12D-2.004. Annual Returns of Railroads

(1) It shall be the duty of each railroad or railroad terminal company to return, on or before the first of April annually, a full and complete return verified by an officer or authorized representative of the company, in such form as the Department of Revenue may prescribe, showing such of the following facts as may be requested by the Department and other such information as the Department may require, in the form and at the time prescribed:

(a) Total length of such railroad everywhere.

(b) Total length and owner’s estimated value of such main track, branch, switch, spur, and side tracks. List of lots not leased or rented and terminal facilities in this state as of January 1.

(c) The total number of owner’s estimated value of all rolling stock in this state as of January 1.

(d) The value of appurtenant supplies in this state as of January 1.

(e) A stock and bond value summation, including:

1. Long term bonds.

2. Stocks.

3. Equipment obligations.

4. Publicly held leased line securities.

5. Current liabilities.

(f) A statement of cost of additions and betterments made in the previous year.

(g) A report of the following statistics for each state in which the railroad operated in the past year:

1. All track miles.

2. Railroad operating revenue.

3. Ton and passenger miles.

4. Train miles.

5. Car miles.

6. Net investment in transportation property.

(h) A return of railroad equipment leased from others, showing the following information:

1. Owner.

2. Tax liability, lessor or lessee.

3. Date of first rental payment.

4. Lease/contract date of expiration.

5. Number of units.

6. Age of unit.

7. Type of unit.

8. Original cost.

9. Annual depreciation (owner’s).

10. Accumulated depreciation (owner’s).

11. Rental payment.

12. Depreciation schedule.

(i) A return of railroad equipment leased to others (data same as requested in paragraph (h)).

(j) An inventory of non-operating property in this state as of January 1 including:

1. Either legal description of property including section, township and range or description used by property appraiser.

2. Location of property.

3. Parcel number assigned by county.

4. Railroad identification number.

5. Number of acres or fractions thereof.

6. Book value.

7. Current assessed value.

(k) A statement of location of side tracks owned by others connected to said railroads in this state as of January 1.

(l) A list of private car lines or freight line and equipment companies whose cars were transported in the previous year including:

1. Name of private car line or freight line and equipment company.

2. Company address.

3. Car identification number.

4. Type of car.

5. Miles traveled in Florida, loaded and empty.

(m) A statement of total value of locally assessed property in Florida including:

1. Assessed value (as locally assessed).

2. Book value.

(n) A notarized certificate of execution and verification signed by an officer or authorized representative of reporting company.

(o) A complete copy of the annual report to the Surface Transportation Board dated, as of the end of the fiscal year, just preceding January 1 of the taxable year.

(p) A copy of complete audited financial statements, as of the end of the fiscal year, including, at a minimum:

1. Audited balance sheet.

2. Audited income statement.

(q) A copy of the audited annual report of the railroad, as of the end of the fiscal year, to shareholders.

(r) A copy of the audited annual report of the parent company of the railroad, as of the end of the fiscal year, to shareholders.

(s) A copy of the annual 10-K report of the railroad, as of the end of the fiscal year, to the Securities and Exchange Commission, if applicable.

(t) A copy of the annual 10-K report of the parent company of the railroad, as of the end of the fiscal year, to the Securities and Exchange Commission, if applicable.

(u) A list of constitutionally-exempt property pursuant to Article VII, section 1(b), Florida Constitution, which exempts certain classes of property from ad valorem property tax, such as motor vehicles, boats, airplanes, trailers, trailer coaches and mobile homes, as defined by law, which are subject to a license tax for their operation in the amounts and for the purposes prescribed by law. The list of constitutionally-exempt property, licensed in Florida, must contain an itemized financial accounting depreciation schedule that details original cost, annual financial accounting depreciation charges, accumulated depreciation and depreciated cost. The list should be prepared as if the equipment is owned by the taxpayer and the depreciation to be reported is the financial accounting depreciation. Any agreements for the lease of “car marks” should be shown as leased from others.

(v) A list of any sales or leases of operating track to others.

(2) It shall be the duty of all railroad or railroad terminal companies owning land or any other real estate in any county in this state to submit to the Department and the county property appraiser a full and complete list showing the description of all lands or lots owned and used by them in daily operation of the railroad. Such list must reflect the following information:

(a) Either the legal description of the property including section, township and range, or the description used by the county property appraiser.

(b) Location of property.

(c) Parcel number assigned by appraiser.

(d) Actual railroad use, i.e., right-of-way, storage, office, shop, etc.

(e) Description of improvements.

(3) It shall be the duty of all railroad and railroad terminal companies owning land in this state to file with the Department of Revenue, maps of operating rights-of-way in Florida. These right-of-way maps shall be separated as to each county through which the railroad and railroad terminal company operates. Once the initial compliance to this rule has been completed, the railroad and railroad terminal companies need file annually only those maps which have been revised and corrected by the respective companies by changes in the rights-of-way.

(4) The failure to file a return or the late or incomplete filing of a return shall subject the railroad or railroad terminal company to the penalties provided in Section 193.072, F.S. The Department may waive or reduce penalties in the same manner as provided for property appraisers under Section 193.072(4), F.S.

Rulemaking Authority 195.027(1), 213.06(1) FS. Law Implemented 193.062, 193.072, 193.085 FS. History–New 11-9-76, Formerly 12D-2.04, Amended 12-31-98.