Section 17, Chapter 2014-184, Laws of Florida, provides that for purposes of determining if a penalty under Section 624.5092, F.S., should be imposed on the underpayment of an installment, an insurer may reduce the installment amount required to ...

 

DEPARTMENT OF REVENUE

Miscellaneous Tax

RULE NO.:RULE TITLE:

12B-8.001Premium Tax; Rate and Computation

PURPOSE AND EFFECT: Section 17, Chapter 2014-184, Laws of Florida, provides that for purposes of determining if a penalty under Section 624.5092, F.S., should be imposed on the underpayment of an installment, an insurer may reduce the installment amount required to meet the prior year exception in that taxable year by the amount of the credit earned under Section 624.51055, F.S. (Credit for contributions to eligible nonprofit scholarship-funding organizations). The amount required to meet the prior year exception may only be reduced with respect to contributions made on or after July 1, 2014.

The purpose of the proposed amendments to Rule 12B-8.001, F.A.C. (Premium Tax; Rate and Computation), is to provide clarification regarding the computation of the installment payment amount required to meet the prior year exception when a taxpayer has made one or more qualifying contributions to eligible nonprofit scholarship-funding organizations.

SUBJECT AREA TO BE ADDRESSED: The subject area to be addressed is the computation of the installment payment amount required to meet the prior year exception pursuant to Section 624.5092, F.S., when a taxpayer has made one or more qualifying contributions to eligible nonprofit scholarship-funding organizations.

RULEMAKING AUTHORITY: 213.06(1), 220.183(4)(d), 288.99(11) (2010), 624.5105(4)(b), 1002.395(13) FS.

LAW IMPLEMENTED: 175.101, 175.1015, 175.121, 175.141, 185.08(3), 185.085, 185.10, 185.12, 213.05, 213.235, 220.183(3), 288.99(11) (2010), 624.4621, 624.46226, 624.4625, 624.475, 624.509, 624.5092, 624.50921, 624.510, 624.5105, 624.51055, 624.511, 624.518, 624.519, 624.520(2), 626.7451(11), 627.3512, 627.357(9), 628.6015, 629.5011, 634.131, 634.313(2), 634.415(2), 1002.395 FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: March 11, 2015, 9:00 a.m.

PLACE: 2450 Shumard Oak Boulevard, Building One, Room 2503, Tallahassee, Florida

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 48 hours before the workshop/meeting by contacting: Tonya Fulford at [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Jennifer Ensley, Senior Tax Specialist, 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: Published on the Department’s Internet site at www.myflorida.com/dor/rules.