Summary


Amendments to Rule 12C-1.013, F.A.C., include an additional amount of federal taxable income that can be subtracted from state taxable income. Rule 12C-1.0192, F.A.C., is being repealed to conform to the statutory repeal of a program that has expired. Updates and revisions to forms incorporated by reference in Rule 12C-1.051, F.A.C., are Form F-1120 (Florida Corporate Income/Franchise Tax Return); Form F-1120A (Florida Corporate Short Form Income Tax Return); Form F-1120N (Instructions for Corporate Income/Franchise Tax Return for taxable years beginning on or after January 1, 2019); Form F-1120XN (Instructions for Preparing Form F-1120X Amended Florida Corporate Income/Franchise Tax Return); and Form F-1193T (Notice of Intent to Transfer a Florida Tax Credit Corporate Income Tax). Section 220.1105, F.S., requires the Department of Revenue to calculate, by October 1, 2019, the corporate income tax rate to be imposed for tax years beginning on or after January 1, 2019, but before January 1, 2022. The Department has performed the calculation and has included the new tax rate of 4.458% and has included this rate on Form F-1120 and Form F-1120A.