reglab/statecodes huggingface dataset:
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.013 - Adjusted Federal Income Defined

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a) "Taxable income, " as defined by Section
				220.13(2),
				F.S., is the starting point in determining Florida corporate income tax
				due.
(b) In general, "taxable
				income" is the amount of a corporation's income that is subject to federal tax.
				However, the federal deductions provided for net operating losses, capital
				losses, excess charitable contributions, excess pension trust contributions,
				excess stock bonus and profit-sharing trust contributions are limited by
				Section 220.13(1)(b),
				F.S.
(c) Elections under s.
				338(h)(10), I.R.C. For federal tax purposes, an election under s. 338(h)(10),
				I.R.C., can only be made if a consolidated return is being filed that includes
				both the target corporation and the selling consolidated group. The federal tax
				treatment of s. 338(h)(10), I.R.C., which is incorporated by reference in Rule
				12C-1.0511, F.A.C., will be
				piggybacked to the greatest extent possible even though the taxpayer is not
				filing a consolidated Florida return. The target corporation should report the
				gain attributable to the deemed asset sale on its separate Florida return, if
				appropriate. The basis in the assets will then be stepped-up for Florida tax
				purposes to the same extent as for federal income tax purposes.
(d) "Taxable income" for an S corporation is
				defined as the amount subject to tax under s. 1374, I.R.C., which is
				incorporated by reference in Rule
				12C-1.0511, F.A.C., (built-in
				gains or capital gains) or s. 1375, I.R.C., which is incorporated by reference
				in Rule 12C-1.0511, F.A.C. (passive
				investment income).
(e) For tax
				years ending on or after July 1, 1998, limited liability companies and foreign
				limited liability companies qualified to do business in Florida will be allowed
				to file in the same manner for Florida corporate income tax purposes as for
				federal tax purposes.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0131 - Adjusted Federal Income; Affiliated Groups

Current through Reg. 50, No. 138; July 16, 2024
(1) Unless otherwise distinctly expressed,
				the terms used in this section shall have the same meaning as when used in a
				comparable context in the federal income tax regulations for consolidated
				returns. The term "common parent" as used in the federal regulations shall have
				the same meaning for Florida corporate tax purposes, and all references to the
				"Commissioner" or "District Director" in the federal regulations shall be
				construed to mean "the Executive Director or the Executive Director's designee"
				for purposes of these rules.
(a)
1. An affiliated group of corporations, as
				defined in these rules, which did not file a Florida consolidated return for
				the immediately preceding taxable year, may file a consolidated return in lieu
				of separate returns for the taxable year, provided the common parent is subject
				to the Florida Income Tax Code and each corporation which has been a member
				during any part of the taxable year for which the consolidated return is to be
				filed consents, in the manner provided in paragraph (e) of this subsection, to
				be bound by the provisions of these requirements and all applicable sections of
				the federal consolidated returns regulations.
2. A subgroup of the affiliated group may not
				file a consolidated return.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0135 - Unitary Business Groups; Special Requirements (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06,
					 220.135(4),
					 220.51 FS. Law Implemented
					 120.53(1)(b),
					 220.135
					 FS.
New 12-18-83, Formerly 12C-1.135, Amended 12-21-88,
					 Repealed 4-8-92.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.015 - Apportionment of Adjusted Federal Income

Current through Reg. 50, No. 138; July 16, 2024
(1) For taxable years beginning on or after
				January 1, 1991, corporations will apportion their adjusted federal income in
				accordance with section
				220.15, F.S., only if they are
				doing business within and without Florida. A taxpayer will be considered doing
				business within and without this state if it has income from business activity
				which is taxable both within and without Florida.
(a) In determining whether or not a taxpayer
				is doing business within and without Florida, a taxpayer will be considered
				doing business without this state if the corporation is taxable in another
				state, provided:
1. That state subjects the
				business to a net income tax, a franchise tax measured by net income, a
				franchise tax for the privilege of doing business, or a corporate stock tax,
				or,
2. That state has jurisdiction
				to subject the taxpayer to a net income tax regardless of whether, in fact, the
				state does or does not.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0151 - Apportionment for Special Industries

