Summary


The proposed amendments to Rule 12C-1.0191, F.A.C. (Capital Investment Tax Credit Program), provide that: (1) a business which located a new solar panel manufacturing facility in Florida generating at least 400 jobs with an average salary of at least $50,000, and received a capital investment tax credit may assign or transfer the credit to another business by filing Form F-1193T (Notice of Intent to Transfer a Florida Energy Tax Credit) with the Department; (2) the transfer must be verified by the Department prior to the transferor claiming the credit; and (3) the letter of authorization from the Department must be attached to the return upon which the credit is claimed. The creation of Rule 12C-1.0192, F.A.C. (Renewable Energy Technologies Investment Tax Credit), provides that: (1) a business must apply to the Florida Energy and Climate Commission for an allocation of the renewable energies technologies investment tax credit; (2) the use of the credit is limited to the year in which it is authorized to the business; (3) a business may transfer the credit to another business by applying to the Department on Form F-1193T (Notice of Intent to Transfer a Florida Energy Tax Credit); (4) the Department will issue a letter of authorization to transfer the credit; and (5) the letter of authorization from the Department must be attached to the return upon which the credit is claimed. The creation of Rule 12C-1.0193, F.A.C. (Florida Renewable Energy Production Credit), provides that: (1) renewable energy facilities placed in service after May 1, 2006, and existing renewable energy facilities that meet the required increase in production and sale of electricity from a renewable energy source, must file an Application for Florida Renewable Energy Product Credit Allocation (Form F-1193) with the Department by February 1 of each year; (2) by March 1 of each year, the Department will notify eligible taxpayers of the amount of credit they may claim on their corporate income tax return; (3) unused credits may be transferred to another entity one time by applying to the Department on Form F-1193T (Notice of Intent to Transfer a Florida Energy Tax Credit); (4) the Department will issue a letter of authorization to transfer the credit; (5) the letter of authorization must be attached to the return upon which the credit is claimed; and (6) documentation to substantiate and support entitlement to the credit must be maintained by those facilities for which the credit is authorized. The proposed amendments to Rule 12C-1.051, F.A.C. (Forms), adopt, by reference, the Application for Florida Renewable Energy Production Credit Allocation (Form F-1193) and the Notice of Intent to Transfer A Florida Energy Tax Credit (Form F-1193T). Form F-1193T is used by taxpayers to notify the Department of intent to transfer a Florida renewable energy production credit (authorized by section 13, Chapter 2006-230, L.O.F.), a Florida renewable energy technologies investment tax credit (authorized by section 11, Chapter 2008-227, L.O.F.), or a capital investment tax credit (authorized by section 10, Chapter 2008-227, L.O.F.).