Summary


The proposed amendments to Rule 12C-1.0186, F.A.C. (Credit for Florida Alternative Minimum Tax), Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations), and Rule 12C-1.051, F.A.C. (Forms), reflect 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. The proposed amendments to Rule 12C-1.0186, F.A.C. (Credit for Florida Alternative Minimum Tax), provide that the amount of the alternative minimum tax credit is computed without application of the tax credit for contributions to nonprofit scholarship funding organizations or the tax credit for renewable energy production. The proposed amendments to Rule 12C-1.0187, F.A.C. (Credits for Contributions to Nonprofit Scholarship Funding Organizations): (1) provide that insurers may claim a credit against their insurance premium tax liability for eligible contributions made to a nonprofit scholarship funding organization; (2) clarify that contributions to nonprofit scholarship funding organizations are not payments of estimated tax or installment payments required under Chapter 220, F.S., or Section 624.5092, F.S.; and (3) remove unnecessary provisions regarding the annual list of eligible nonprofit scholarship funding organizations provided by the Department of Education. The proposed amendments to Rule 12C-1.051, F.A.C. (Forms), 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).