Published on: 9749584. The Florida Tax Credit Scholarship Program, as amended by Chapter 2010-24, L.O.F., allows taxpayers to receive a credit allocation for contributions made to nonprofit scholarship funding organizations. This law expands the tax credits against corporate income tax and insurance premium tax, transferring Section 220.187, F.S., to new Section 1002.395, F.S., and creating Section 220.1875, F.S., to provide for the tax credit against corporate income tax. The proposed changes to Rule Chapter 12C-1, F.A.C., are necessary to update reference to the new law for purposes of the credit for the Florida alternative minimum tax and to remove rule provisions and forms relating to tax credits for contributions to nonprofit scholarship funding organizations prior to July 1, 2010. When in effect, proposed Rule Chapter 12-29, F.A.C. (Multitax Credits), will establish the procedures governing the approval of tax credit allocations and rescindments, the approval for carryforward tax credits to a subsequent tax year, and the procedures to be followed by taxpayers when claiming tax credits on tax returns.
Published on: 9142461. The Florida Tax Credit Scholarship Program, as amended by Chapter 2010-24, L.O.F., allows taxpayers to receive a credit allocation for contributions made to nonprofit scholarship funding organizations. This law expands the tax credits against corporate income tax and insurance premium tax, transferring Section 220.187, F.S., to new Section 1002.395, F.S., and creating Section 220.1875, F.S., to provide for the tax credit against corporate income tax. When in effect, proposed Rule Chapter 12-29, F.A.C., Florida Tax Credit Scholarship Program, will establish the procedures governing the approval of tax credit allocations and rescindments, the approval for carryforward tax credits to a subsequent tax year, and the procedures to be followed by taxpayers when claiming tax credits on tax returns.
The purpose of the proposed amendments to Rule 12C-1.0186, F.A.C. (Credit for Florida Alternative Minimum Tax), is to update the reference to the credits for contributions to nonprofit scholarship funding organizations to Section 220.1875, F.S., as provided in Sections 10 and 11, Chapter 2010-24, L.O.F.
The purpose of the proposed repeal of Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), is to remove provisions regarding the credit against corporate income tax for contributions made to eligible nonprofit scholarship funding organizations that will be provided in Rule Chapter 12-29, F.A.C., when effective.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to remove the obsolete application to obtain an allocation of the tax credit for contributions made to eligible nonprofit scholarship funding organizations and the obsolete application to rescind a credit allocation. Applications used to administer the Florida Tax Credit Scholarship Program will be provided in Rule Chapter 12-29, F.A.C., when effective.
Published on: 8091854. Chapter 2009-108, L.O.F., expands the Florida Tax Credit Scholarship Program to allow insurers, who make contributions to nonprofit funding organizations, to take a tax credit against the insurance premium tax imposed under Section 624.509, F.S. Chapter 2008-227, L.O.F., eliminated the Florida renewable energy production credit from the alternative minimum tax credit calculation. The purpose of the proposed amendments to Rule 12C-1.0186, F.A.C. (Credit for Florida Alternative Minimum Tax), Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), and Rule 12C-1.051, F.A.C. (Forms), is to update these rules and the forms used by the Department to administer the credit for contributions to nonprofit scholarship funding organizations authorized under Sections 220.187 and 624.51055, F.S., and to update provisions on the calculation of the amount of the alternative minimum tax.
Published on: 7650795. The purpose of the proposed amendments to Rule 12C-1.086, F.A.C. (Credit for Florida Alternative Minimum Tax), is to include law changes that eliminate the Florida renewable energy production credit from the alternative minimum tax credit calculation, as provided in Chapter 2008-227, L.O.F., and the credit for contributions to nonprofit scholarship funding organizations, as provided in Chapter 2009-108, L.O.F.
Chapter 2009-108, L.O.F., expands the Florida Tax Credit Scholarship Program to allow insurers, who make contributions to nonprofit funding organizations, to take a tax credit against the insurance premium tax imposed under Section 624.509, F.S.
The purpose of the proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), is to: (1) update the rule to reflect the changes made by Chapter 2009-108, L.O.F.; (2) clarify that contributions to nonprofit scholarship funding organizations are not payments of estimated tax or installment payments required under Section 220.241, F.S.; and (3) remove unnecessary provisions regarding the annual list of eligible nonprofit scholarship funding organizations provided by the Department of Education.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to adopt, by reference, changes to Form F-1160 (Application for Corporate Income Tax and Insurance Premium Tax Credit for Contributions to Nonprofit Scholarship Funding Organizations), and Form F-1161 (Application for Rescindment of Corporate Income Tax and Insurance Premium Tax Credit for Contributions to Nonprofit Scholarship Funding Organizations), used by the Department in the administration of the tax credit authorized under Sections 220.187 and 624.51055, F.S.
Published on: 3581936. Approval of the proposed amendments to Rule Chapter 12C-1, F.A.C. (Corporate Income Tax). A Notice of Proposed Rulemaking for the proposed rule amendments was published in the Florida Administrative Weekly on December 29, 2006 (Vol. 32, No. 52, pp. 6127-6131). A Notice of Change was published in the Florida Administrative Weekly on January 19, 2007 (Vol. 33, No. 3, p. 241).; February 27, 2007, during a regular meeting of the Governor and Cabinet, which begins at 9:00 a.m.; Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee
Published on: 3337884. The purpose of the proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), is to incorporate changes to Section 220.187, F.S., as amended by Section 2, Chapter 2006-75, L.O.F., which provide for rescindments of the tax credit for contributions to nonprofit scholarship organizations and remove the limitation on the amount of donation that may be contributed by an entity to such organizations.
The purpose of the proposed amendments to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), is to provide the requirements of the approval process for a new qualifying project located in an enterprise zone and brownfield area for purposes of the capital investment tax credit applied against the corporate income tax, pursuant to Section 220.191(1)(h)3., F.S., created by Section 1, Chapter 2006-55, L.O.F.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to adopt, by reference, new forms and changes to the forms used by the Department in the administration of the corporate income tax and to remove obsolete forms no longer used by the Department.
Published on: 3150286. The purpose of the proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), is to incorporate changes to Section 220.187, F.S., as amended by Section 2, Chapter 2006-75, L.O.F., which provides for rescindments of the tax credit for contributions to nonprofit scholarship organizations and removes the limitation on the amount of donation that may be contributed by an entity to such organizations. The proposed amendments remove language that specifically disallowed a rescindment of an allocated credit and provides guidance on the rescindment process and when such rescindments of credit will be approved by the Department. The proposed amendments also provide that, in lieu of a specific threshold requiring taxpayers to file an application for credit against the corporate income tax online, taxpayers who are required to file returns and remit payments by electronic means pursuant to Section 213.755, F.S., and Rule Chapter 12-24, F.A.C., will be required to file the applications online via the Department’s online Internet site.
The purpose of the proposed amendments to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), is to provide information and the requirements of the approval process for a new qualifying project that is located in an enterprise zone and brownfield area, as provided in Section 220.191(1)(h)3., F.S., created by Section 1, Chapter 2006-55, L.O.F., for purposes of the capital investment tax credit applied against the corporate income tax.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to adopt, by reference, new forms and changes to the forms used by the Department in the administration of the corporate income tax and to remove obsolete forms no longer used by the Department.