18152306, 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: 18152306

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
12C-1.0222	Returns; Extensions of Time; Payments of Tentative Tax
12C-1.034	Special Rules Relating to Estimated Tax
12C-1.051	Forms

PURPOSE:

Section 14 of Chapter 2016-220, L.O.F., modified the way “adjusted federal income” is defined and calculated for Florida Corporate Income Tax purposes. The purpose of changes to Rule 12C-1.013, F.A.C., is to provide guidance to taxpayers on how adjusted federal income should now be calculated, particularly with respect to adjustments related to certain depreciation. The changes also remove obsolete provisions related to earlier tax years. 
Sections 16 through 19 of Chapter 2016-220, L.O.F., amended provisions in Chapter 220, F.S., to conform the timing of filing returns, making payments, and filing declarations to analogous timing provisions at the federal level. The purpose of the proposed amendments to Rules 12C-1.0222 and 12C-1.034, F.A.C. is to bring the rules into compliance with the statutory changes.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C., is to adopt, by reference, changes to forms used by the Department in the administration of the corporate income tax.

SUMMARY:

The proposed amendments incorporate legislative changes to Rules 12C-1.013, 12C-1.0222, and 12C-1.034, F.A.C., and to forms incorporated in Rule 12C-1.051, F.A.C., which are used by the Department in the administration of the corporate income tax.

RULEMAKING AUTHORITY:

213.06(1), 220.192(7), 220.193(4), 220.196(4), 220.24, 220.32(2), 220.34(2)(f), 220.34(3), 220.51, 1002.395(13), FS., Section 4, Chapter 2009-18, Section 3, Chapter 2009-192, L.O.F.

LAW:

119.071(5), 212.08(5)(p), 213.21, 213.755(1), 220.02(3), 220.03(5), 220.11, 220.12, 220.13, 220.131, 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, 220.192, 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.

PRINT PUBLISH DATE:

10/26/2016 Vol. 42/209

COMMENTS:

From 10/26/2016 To 11/16/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-04881 F-1120ES
Ref-04884 F-2220
Ref-04885 F-7004
Ref-06342 F-1065N
Ref-06343 F-1120A
Ref-06344 F-1120
Ref-06345 F-1120N

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