations and the obsolete application to rescind a credit allocation. Applications used to administer the Florida Tax Credit Scholarship Program will be provided in Rule Chapter 12-29, F.A.C. (Multitax Credits), when effective.

RULEMAKING AUTHORITY:

220.51, 1002.395(13) FS.

LAW:

220.131, 220.186, 220.1875, 624.51055, 1002.395 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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