Section 17, Chapter 2014-184, Laws of Florida, provides that for purposes of determining if a penalty or interest should be imposed for underpayment of estimated corporate income tax pursuant to Section 220.34(2)(d)1., F.S., a taxpayer may reduce ...

 

DEPARTMENT OF REVENUE

Corporate, Estate and Intangible Tax

RULE NO.:RULE TITLE:

12C-1.034Special Rules Relating to Estimated Tax

PURPOSE AND EFFECT: Section 17, Chapter 2014-184, Laws of Florida, provides that for purposes of determining if a penalty or interest should be imposed for underpayment of estimated corporate income tax pursuant to Section 220.34(2)(d)1., F.S., a taxpayer may reduce the estimated payment amount required to meet the prior year exception in that taxable year by the amount of the credit earned under Section 220.1875, 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 12C-1.034, F.A.C. (Special Rules Relating to Estimated Tax), is to provide clarification regarding the computation of the amount of estimated tax 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 amount of estimated tax required to meet the prior year exception pursuant to Section 220.34(2)(d)1., F.S., when a taxpayer has made one or more qualifying contributions to eligible nonprofit scholarship-funding organizations.

RULEMAKING AUTHORITY: 213.06(1), 220.24, 220.33(7), 220.34(2)(f), 220.51, 1002.395(13) FS.

LAW IMPLEMENTED: 213.21, 220.131, 220.24, 220.241, 220.33, 220.34, 221.02, 221.04, 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.