Current through Reg. 50, No. 138; July 16, 2024
(1)
				Section 220.151, F.S., states that a
				taxpayer providing transportation services (transportation company), or an
				insurance company, must apportion income to Florida using a single-factor
				formula, in lieu of the three-factor formula used in the general apportionment
				method.
(2) Transportation
				Companies.
(a)
1. Definition of taxpayer providing
				transportation services. A taxpayer providing transportation services is a
				business whose income is derived primarily from transporting people or goods
				from one location to another.
2.
				Corporations providing the following services, notwithstanding others, are not
				considered to be transportation companies:
a.
				Vessels carrying passengers to international waters where passengers cannot
				disembark from the vessel at points other than the origination point (cruises
				to nowhere);
b. Charter fishing
				boats;
c. Party boats;
d. Sightseeing rides on helicopters,
				airplanes, trolley cars, buses, or trains. However, charter bus lines and
				charter flight companies are considered to be transportation
				companies.
e. Delivery services in
				connection with the sale of tangible personal property. For example, a
				furniture company that delivers the furniture it sold is not a transportation
				company. Corporations whose primary business activity is the delivery of goods
				are transportation companies, whether or not the deliveries are for goods of
				affiliated or unrelated corporations.
f. Corporations leasing transportation
				equipment. A corporation leasing transportation equipment is not a
				transportation company and must use the general three-factor formula of
				apportionment, unless it petitions the Department to use an alternate method of
				apportionment as provided in section
				220.152, F.S., and rule
				12C-1.0152, F.A.C., and is
				granted permission to do so. The method for calculating the sales factor and
				the property factor for corporations leasing aircraft is specifically described
				in paragraph 12C-1.0153(4)(d)
				and subparagraph 12C-1.0155(2)(d)
				2., F.A.C.
3. For
				purposes of apportionment under section
				220.151, F.S., corporations
				which own, lease, or charter vessels that carry passengers to international
				waters, and dock in ports (other than the origination point) where passengers
				can disembark, will be deemed to be transportation companies.
4. For tax years beginning on or after
				January 1, 1989, the term "taxpayer furnishing transportation services" in
				Section 220.151, F.S., includes
				taxpayers engaged exclusively in interstate commerce. Transportation companies
				that deliver or pick up goods or passengers in this state, as well as
				corporations that do not have a point of origin or termination within this
				state, are subject to the Florida Income Tax Code whenever they have revenue
				miles in Florida.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0152 - Other Methods of Apportionment

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a) A departure from the applicable method of
				apportionment required under the provisions of section
				220.15 or
				220.151, F.S., shall be
				permitted only where the method does not accurately and fairly reflect business
				activity in Florida. An alternative method may not be invoked, either by the
				Department of Revenue or the taxpayer, merely because it reaches a different
				apportionment percentage than the regularly applicable formula. However, if the
				applicable formula will lead to a grossly distorted result in a particular
				case, a fair and accurate alternative method is appropriate (see Norfolk and
				Western Railway Co. v. Missouri State Tax Commission, 390 U.S. 317, 88 S. Ct.
				995, 19 L. Ed. 2d 1201 (1968), which is incorporated by reference in rule
				12C-1.0511, F.A.C.).
(b) A taxpayer seeking to utilize an
				alternative apportionment method must show by clear and cogent evidence that
				the regularly applicable formula would result in taxation of extraterritorial
				values (see Butler Bros. v. McColgan, 315 U.S. 501, 62 S.Ct. 701, 86 L. Ed. 991
				(1942), which is incorporated by reference in rule
				12C-1.0511, F.A.C.). This can be
				shown only if the regularly applicable formula is demonstrated to operate
				unreasonably and arbitrarily in apportioning to Florida a percentage of income
				which is out of all proportion to the business transacted in Florida and does
				not accurately and fairly reflect business activity in Florida (see Hans Rees'
				Sons, Inc. v. North Carolina ex rel Maxwell, 283 U.S. 123, 51 S. Ct. 385, 75 L.
				Ed 879 (1931), which is incorporated by reference in rule
				12C-1.0511,
				F.A.C.).
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0153 - Property Factor for Apportionment

