Computation of Phosphate Rock Tax Rate

 

DEPARTMENT OF REVENUE
Miscellaneous Tax

RULE NO: RULE TITLE
12B-7.0225: Computation of Phosphate Rock Tax Rate

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made in accordance with subparagraph 120.54(3)(d)1., F.S., to the proposed amendments to Rule 12B-7.0225 F.A.C., published in Vol. 32, No. 25, pp. 2817-2819, June 23, 2006, issue of the Florida Administrative Weekly.

In response to written comments received from the Joint Administrative Procedures Committee, dated July 7, 2006, Rule 12B-7.0225, F.A.C., has been changed, so that, when adopted, that rule will read as follows:

12B-7.0225 Computation of Phosphate Rock Tax Rate.

The U.S. Bureau of Labor Statistics Producer Price Index, North American Industry Classification System (NAICS) National Code 212392, Phosphate Rock Commodity Code 147, Chemical and Fertilizer Mineral Mining, is used hereby adopted by reference for the purpose of calculating the annual base rate adjustment to the phosphate rock tax rate, beginning with the year 2007 and annually thereafter. For the purpose of implementing the provisions Section 211.3103(9), F.S., the method used to compute the tax rate for the year 2006 will be the percentage change in phosphate rock prices as published by the U.S. Geological Survey, from 2004 to 2005, times the 2005 tax rate for phosphate rock as published by the Department, all incorporated by reference.