Published on: 12043537. Sections 1 and 2, Chapter 2012-32, L.O.F., expanded the public purpose exemption from ad valorem taxes to the governmental leasehold intangible tax. The exemption applies retroactively to all governmental leaseholds in existence on January 1, 2011. The purpose of the proposed amendments to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax), is to include the provisions of Sections 1 and 2, Chapter 2012-32, L.O.F., and to adopt, by reference, changes to the tax return used to report the annual tax on governmental leasehold estates.
Published on: 11754768. Sections 1 and 2, Chapter 2012-32, L.O.F., expanded the public purpose exemption from ad valorem taxes to the governmental leasehold intangible tax. The exemption applies retroactively to all governmental leaseholds in existence on January 1, 2011. The purpose of the proposed amendments to Rule 12C-2.004, F.A.C. (Property Subject to Tax – Governmental Leasehold Estates and Nonrecurring), Rule 12C-2.010, F.A.C. (Valuations), and to Rule 12C-2.0115, F.A.C. (Public Use Forms), is to: (1) include the provisions of Sections 1 and 2, Chapter 2012-32, L.O.F.; (2) provide that the Valuation Factor Tables used to calculate the annual tax on governmental leasehold estates will be published annually in Taxpayer Information Publications and posted to the Department’s Internet site; and (3) adopt, by reference, updates to the tax return used to report the annual tax on governmental leasehold estates that reflect law changes and to remove provisions that limit the tax return to a single tax year.
Published on: 4958075. Approval of the proposed amendments to Rule Chapter 12C-2, Florida Administrative Code (Intangible Personal Property Tax). Notice of this proposed adoption was published in the Florida Administrative Weekly on October 19, 2007 (Vol. 33, No. 42, pp. 4897-4907). A Rule Development Workshop was held on August 27, 2007, and a Rule Hearing was subsequently held on November 13, 2007. No comments were submitted during or after the workshop, and no comments were submitted at the hearing. After the hearing the Joint Administrative Procedures Committee of the Florida Legislature requested a copy of a form, which the Department provided.; December 18, 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, Florida
Published on: 4746033. The purpose of the proposed changes to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax), is to remove provisions regarding the administration of the annual intangible personal property tax repealed effective January 1, 2007, by Chapter 2006-312, L.O.F. These proposed changes: (1) remove provisions from the rule chapter that have been rendered obsolete with the repeal of the annual personal property tax; and (2) update, consolidate, and simplify provisions for the administration of the 1 mill tax imposed on the value of leases of government-owned property and the 2 mill nonrecurring tax imposed on the value of notes, bonds, and other obligations for payment of money that is secured by a mortgage, deed of trust, or other lien on Florida real property.
Published on: 4439222. The purpose of the proposed changes to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax), is to remove provisions regarding the administration of the annual intangible personal property tax repealed effective January 1, 2007, by Chapter 2006-312, L.O.F. The proposed changes to Rule Chapter 12C-2, F.A.C. (Intangible Personal Property Tax): (1) remove provisions from the rule chapter that have been rendered obsolete with the repeal of the annual personal property tax; and (2) update, consolidate, and simplify provisions for the administration of the 1 mil tax imposed on the value of leases government-owned property and the 2 mil nonrecurring tax imposed on the value of notes, bonds, and other obligations for payment of money that is secured by a mortgage, deed of trust, or other lien on Florida real property.
The following rule sections have been rendered obsolete and are proposed to be repealed:
12C-2.002 Property Subject to Tax – Annual and Nonrecurring
12C-2.003 Exemptions
12C-2.006 Taxable Situs – Reporting Requirements – Who Shall File a Return
12C-2.0061 Transfer of Intangible Personal Property to Certain Out-of-State Entities
12C-2.0062 Management or Control
12C-2.0063 Intangible Personal Property Held in Trust
12C-2.008 Information Reports
12C-2.0105 Tax Credits
The proposed amendments to the following rule sections provide for the continued administration of the one mil tax imposed on government leasehold estates and the nonrecurring two mil tax imposed on notes, bonds, and other obligations for payment of money secured by Florida real property:
12C-2.001 Definitions
12C-2.004 Property Subject to Tax
12C-2.005 Reporting Requirements – Due Date – Payment of Tax – Discounts Allowed
12C-2.007 Penalties and Interest
12C-2.010 Valuations
12C-2.011 Administration
12C-2.0115 Public Use Forms
12C-2.012 Refunds
These rule sections: (1) retain the definitions for just value and other synonymous terms; (2) provide for the imposition of the one mil tax imposed on government leasehold estates and the two mil nonrecurring tax imposed on value of notes, bonds, and other obligations for payment of money that is secured by a mortgage, deed of trust, or other lien on Florida real property; (3) provide for the valuation of leases of governmental property subject to tax and for the valuation of property subject to the nonrecurring tax; (3) provide for the requirements for the administration of the taxes, including the due dates, discounts allowed, the methods of payment, and the imposition of penalties and interest; (4) provide for the administration of refunds for the overpayment of the tax; and (5) remove obsolete forms no longer used by the Department and adopt revisions to forms that continue to be used for reporting the government leasehold tax.