Current through Reg. 50, No. 138; July 16, 2024
(1)
				For purposes of the property factor, the term "real and tangible personal
				property" includes land, buildings, machinery, stocks of goods, equipment, and
				other real and tangible personal property, but does not include coin or
				currency.
(2) Property shall be
				included in the property factor if it is actually used or is available for or
				capable of being used during the tax period.
(a) Property held as reserves or standby
				facilities or property held as a reserve source of materials shall be included
				in the factor. For example, a plant temporarily idle or raw material reserves
				not currently being processed are includible in the factor.
(b) Property or equipment under construction.
1. Property or equipment under construction
				during the tax period (except inventoriable goods-in-process) shall be excluded
				from the factor until such property is actually used for the production of
				income.
2. If the property is
				partially used for the production of income while under construction, the value
				of the property to the extent used shall be included in the property
				factor.
3. Construction companies
				shall include property under construction in the property factor. Regardless of
				the method of accounting used (percentage-of-completion or completed-contract
				methods), the costs of construction-in-progress are included in the property
				factor, to the extent the costs exceed progress billings.
(c) Property held for the production of
				income shall remain in the property factor until its permanent withdrawal is
				established by an identifiable event such as its sale or the lapse of five
				years during which time the property was held for sale.
(d)
1. Any
				amount of property which is directly related to an amount of gross receipts or
				income which is deducted, subtracted, or otherwise excluded in determining
				adjusted federal income is excluded from both the numerator and denominator of
				the property factor.
2. Example:
				The taxpayer owns an apartment building. The income from the rentals is
				determined to be non-business income. The value of the apartment building is
				excluded from the property factor.
(e) Tangible property in the possession of
				customers is excluded from the property factor even though the taxpayer holds
				legal title under conditional sales contracts or chattel mortgages.
(f) Satellites used in the communications
				industry are in the denominator of the property factor. The numerator is based
				upon the ratio of earth stations serviced. For example, if a particular
				satellite that is owned by the taxpayer services earth stations located in Los
				Angeles, Chicago, New York and Miami, 25 percent of the cost of the satellite
				will be included in the numerator of the factor for this
				state.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0154 - Payroll Factor for Apportionment

Current through Reg. 50, No. 138; July 16, 2024
(1)
				The total amount "paid" to employees is determined upon the basis of the
				taxpayer's accounting method. If the taxpayer has adopted the accrual method of
				accounting, all compensation properly accrued shall be deemed to have been
				paid.
(a) Notwithstanding the taxpayer's
				method of accounting, at the election of the taxpayer, compensation paid to
				employees may be included in the payroll factor by use of the cash method if
				the taxpayer is required to report such compensation under such method for
				unemployment compensation purposes.
(b)
1. The
				amount of wages paid is included in the payroll factor, regardless of whether
				the wages are treated as a capital expenditure by the taxpayer.
2. Example: The taxpayer uses some of its
				employees in the construction of a storage building which, upon completion is
				used in the regular course of taxpayer's trade or business. The wages paid to
				those employees are treated as a capital expenditure by the taxpayer. The
				amount of such wages is included in the payroll factor, even though those wages
				are also included in the property factor upon completion of the
				building.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0181 - Enterprise Zone Jobs Credit (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 20.05(5),
					 213.06,
					 220.51 FS. Law Implemented
					 120.53(1)(b),
					 213.05,
					 213.35,
					 220.03(1), (5),
					 220.181,
					 290.009(1) FS.,
					 Section 56, Ch. 94-136, Laws of Florida.
New 10-20-85, Formerly 12C-1.181, Amended 12-21-88,
					 12-7-92, 10-19-94, Repealed 1-3-96.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0182 - Enterprise Zone Property Tax Credit (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.182(7),
					 220.51 FS. Law Implemented
					 220.181,
					 220.182,
					 290.009(1) FS.,
					 Section 56, Ch. 94-136, Laws of Florida.
New 10-7-85, Formerly 12C-1.182, Amended 12-21-88, 4-8-92,
					 5-17-94, 10-19-94, Repealed 1-3-96.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0183 - Community Contribution Tax Credit (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 20.05(5),
					 213.06,
					 220.183(6)(d),
					 220.51 FS. Law Implemented
					 220.183 FS., Section 56, Ch.
					 94-136, Laws of Florida.
New 4-24-85, Formerly 12C-1.183, Amended 12-21-88, 1-30-90,
					 4-8-92, 10-19-94, Repealed 1-3-96.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0186 - Credit for Florida Alternative Minimum Tax

