Purpose
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. Chapter 2008-227, L.O.F., eliminated the Florida renewable energy production credit from the alternative minimum tax credit calculation. The purpose of 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), is to update these rules and the forms used by the Department to administer the credit for contributions to nonprofit scholarship funding organizations authorized under Sections 220.187 and 624.51055, F.S., and to update provisions on the calculation of the amount of the alternative minimum tax.