Section 1, Chapter 2011-223, L.O.F., allows certain unused capital investment tax credits to be carried forward through the 30th tax year after commencement of operations. The purpose of the proposed amendments to Rule 12C-1.0191, F.A.C. (Capital ...

 

DEPARTMENT OF REVENUE
Corporate, Estate and Intangible Tax

RULE NO.: RULE TITLE:
12C-1.0191: Capital Investment Tax Credit Program
12C-1.0193: Florida Renewable Energy Production Credit
12C-1.0221: Returns, Notices, and Elections; Signing and Verification
12C-1.051: Forms

PURPOSE AND EFFECT: Section 1, Chapter 2011-223, L.O.F., allows certain unused capital investment tax credits to be carried forward through the 30th tax year after commencement of operations. The purpose of the proposed amendments to Rule 12C- 1.0191, F.A.C. (Capital Investment Tax Credit Program), is to add this provision to the rule.

Section 7, Chapter 2012-117, L.O.F., effective July 1, 2012, requires an application to be filed with the Department of Agriculture and Consumer Services for an allocation of an annual tax credit against corporate income tax based on the taxpayer’s production and sale of electricity from a Florida renewable energy facility. The purpose of the proposed amendments to Rule 12C-1.0193, F.A.C. (Florida Renewable Energy Production Credit), and to Rule 12C-1.051, F.A.C. (Forms), is to update the Department’s rules and form to include the provisions of Section 7, Chapter 2012-117, L.O.F., and to remove the obsolete application for the tax credit previously submitted to the Department of Revenue.

The purpose of the proposed amendments to Rule 12C-1.0221, FA.C. (Returns, Notices, and Elections; Signing and Verification), is to adopt, by reference, updates to Treasury Department Circular Number 230.

The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to: (1) adopt, by reference: (1) annual changes to update Florida corporate income tax returns to reflect law changes; (2) updates to the application used to notify the Department of a transfer of a tax credit to another taxpayer; and (3) to remove an application for the Florida renewable energy tax credit that will be administered by the Florida Department of Agriculture and Consumer Services beginning July 1, 2012.

SUBJECT AREA TO BE ADDRESSED: The subject of the rule workshop is the: (1) proposed changes to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), to incorporate the provisions of Section 1, Chapter 2011-223, L.O.F.; (2) proposed changes to Rule 12C-1.0193, F.A.C., and Form F-1193T (Notice of Intent to Transfer A Florida Energy Tax Credit) to incorporate the provisions of Section 7, Chapter 2012-117, L.O.F., effective July 1, 2012, and to remove the obsolete application for a Florida renewable energy tax credit; and (3) updates to materials and forms used to administer the Florida corporate income tax.

RULEMAKING AUTHORITY: 213.06(1), 220.191(8), 220.192(5), (7), 220.193, 220.196(4), 220.51, 1002.395(13) FS.
LAW IMPLEMENTED: 119.071(5), 212.08(5)(p), 213.35, 213.755, 220.02(3), (8), 220.03(1), 220.11, 220.12, 220.13(1), (2), 220.131, 220.14, 220.15, 220.16, 220.181, 220.182, 220.183, 220.184, 220.1845, 220.185, 220.186, 220.1875, 220.1895, 220.1896, 220.19, 220.191, 220.192, 220.193, 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.

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: August 8, 2012, 9:00 a.m.

PLACE: 2450 Shumard Oak Boulevard, Building One, Room 1220, 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: Tammy Miller 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, Tax Law 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: myflorida.com/dor/rules