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Florida Administrative Code (Last Updated: June 27, 2024) |
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62. Department of Environmental Protection |
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D62. Departmental |
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62-788. Voluntary Cleanup Tax Credit Rule |
1(1) This chapter applies to any tax credit applicant seeking a tax credit toward corporate income tax pursuant to Sections 21220.1845 22and 23376.30781, 24Florida Statutes (F.S.). A tax credit applicant shall claim tax credits for the costs of voluntary cleanup activity using the percentages and the amounts in Table 1 by completing Florida Department of Environmental Protection (Department) Form 62-788.101(1) Voluntary Cleanup Tax Credit Application and Affidavit, effective date March 2022, hereby adopted and incorporated by reference. Copies of this form are available from the Department’s Voluntary Cleanup Tax Credit (VCTC) Program, Mail Station 4505, 2600 Blair Stone Road, Tallahassee, Florida 32399-2400, or online at https://floridadep.gov/waste/waste-cleanup/documents/vctc-application-form or 108http://www.flrules.org/Gateway/reference.asp?No=Ref-14053110.
111(2) A tax credit applicant can only submit a single completed application per site for each calendar year’s site rehabilitation costs. A tax credit applicant can be multiple entities working together to rehabilitate a site as identified and described in the Brownfield Site Rehabilitation Agreement (BSRA). Multiple entities must work together to prepare one application document, as detailed in subsection 62-788.301(1), Florida Administrative Code (F.A.C.).
176(3) Each application must be accompanied by a nonrefundable review fee of $250, even if the application includes multiple tax credit applicants or claims multiple tax credit types. The nonrefundable review fee must be made payable to the Water Quality Assurance Trust Fund.
219(4) Table 1: Tax Credit Percentages and Amounts for Eligible Sites Pursuant to subsection 62-788.101(1), F.A.C.
235Tax Credit Type2381
239Site Rehabilitation2412
242Site Rehabilitation Completion Order (SRCO) Bonus2483
249Affordable Housing Bonus2524
253Health Care Bonus2565
257Solid Waste Removal2606
261Application Frequency
263Annually
264Once
265Once
266Once
267Once
268Percentage and Maximum Credit for Costs Incurred and Paid from 07/01/1998 to 06/30/2006
28135%
282$250,000
28410%;
285$50,000
287N/A
288N/A
289N/A
290Percentage and Maximum Credit for Costs Incurred and Paid after 06/30/2006
30150%;
302$500,000
30425%;
305$500,000
30725%;
308$500,000
310N/A
31150%;
312$500,000
314Percentage and Maximum Credit for Costs Incurred and Paid after 12/31/2007
32550%;
326$500,000
32825%;
329$500,000
33125%;
332$500,000
33425%;
335$500,000
33750%;
338$500,000
3401 341More than one Tax Credit Type listed in Table 1 can be claimed in a single VCTC application.
3592 360The maximum site rehabilitation tax credit issued per site shall not exceed $500,000 annually.
3753 376The maximum SRCO bonus tax credit issued per contaminated site shall not exceed $500,000.
3914 392The maximum Affordable Housing bonus tax credit issued per brownfield site, as identified and described in the BSRA, shall not exceed $500,000.
4155 416The maximum Health Care bonus tax credit issued per brownfield site, as identified and described in the BSRA, shall not exceed $500,000.
4396 440The maximum Solid Waste Removal tax credit issued per brownfield site, as identified and described in the BSRA, shall not exceed $500,000.
463(5) This rule shall be reviewed, and if necessary, repealed or renewed through the rulemaking process five years from the effective date.
485Rulemaking Authority 487376.30781 FS. 489Law Implemented 491220.1845, 492376.30781 FS. 494History–New 3-9-22.
