The purpose of this rulemaking is to implement legislative changes and other updates to three forms within Rule 12C-1.051, Forms. Pursuant to s. 213.755(1), F.S., taxpayers are required to electronically file returns and ....

 

DEPARTMENT OF REVENUE

Corporate, Estate and Intangible Tax

RULE NO.:RULE TITLE:

12C-1.051Forms

PURPOSE AND EFFECT: The purpose of this rulemaking is to implement legislative changes and other updates to three forms within Rule 12C-1.051, Forms. Pursuant to s. 213.755(1), F.S., taxpayers are required to electronically file returns and electronically remit payments of taxes and fees where the taxpayer paid tax in the prior state fiscal year in an amount greater than or equal to $20,000. Section 2 of Chapter 2022-151, L.O.F., amends s. 213.755(1), F.S., to lower this threshold amount from $20,000 to $5,000 effective January 1, 2023.

In this rulemaking, Form F-1120, Florida Corporate Income/Franchise Tax Return, is revised to update the tax rate from 3.535% to 5.5% pursuant to s. 220.1105(5), F.S. Form F-1120 is also revised to add the New Worlds Reading Initiative, Strong families, and Internship tax credits to Schedule I, Additions and/or Adjustments to Federal Taxable Income, and Schedule V, Credits Against the Corporate Income/Franchise Tax; remove the Florida renewable energy production tax credit from Schedule I and Schedule V; remove Internal Revenue Code s. 179 expense from Schedule II, Subtractions from Federal Taxable Income; and for standard language updates.

Form F-1120N, Instructions for – Corporate Income/Franchise Tax Return, is revised to notify taxpayers of the lowered threshold amount requiring taxpayers to file and pay corporate income/franchise tax electronically if they paid $5,000 or more in tax during the State of Florida’s prior fiscal year (July 1-June 30). Form F-1120N is also revised to add information about the New Worlds Reading Initiative, Strong families, and Internship tax credits to the instructions for Schedule I, Additions and/or Adjustments to Federal Taxable Income, and Schedule V, Credits Against the Corporate Income/Franchise Tax; remove information about the Florida renewable energy production tax credit from the instructions for Schedule I and Schedule V; remove information about Internal Revenue Code s. 179 expense from the instructions for Schedule II, Subtractions from Federal Taxable Income; and for standard language updates.

Form F-2220, Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax, is revised to advise that the New Worlds Reading Initiative and Strong families tax credits reduce the installment amount that must be paid to meet the prior year exception and for standard language updates.

SUBJECT AREA TO BE ADDRESSED: This rulemaking addresses changes to three forms related to corporate income/franchise tax.

RULEMAKING AUTHORITY: 213.06(1), 220.192(7), 220.193(4), 220.196(4), 220.51, 1002.395(13) FS.

LAW IMPLEMENTED: 119.071(5), 212.08(5)(p), 213.755(1), 220.11, 220.12, 220.13(1), (2), 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.1899, 220.191, 220.193, 220.194, 220.195, 220.196, 220.21, 220.211, 220.22, 220.221, 220.222, 220.23, 220.24, 220.241, 220.31, 220.32, 220.33, 220.34, 220.41, 220.42, 220.43, 220.44, 220.51, 220.721, 220.723, 220.725, 220.737, 220.801, 220.803, 220.805, 220.807, 220.809, 221.04, 624.5105, 624.51055, 1002.395 FS., section 2, Ch. 2022-151 LOF F.

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: July 27, 2022, 10:00 a.m.

PLACE: 2450 Shumard Oak Boulevard, Building Two, Room 1250, Tallahassee, Florida. If a meeting is requested in writing, members of the public can also attend electronically via webinar; participants will need to register for the webinar using the following link: [https://attendee.gotowebinar.com/register/7837611777211928077]

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, Technical Assistance and Dispute Resolution, Department of Revenue, P.O. Box 7443, Tallahassee, Florida 32314-7443, telephone [phone], email [e-mail].

 

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

 

Published on the Department’s website at floridarevenue.com/rules.