28778268, 12ER24-14 - Florida Administrative Rules, Law, Code, Register

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Notice: 28778268

Notice of Emergency Rule

Department:

DEPARTMENT OF REVENUE

Overview

RULE:

12ER24-14

Child Care Tax Credits 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 the Child Care Tax Credits program, as provided in sections 26, 32, 36, 39, 44, 49, 53, 54, and 55, 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 Child Care Tax Credits program.

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 sections 26, 32, 36, 39, 44, 49, 53, 54, and 55, Chapter 2024-158, L.O.F., which provides for the Child Care Tax Credits program. Additionally, this emergency rule is the most expedient and appropriate means of notifying taxpayers of these provisions.

SUMMARY:

Emergency Rule 12ER24-14, Child Care Tax Credits Program; Participation; Allocation; Carryforward; Transfer; Rescindment, incorporates provisions for the Child Care Tax Credits program as provided in Chapter 2024-158, L.O.F. The emergency rule provides: (1) definitions for purposes of administering the program; (2) the taxes for which a credit allocation may be granted under the program; (3) the process and applications required to apply for an allocation of the tax credit available each state fiscal year under the program; (4) for each tax, the period during which an application for an allocation of the available annual tax credit cap must be submitted; (5) the tax credits and deductions against each tax due that must be deducted to determine the limitation of the child care tax credits available; (6) for each tax, how the tax is to be taken on a tax return; (7) procedures and the required form to transfer a tax credit in a complete transfer of all assets to another entity or to another member of the same affiliated group of corporations; (8) procedures and the required form to rescind an unused credit allocation; and (9) that the Department will notify the applicant by letter of approval or denial of an application and how to protest a denial of a credit allocation, transfer, or rescindment.

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=12ER24-14&PDate=9/20/2024&Section=4

REFERENCE MATERIALS:

No reference(s).

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