Current through Reg. 50, No. 138; July 16, 2024
(1) If the Florida alternative minimum tax is
				paid pursuant to Section
				220.11(3),
				F.S., or the Florida alternative minimum tax is offset by the credits provided
				in section 220.1875 or
				220.193, F.S., an alternative
				minimum tax credit is allowed by section
				220.186, F.S., in subsequent
				years.
(2) The amount of the
				alternative minimum tax credit is equal to the excess of the alternative
				minimum tax paid over the amount of regular corporate income tax without
				application of the credits provided in section
				220.1875 or
				220.193, F.S., that would have
				otherwise been due. There is no limitation on the total dollar amount of the
				credit.
(3) An alternative minimum
				tax credit may not be taken in a subsequent year when alternative minimum tax
				is also due for that subsequent year. The credit may only be taken for a tax
				year when regular tax is due pursuant to section
				220.11(2), F.S.
				Furthermore, the amount of alternative minimum tax credit that may be taken is
				limited to the difference between the amount of regular tax that is due and the
				amount of alternative minimum that would be due if the application of the
				alternative minimum tax statutes was required. Therefore, for purposes of
				computing the limitation, the taxpayer will need to compute alternative minimum
				tax due in a subsequent year in which an alternative minimum tax credit is
				going to be used, even if the corporation is not otherwise required to compute
				the alternative minimum tax.
(4)
				There is no time limitation in which the alternative minimum tax credit must be
				used.
Rulemaking Authority
					 213.06(1),
					 220.193(4),
					 220.51,
					 1002.395 FS. Law Implemented
					 220.186,
					 220.1875,
					 220.193
					 FS.
New 12-7-92, Amended 4-26-10,
					 6-6-11.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0187 - Credits for Contributions to Nonprofit Scholarship Funding Organizations (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.187,
					 220.51 FS. Law Implemented
					 213.05,
					 213.35,
					 213.755,
					 220.03(1),
					 220.131,
					 220.187,
					 220.44,
					 624.51055
					 FS.
New 3-15-04, Amended 4-5-07, 4-26-10, Repealed
					 6-6-11.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0188 - Community Contribution Tax

Current through Reg. 50, No. 138; July 16, 2024
(1) Who May
				Claim the Credit inst Corporate Income Tax or Insurance Premium Tax.
(a) Any taxpayer who has received prior
				approval from the Florida Department of Commerce for a community contribution
				to any revitalization project undertaken by an eligible sponsor, will be
				allowed a credit of 50 percent of the contribution. The total annual credit for
				each taxpayer, applied against the tax due under Chapter 220, F.S., for a
				taxable year, is limited to $200, 000. Contributions approved for insurance
				companies who are eligible to take this credit against the insurance premium
				tax, as provided for in Section
				624.5105, F.S., are not eligible
				to receive the credit against the corporate income tax.
(b) The valuation of the contribution
				determined by the Florida Department of Commerce will be used in the
				computation of the credit. In instances where the value is misrepresented to
				the Florida Department of Commerce, the Director of the Department of Revenue
				has the authority to redetermine the value of the contribution, pursuant to
				Section 220.44, F.S.
1. A contribution of more than $400, 000 may
				be made in a tax year. However, the credit received for any contribution may
				not exceed the $200, 000 annual credit limitation.
2. When to Claim the Credit. The credit will
				be claimed in the taxpayer's taxable year in which the contribution is paid or
				the transfer of the asset is completed, whichever is later. Any taxpayer on the
				accrual basis will be allowed the deduction if the contribution conforms to the
				provisions of s. 170(a)(2), I.R.C.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.01915 - Credit for Qualified Railroad Reconstruction or Replacement Expenditures

Current through Reg. 50, No. 138; July 16, 2024
(1) Definitions. For purposes of this rule,
				the following terms mean:
(a) "Credit" means
				the credit for qualified railroad reconstruction or replacement expenditures
				authorized under Section
				220.1915, F.S.
(b) "Qualified expenditures" means gross
				expenditures made in Florida by a qualifying railroad during the taxable year
				in which the credit is claimed, provided such expenditures were made for track
				that was owned or leased by a qualifying railroad, and were:
1. For the maintenance, reconstruction, or
				replacement of railroad infrastructure, including track, roadbed, bridges,
				industrial leads and sidings, or track-related structures which were owned or
				leased by the qualifying railroad; or
2. For new construction by the qualifying
				railroad of industrial leads, switches, spurs and sidings, and extensions of
				existing sidings located in Florida.
(c) "Qualifying railroad" means any Class II
				or Class III railroad operating in Florida on the last day of the taxable year
				for which the credit is claimed, pursuant to the classifications in effect for
				that year as set by the United States Surface Transportation Board or its
				successor.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0192 - Renewable Energy Technologies Investment Tax Credit (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.192(5),
					 (7),
					 220.51 FS. Law Implemented
					 220.192
					 FS.
New 4-26-10, Repealed
					 12-12-19.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0194 - Corporate Income Tax Credit for Spaceflight Projects

