26059940, 12C-1.051 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 26059940

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.051

Forms

PURPOSE:

The purpose of this rulemaking is to implement legislative changes and other updates to three forms within Rule 12C-1.051, Forms. Pursuant to s. 213.755(1), F.S., taxpayers are required to electronically file returns and electronically remit payments of taxes and fees where the taxpayer paid tax in the prior state fiscal year in an amount greater than or equal to $20,000. Section 2 of Chapter 2022-151, L.O.F., amends s. 213.755(1), F.S., to lower this threshold amount from $20,000 to $5,000 effective January 1, 2023. 
In this rulemaking, Form F-1120, Florida Corporate Income/Franchise Tax Return, is revised to update the tax rate from 3.535% to 5.5% pursuant to s. 220.1105(5), F.S. Form F-1120 is also revised to add the New Worlds Reading Initiative, Strong families, and Internship tax credits to Schedule I, Additions and/or Adjustments to Federal Taxable Income, and Schedule V, Credits Against the Corporate Income/Franchise Tax; remove the Florida renewable energy production tax credit from Schedule I and Schedule V; remove Internal Revenue Code s. 179 expense from Schedule II, Subtractions from Federal Taxable Income; and for standard language updates.
Form F-1120N, Instructions for – Corporate Income/Franchise Tax Return, is revised to notify taxpayers of the lowered threshold amount requiring taxpayers to file and pay corporate income/franchise tax electronically if they paid $5,000 or more in tax during the State of Florida’s prior fiscal year (July 1-June 30). Form F-1120N is also revised to add information about the New Worlds Reading Initiative, Strong families, and Internship tax credits to the instructions for Schedule I, Additions and/or Adjustments to Federal Taxable Income, and Schedule V, Credits Against the Corporate Income/Franchise Tax; remove information about the Florida renewable energy production tax credit from the instructions for Schedule I and Schedule V; remove information about Internal Revenue Code s. 179 expense from the instructions for Schedule II, Subtractions from Federal Taxable Income; and for standard language updates.
Form F-2220, Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax, is revised to advise that the New Worlds Reading Initiative and Strong families tax credits reduce the installment amount that must be paid to meet the prior year exception and for standard language updates.

SUBJECT:

This rulemaking addresses changes to three forms related to corporate income/franchise tax.

RULEMAKING AUTHORITY:

213.06(1), 220.192(7), 220.193(4), 220.196(4), 220.51, 1002.395(13) FS.

LAW:

119.071(5), 212.08(5)(p), 213.755(1), 220.11, 220.12, 220.13(1), (2), 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.1899, 220.191, 220.193, 220.194, 220.195, 220.196, 220.21, 220.211, 220.22, 220.221, 220.222, 220.23, 220.24, 220.241, 220.31, 220.32, 220.33, 220.34, 220.41, 220.42, 220.43, 220.44, 220.51, 220.721, 220.723, 220.725, 220.737, 220.801, 220.803, 220.805, 220.807, 220.809, 221.04, 624.5105, 624.51055, 1002.395 FS., section 2, Ch. 2022-151 LOF F.

PRINT PUBLISH DATE:

7/12/2022 Vol. 48/134

RELATED STATUTES
AND LAWS:

213.06(1), 220.192(7), 220.193(4), 220.196(4), 220.51, 1002.395(13) FS., 119.071(5), 212.08(5)(p), 213.755(1), 220.11, 220.12, 220.13(1), (2), 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.1899, 220.191, 220.193, 220.194, 220.195, 220.196, 220.21, 220.211, 220.22, 220.221, 220.222, 220.23, 220.24, 220.241, 220.31, 220.32, 220.33, 220.34, 220.41, 220.42, 220.43, 220.44, 220.51, 220.721, 220.723, 220.725, 220.737, 220.801, 220.803, 220.805, 220.807, 220.809, 221.04, 624.5105, 624.51055, 1002.395 FS., section 2, Ch. 2022-151 LOF F.

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-1.051&PDate=7/12/2022&Section=1

REFERENCE MATERIALS:

No reference(s).

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