Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0193 - Florida Renewable Energy Production Credit

Current through Reg. 50, No. 138; July 16, 2024
(1) A Florida Renewable Energy Production
				Credit is provided in Section
				220.193, F.S., for the sale of
				electricity from a Florida renewable energy facility. An application must be
				filed with the Department of Agriculture and Consumer Services each year for an
				allocation of credit. The Department of Agriculture and Consumer Services will
				notify eligible taxpayers of the certified amount of credit that is allocated
				to them and the tax year in which the taxpayer may claim the credit on its
				Florida corporate income tax return. A copy of the certification must be
				attached to the taxpayer's Florida corporate income tax return on which the
				credit is taken.
(2) The Florida
				Renewable Energy Production Credit may be transferred in a merger or
				acquisition. In addition, unused credits may be transferred one time (outside a
				merger or acquisition) to another taxpayer in whole or in increments of not
				less than 25 percent of the remaining credit. Taxpayers are required to file a
				Notice of Intent to Transfer A Florida Energy Tax Credit (Form F-1193T,
				incorporated by reference in rule
				12C-1.051, F.A.C.) to transfer
				the unused renewable energy production credits available for transfer. The
				transfer must be verified by the Department prior to the transferee claiming
				the credit. Within 15 days of receipt of a completed Form F-1193T, the
				Department will notify the transferor and the transferee by letter of the
				amount of tax credit authorized for transfer. A copy of the letter from the
				Department allowing the transfer must be attached by the transferee to the
				Florida Corporate Income/Franchise Tax Return (Form F-1120, incorporated by
				reference in rule 12C-1.051, F.A.C.) on which the
				credit is claimed. The transfer of a credit does not affect the time for taking
				the credit, and the credit is subject to the same limitations imposed on the
				transferor.
(3) Every taxpayer
				claiming a Florida Renewable Energy Production Credit must retain documentation
				that substantiates and supports the credit, a copy of the certification
				received from the Department of Agriculture and Consumer Services certifying
				the amount of the credit, a schedule reconciling all credit carryovers,
				transfers, and sales, a schedule tracking the credit amounts allocated and the
				use of such credits, and, if applicable copy of the letter from the Department
				allowing the transfer until tax imposed by chapter 220, F.S., may no longer be
				determined and assessed under section
				95.091(3), F.S.
				Documentation to substantiate and support the credit includes: production
				records or other evidence of the amount of electricity produced; evidence of
				the increase in production and sales of electricity over the 2011 calendar year
				by an expanded facility; and evidence establishing that the electricity was
				produced from renewable energy.
Rulemaking Authority
					 213.06(1),
					 220.193,
					 220.51 FS. Law Implemented
					 213.35,
					 220.02(8),
					 220.03(1),
					 220.131,
					 220.193,
					 220.21
					 FS.
New 4-26-10, Amended
					 1-17-13.