The Florida Tax Credit Scholarship Program, as amended by Chapter 2010-24, L.O.F., allows taxpayers to receive a credit allocation for contributions made to nonprofit scholarship funding organizations. This law expands the tax credits against corporate income tax and insurance premium tax, transferring Section 220.187, F.S., to new Section 1002.395, F.S., and creating Section 220.1875, F.S., to provide for the tax credit against corporate income tax. The proposed changes to Rule Chapter 12C-1, F.A.C., are necessary to update reference to the new law for purposes of the credit for the Florida alternative minimum tax and to remove rule provisions and forms relating to tax credits for contributions to nonprofit scholarship funding organizations prior to July 1, 2010. When in effect, proposed Rule Chapter 12-29, F.A.C. (Multitax Credits), will establish the procedures governing the approval of tax credit allocations and rescindments, the approval for carryforward tax credits to a subsequent tax year, and the procedures to be followed by taxpayers when claiming tax credits on tax returns.