Current through Reg. 50, No. 138; July 16, 2024
(1) Taxpayers seeking to obtain a corporate
				income tax credit for spaceflight projects must apply to the Department of
				Economic Opportunity, as provided in section
				220.194, F.S.
(2)
(a) For
				tax years beginning on or after October 1, 2015, a spaceflight business that
				has been approved and certified by the Department of Economic Opportunity may
				take a nontransferable corporate income tax credit of up to fifty percent (50%)
				of its Florida corporate income/franchise tax liability after all other credits
				are applied in the order provided in section
				220.02(8),
				F.S.
(b) A letter of certification
				issued by the Department of Economic Opportunity upon approval of an
				Application for Certification must be attached to the certified spaceflight
				business' Florida corporate income/franchise tax return on which the
				nontransferable credit for spaceflight projects is taken.
(c) A certified spaceflight business may not
				file a consolidated Florida corporate income/franchise tax return when claiming
				the nontransferable corporate income tax credit.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0196 - Research and Development Tax Credit

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a)
1. A research and development tax credit
				against Florida corporate income/franchise tax is provided in section
				220.196, F.S., to a business
				enterprise that claims a valid research credit against federal corporate income
				tax for qualified research expenses as provided in section
				41 of the Internal Revenue Code
				(26 U.S.C. s.
				41). The business enterprise must be a
				corporation, as defined in section
				220.03, F.S., and a qualified
				target industry business, as defined in Section
				288.106, F.S. However, only
				qualified target industry businesses in the manufacturing, life sciences,
				information technology, aviation and aerospace, homeland security and defense,
				cloud information technology, marine sciences, materials science, and
				nanotechnology industries may qualify for a research and development tax
				credit.
2. Businesses that are
				partnerships, limited liability companies taxed as partnerships, or disregarded
				single member limited liability companies, are not corporations under section
				220.03, F.S., and, therefore,
				may not apply for an allocation of credit. However, each partner of a
				partnership that is a corporation may apply separately for an allocation of
				credit based on the corporation's separate research expenses, including
				allocated partnership research expenses. For disregarded entities, the single
				member that is a corporation must apply separately for an allocation of credit
				based on the corporation's separate research expenses, including those of the
				disregarded single member limited liability company. For purposes of
				26 U.S.C. s.
				41, the research expenses are apportioned
				among the partners during the taxable year and are treated as paid or incurred
				directly by the partners rather than by the partnership.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0198 - Experiential Learning Tax Credit Program

Current through Reg. 50, No. 138; July 16, 2024
(1) Definitions. For purpose of this rule,
				the following terms mean:
(a) "Apprentice"
				means a person at least 16 years of age who is engaged in learning a recognized
				skilled trade through actual work experience under the supervision of
				journeyworker craftspersons, which training should be combined with properly
				coordinated studies of related technical and supplementary subjects, and who
				has entered into a written agreement, which may be cited as an apprentice
				agreement, with an apprenticeship sponsor registered by the Florida Department
				of Education who may be either an employer, an association of employers, or a
				local joint apprenticeship committee.
(b) "Full time" means at least 30 hours per
				week.
(c) "Preapprentice means any
				person 16 years of age or over engaged in any course of instruction in the
				public school system or elsewhere, which course is registered as a
				preapprenticeship program with the Florida Department of Education.
(d) "Qualified business" means a business
				that is in existence and has been continuously operating for at least 3
				years.
(e) "Student intern" means a
				person who has completed at least 60 credit hours at a state university or 15
				credit hours at a Florida College System institution, regardless of whether the
				student intern receives course credit for the internship; a person who is
				enrolled in a career center operated by a school district under Section
				1001.44, F.S., or a charter
				technical career center; or any graduate student enrolled at a state
				university.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.01991 - Credit for Manufacturing of Human Breast Milk Derived from Human Milk Fortifiers

