9886645, 12C-1.013 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 9886645

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.013

Adjusted Federal Income Defined

PURPOSE:

Rule 12C-1.013, F.A.C. (Adjusted Federal Income Defined), currently reflects the provisions of Section 220.13(1)(a)1., F.S., which requires an addition to federal taxable income equal to the amount of any tax upon or measured by income for Florida corporate income tax purposes. Subsection (5) of the rule provides that value-added taxes are not required to be added back to federal income for purposes of computing the Florida corporate income tax. The Michigan single business tax is included as an example of a value-added tax. On January 1, 2008, Michigan replaced its single business tax with a business tax based on income. The purpose of the proposed amendments to Rule 12C-1.013, F.S., is to remove provisions regarding the now obsolete Michigan single business tax.

SUMMARY:

The proposed amendments to Rule 12C-1.013, F.A.C., remove the obsolete Michigan single business tax that is currently included as an example of a value-added tax that is not considered a tax upon or measured by income for purposes of Section 220.13(1)(a)1., F.S.

RULEMAKING AUTHORITY:

213.06(1), 220.51 FS.

LAW:

220.13 FS.

PRINT PUBLISH DATE:

5/6/2011 Vol. 37/18

COMMENTS:

From 5/6/2011 To 5/27/2011 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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