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Florida Administrative Code (Last Updated: October 28, 2024) |
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12. Department of Revenue |
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12C. Corporate, Estate and Intangible Tax |
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12C-1. Corporate Income Tax |
1(1) If the Florida alternative minimum tax is paid pursuant to Section 13220.11(3), F.S., 15or the Florida alternative minimum tax is offset by the credits provided in Section 29220.1875 30or 31220.193, F.S., 33an alternative minimum tax credit is allowed by Section 42220.186, F.S., 44in subsequent years.
47(2) The amount of the alternative minimum tax credit is equal to the excess of the alternative minimum tax paid over the amount of regular corporate income tax without application of the credits provided in Section 83220.1875 84or 85220.193, F.S., 87that would have otherwise been due. There is no limitation on the total dollar amount of the credit.
105(3) An alternative minimum tax credit may not be taken in a subsequent year when alternative minimum tax is also due for that subsequent year. The credit may only be taken for a tax year when regular tax is due pursuant to Section 148220.11(2), F.S. 150Furthermore, the amount of alternative minimum tax credit that may be taken is limited to the difference between the amount of regular tax that is due and the amount of alternative minimum that would be due if the application of the alternative minimum tax statutes was required. Therefore, for purposes of computing the limitation, the taxpayer will need to compute alternative minimum tax due in a subsequent year in which an alternative minimum tax credit is going to be used, even if the corporation is not otherwise required to compute the alternative minimum tax.
244(4) There is no time limitation in which the alternative minimum tax credit must be used.
260Rulemaking Authority 262213.06(1), 263220.193(4), 264220.51, 2651002.395 FS. 267Law Implemented 269220.186, 270220.1875, 271220.193 FS. 273History–New 12-7-92, Amended 4-26-10, 6-6-11.
