22417396, 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: 22417396

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12C-1.0192	Renewable Energy Technologies Investment Tax Credit (Repealed)
12C-1.051	Forms

PURPOSE:

The purpose of the proposed amendments to Rule 12C-1.013, F.A.C., is to incorporate statutory changes made to Florida Corporate Income Tax by Section 2, Chapter 2019-168, L.O.F., so that all amounts included in federal taxable income under s. 951A, I.R.C., can be subtracted from state taxable income.
The proposed repeal of Rule 12C-1.0192, F.A.C., is to remove an expired tax credit and conform with the statutory repeal of the law implemented
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C., is to incorporate statutory changes into seven forms used to administer Florida Corporate Income Tax, including the new subtraction from taxable income, and removing obsolete provisions.

SUMMARY:

Amendments to Rule 12C-1.013, F.A.C., include an additional amount of federal taxable income that can be subtracted from state taxable income.
Rule 12C-1.0192, F.A.C., is being repealed to conform to the statutory repeal of a program that has expired.
Updates and revisions to forms incorporated by reference in Rule 12C-1.051, F.A.C., are Form F-1120 (Florida Corporate Income/Franchise Tax Return); Form F-1120A (Florida Corporate Short Form Income Tax Return); Form F-1120N (Instructions for Corporate Income/Franchise Tax Return for taxable years beginning on or after January 1, 2019); Form F-1120XN (Instructions for Preparing Form F-1120X Amended Florida Corporate Income/Franchise Tax Return); and Form F-1193T (Notice of Intent to Transfer a Florida Tax Credit Corporate Income Tax). Section 220.1105, F.S., requires the Department of Revenue to calculate, by October 1, 2019, the corporate income tax rate to be imposed for tax years beginning on or after January 1, 2019, but before January 1, 2022. The Department has performed the calculation and has included the new tax rate of 4.458% and has included this rate on Form F-1120 and Form F-1120A.

RULEMAKING AUTHORITY:

213.06(1), 220.192(7), 220.193(4), 220.196(4), 220.24, 220.34(2)(f), 220.34(3), 220.51, 1002.395(13), FS.

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:

9/25/2019 Vol. 45/187

COMMENTS:

From 9/25/2019 To 10/16/2019 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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