28777977, 12ER24-11 - Florida Administrative Rules, Law, Code, Register

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Notice: 28777977

Notice of Emergency Rule

Department:

DEPARTMENT OF REVENUE

Overview

RULE:

12ER24-11

Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment

SPECIFIC REASONS FOR FINDING AN IMMEDIATE DANGER TO THE PUBLIC HEALTH, SAFETY OR WELFARE:

Section 61, Chapter 2024-158, L.O.F., authorizes the Department of Revenue to promulgate emergency rules to implement subsection 624.509(7), F.S., as amended by section 53, Chapter 2024-158, L.O.F. The promulgation of this emergency rule ensures that the public is notified in the most expedient and appropriate manner regarding the limitation of the insurance premium tax due for purposes of the Florida Tax Credit Scholarship program tax credit includes deduction of the Child Care Tax Credits program tax credits.

REASON FOR CONCLUDING THAT THE PROCEDURE IS FAIR UNDER THE CIRCUMSTANCES:

The Legislature expressly authorized the promulgation of emergency rules to implement the provisions of subsection 624.509(7), F.S., as amended by section 53, Chapter 2024-158, L.O.F., which adds the Child Care Tax Credits to the insurance premium tax credits and deductions for purposes of the Florida Scholarship Tax Credit program tax credit. Additionally, this emergency rule is the most expedient and appropriate means of notifying taxpayers of these provisions.

SUMMARY:

Emergency Rule 12ER24-11, Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment, incorporates the provisions of subsection 624.509(7), F.S., as amended by section 53, Chapter 2024-158, L.O.F. The emergency rule adds the Child Care Tax Credits program tax credit to the insurance premium tax deductions and credits for determining the limitation of the insurance premium due for purposes of the Florida Tax Credit Scholarship program tax credit.

THE PERSON TO BE CONTACTED REGARDING THE EMERGENCY RULE IS:

Martha Gregory, Office of Technical Assistance, telephone 850-717-6041, email RuleComments@floridarevenue.com.

PRINT PUBLISH DATE:

9/20/2024 Vol. 50/185

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=12ER24-11&PDate=9/20/2024&Section=4

REFERENCE MATERIALS:

No reference(s).

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