Current through Reg. 50, No. 138; July 16, 2024
(1) Definitions. For
				purpose of this rule, the following terms mean:
(a) "Credit" means the credit for
				manufacturing of human breast milk derived human milk fortifiers authorized
				under Section 220.1991, F.S.
(b) "Qualifying manufacturing equipment"
				means equipment for use in the production of human breast milk derived human
				milk fortifiers:
1. That can be sold as a
				product using a pasteurization or sterilization process; and
2. That is in compliance with all applicable
				United States Food and Drug Administration
				provisions.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.021 - Record Keeping Requirements

Current through Reg. 50, No. 138; July 16, 2024
(1) Every
				corporation subject to the Florida Corporate Income Tax Code will be required
				to keep such permanent books of account or records as will be sufficient to
				establish the tax base. Since the Florida tax base is federal taxable income
				(with certain Florida modifications), a record keeping system in compliance
				with Internal Revenue Service requirements for establishing the Florida tax
				base will be required. Supplemental data to support Florida modifications to
				federal taxable income and determination of the Florida apportionment fraction
				will also be needed. Such records shall be kept until the time within which the
				Department may make an assessment of the tax under section
				95.091(3),
				F.S.
(2) The required books and
				records must be available for inspection by the Department of Revenue as long
				as the contents are material. Generally, copies of returns, including records
				used in their preparation, should be retained.
(3) Taxpayers should also note that section
				220.23, F.S., requires that if
				the corporation's related federal return is adjusted by amendment or otherwise
				and such adjustment will affect an item or items entering into the computations
				of such corporation's net income subject to tax for any taxable year under the
				Florida Income Tax Code, the corporation is required to notify the Department
				of Revenue of such adjustment. Such notification may be made by filing an
				amended return or report within 60 days after such adjustment has been agreed
				to or finally determined for federal income tax purposes. In these
				circumstances, assessment of a deficiency or allowance of a refund is permitted
				without regard to the usual limitations contained in section
				95.091(3), F.S.
				Thus, the returns and records pertaining to years open to audit by the Internal
				Revenue Service should be retained until any resulting Florida adjustments have
				been resolved.
Rulemaking Authority
					 213.06(1),
					 220.21,
					 220.51 FS. Law Implemented
					 220.21,
					 220.23,
					 213.35
					 FS.
New 8-22-78, Formerly 12C-1.21, Amended
					 12-21-88.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0211 - Penalty for Incomplete Return

Current through Reg. 50, No. 138; July 16, 2024
(1) Section
				220.211, F.S., imposes a penalty
				for filing an "incomplete return". For tax returns due before January 1, 1993,
				this penalty is $150 or 5 percent of the tax finally determined to be due,
				whichever is greater, not to exceed $5, 000. For tax returns due on or after
				January 1, 1993, this penalty is $300 or 10 percent of the tax finally
				determined to be due, whichever is the greater; however, such penalty shall not
				exceed $10, 000.
(2) An "incomplete
				return" is a return which lacks uniformity, completeness, and arrangement such
				that the Department cannot readily accomplish the physical handling,
				verification, or review of the return. Such returns include, but are not
				limited to, those returns to which any one of the following conditions apply:
(a) Failure to complete an appropriate line
				item on page 1 of F-1120;
(b)
				Failure to provide an appropriate schedule for a line item on page 1 of
				F-1120;
(c) Failure to provide the
				required data on supporting schedules;
(d) Use of facsimile reports which are not in
				the same format as the F-1120;
(e)
				Failure to attach pages 1 through 4 of federal form 1120 or other specifically
				required federal form;
(f) Failure
				to attach any of the following when required:
1. Federal Forms 851 or 1122.
2. Federal Form 1120X or copy of a Revenue
				Agent's Report (RAR).
3. Federal
				Form Schedule D.
4. Federal
				depreciation schedule on Form 4562.
5. Explanation for adjustments on Schedules
				M-1 and M-2.
6. Florida balance
				sheet if different from balance sheet on Federal return and schedule
				reconciling differences.
7. Any
				other required schedule or statement for explanation of an entry on a line item
				of the Florida corporate return, Form F-1120.
8. Failure to include the FEI number of the
				corporate entity.
9. Federal Form
				4626.
10. Omission of any other
				material item.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0221 - Returns, Notices, and Elections; Signing and Verification

