Chapters 2011-229, L.O.F., and 2013-46, L.O.F., amends Section 220.13(1)(e), F.S., to require adjustments for I.R.C. section 179 expense and bonus depreciation. These provisions were added to the Internal Revenue Code by the Small Business Jobs Act ...

 

DEPARTMENT OF REVENUE

Corporate, Estate and Intangible Tax

RULE NO.:RULE TITLE:

12C-1.013Adjusted Federal Income Defined

PURPOSE AND EFFECT: Chapters 2011-229, L.O.F., and 2013-46, L.O.F., amends Section 220.13(1)(e), F.S., to require adjustments for I.R.C. section 179 expense and bonus depreciation. These provisions were added to the Internal Revenue Code by the Small Business Jobs Act of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and the American Taxpayer Relief Act of 2012. The purpose of the development of amendments to Rule 12C-1.013, F.A.C. (Adjusted Federal Income Defined), is to update the rule provisions to incorporate the adjustments to federal income for Florida income tax purposes required by Section 220.13(1)(e), F.S., as amended.

SUBJECT AREA TO BE ADDRESSED: The subject area to be addressed is the development of amendments to Rule 12C-1.013, F.A.C. (Adjusted Federal Income Defined), to incorporate the adjustments to federal income for purposes of reporting Florida corporate income tax required by Section 220.13(1)(e), F.S., as amended by Chapters 2011-229, L.O.F., and 2013-46, L.O.F.

RULEMAKING AUTHORITY: 213.06(1), 220.51 FS., s. 3, Ch. 2009-192, s. 3, Ch. 2013-46, L.O.F.

LAW IMPLEMENTED: 220.02(3), 220.03(5), 220.13, 220.131(1), 220.43(1), (3) FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Robert DuCasse, Revenue Program Administrator I, Technical Assistance and Dispute Resolution, Department of Revenue, P. O. Box 7443, Tallahassee, Florida 32314-7443, telephone [phone]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS NOT AVAILABLE.