The purpose of the proposed amendments to Rule 12C-1.086, F.A.C. (Credit for Florida Alternative Minimum Tax), is to include law changes that eliminate the Florida renewable energy production credit from the alternative minimum tax credit ...

 

DEPARTMENT OF REVENUE
Corporate, Estate and Intangible Tax

RULE NO: RULE TITLE
12C-1.0186: Credit for Florida Alternative Minimum Tax
12C-1.0187: Credits for Contributions to Nonprofit Scholarship Funding Organizations
12C-1.051: Forms
PURPOSE AND EFFECT: The purpose of the proposed amendments to Rule 12C-1.086, F.A.C. (Credit for Florida Alternative Minimum Tax), is to include law changes that eliminate the Florida renewable energy production credit from the alternative minimum tax credit calculation, as provided in Chapter 2008-227, L.O.F., and the credit for contributions to nonprofit scholarship funding organizations, as provided in Chapter 2009-108, L.O.F.
Chapter 2009-108, L.O.F., expands the Florida Tax Credit Scholarship Program to allow insurers, who make contributions to nonprofit funding organizations, to take a tax credit against the insurance premium tax imposed under Section 624.509, F.S.
The purpose of the proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), is to: (1) update the rule to reflect the changes made by Chapter 2009-108, L.O.F.; (2) clarify that contributions to nonprofit scholarship funding organizations are not payments of estimated tax or installment payments required under Section 220.241, F.S.; and (3) remove unnecessary provisions regarding the annual list of eligible nonprofit scholarship funding organizations provided by the Department of Education.
The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to adopt, by reference, changes to Form F-1160 (Application for Corporate Income Tax and Insurance Premium Tax Credit for Contributions to Nonprofit Scholarship Funding Organizations), and Form F-1161 (Application for Rescindment of Corporate Income Tax and Insurance Premium Tax Credit for Contributions to Nonprofit Scholarship Funding Organizations), used by the Department in the administration of the tax credit authorized under Sections 220.187 and 624.51055, F.S.
SUBJECT AREA TO BE ADDRESSED: The subject of this workshop is the changes to the calculation of the alternative minimum tax credit imposed by Chapters 2008-227 and 2009-108, L.O.F., and the expansion of the Florida Nonprofit Scholarship Program provided in Chapter 2009-108, L.O.F.
SPECIFIC AUTHORITY: 213.06(1), 220.187, 220.192(7), 220.193(4), 220.51 FS.
LAW IMPLEMENTED: 213.05, 213.35, 213.755, 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, 220.187, 220.1895, 220.19, 220.191, 220.192, 220.193, 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, 624.51055 FS.
A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: October 13, 2009, 1:30 p.m.
PLACE: Room 118, Carlton Building, 501 S. Calhoun Street, 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: Larry Green 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: 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 PUBLISHED ON THE DEPARTMENT’S INTERNET SITE AT: myflorida.com/dor/rules.