27168650, 12C-1.01915 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 27168650

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.01915	Credit for Qualified Railroad Reconstruction or Replacement Expenditures
12C-1.051	Forms

PURPOSE:

The purpose of the creation of Rule 12C-1.01915, F.A.C., is to implement the Railroad Reconstruction or Replacement Expenditures Credit Program pursuant to s. 220.1915, F.S., as created by Section 32, Chapter 2022-97, L.O.F.

SUMMARY:

Under s. 220.1915, F.S., a qualifying railroad is eligible for a credit against the tax imposed by Ch. 220, F.S., equal to 50 percent of a qualifying railroad’s qualified expenditures incurred in Florida for taxable years beginning on or after January 1, 2023. The amount of the credit may not exceed the product of $3,500 and the number of miles of railroad track owned or leased within Florida by the qualifying railroad as of the end of the taxable year in which the qualified expenditures were incurred. Rule 12C-1.01915, F.A.C., is created to implement the provisions of s. 220.1915, F.S., to provide guidance to taxpayers on how they can apply for, transfer, and use the credit once it becomes effective. Revisions to Rule 12C-1.051, F.A.C., incorporate Form F-11915 (Florida Credit for Qualified Railroad Reconstruction or Replacement Expenditures Application for Credit) and Form F-11915T (Florida Credit for Qualified Railroad Reconstruction or Replacement Expenditures Notice of Intent to Transfer a Credit). To claim a tax credit, the railroad must meet the criteria specified in Section 220.1915(1) and (2), F.S.

RULEMAKING AUTHORITY:

213.06(1), 220.1915(7), 220.192(7), 220.193(4), 220.196(4), 220.198(6), 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, 220.1915, 220.193, 220.194, 220.195, 220.196, 220.198, 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:

5/30/2023 Vol. 49/104

COMMENTS:

From 5/30/2023 To 6/20/2023 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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