Current through Reg. 50, No. 138; July 16, 2024
(1) A return, election, or notice required of
				a taxpayer shall be signed by an officer duly authorized to sign. A return or
				notice required of a taxpayer made by a fiduciary under section
				220.22(3),
				F.S., shall be signed by the fiduciary. An officer's or fiduciary's signature
				on a return or notice made by or for a taxpayer shall be prima facie evidence
				that such individual was authorized to sign the return or notice on behalf of
				the taxpayer.
(a) Florida corporate
				income/franchise and emergency excise tax returns (Form F-1120), amended
				returns (Form F-1120X), or notices shall be signed by the president,
				vice-president, treasurer, assistant treasurer, chief accounting officer, or
				any other officer duly authorized to sign such returns or notices.
(b) Consolidated returns (Form F-1120) and
				affiliations schedules (Form F-851) shall be signed by the president,
				vice-president, treasurer, assistant treasurer, chief accounting officer, or
				any other officer of the common parent authorized to sign. Each authorization
				and consent of subsidiary corporation to be included in a consolidated return
				(Form F-1122) shall be signed by an officer duly authorized by the subsidiary
				to sign.
(c) Form F-7004 shall be
				signed by a person authorized by the taxpayer to request such extension. Such
				person must be an individual authorized under paragraph (a) or (b) to sign the
				taxpayer's return; a person currently enrolled as an agent under Treasury
				Department Circular Number 230 (Rev. 8-2011, herein incorporated by reference,
				Effective 01/13) (
http://www.flrules.org/Gateway/reference.asp?No=Ref-02113
)
				to practice before the Internal Revenue Service; an attorney who is a member in
				good standing of the bar of the highest court of any state, possession,
				territory, commonwealth, or the District of Columbia; or any certified public
				accountant who is duly qualified to practice in any state, possession,
				territory, commonwealth, or the District of Columbia.
(d) A fiduciary includes a receiver, trustee
				in dissolution, trustee in bankruptcy, or assignee, who, by order of a court of
				competent jurisdiction, by operation of law or otherwise, has possession of or
				holds title to all or substantially all of the property or business of a
				corporation.
(e) Notices include,
				but are not limited to, waivers of restrictions on assessment and collection of
				proposed assessments under section
				220.715, F.S., consents to
				extend the statutory period under section
				213.23, F.S., and notifications
				of federal adjustments under section
				220.23(2),
				F.S.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0222 - Returns; Extensions of Time; Payments of Tentative Tax

Current through Reg. 50, No. 138; July 16, 2024
(1) Returns.
(a) A return submitted to the Department by
				electronic means, as provided in rule Chapter 12-24, F.A.C., is considered to
				be timely filed if the submission of the electronic return is initiated, and a
				confirmation from the Department is received, before 5:00 p.m. (Eastern Time),
				on or before the due date (including any extensions) prescribed by law.
				Taxpayers who meet the requirements of subsection (4) of Rule
				12-24.003, F.A.C., must submit
				returns by electronic means. A hard-copy (paper) return is considered to be
				timely filed if postmarked on or before the due date (including any extensions)
				prescribed by law. If the due date falls on a Saturday, Sunday, or legal
				holiday, a return will be considered timely if a confirmation for an electronic
				return is received by the Department on or before 5:00 p.m. (Eastern Time), or
				a hard-copy (paper) return is postmarked, on the next succeeding day that is
				not a Saturday, Sunday, or legal holiday. For this purpose, a legal holiday
				will mean a holiday that is observed by federal or state agencies as this term
				is defined in Chapter 683, F.S., and s. 7503 of the Internal Revenue Code of
				1986, as amended.
(b)
1. Example: Corporation A's Florida corporate
				return was due Thursday, November 1. The envelope in which the return was
				mailed was postmarked November 1; therefore, the return is considered to have
				been filed on time.
2. Example:
				Corporation B's Florida corporate return was due Saturday, September 1. Monday,
				September 3, was Labor Day. The envelope in which the return was mailed was
				postmarked Tuesday, September 4. The return is considered timely filed because
				it was postmarked the next succeeding day which was not a Saturday, Sunday, or
				legal holiday.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.023 - Federal Returns

Current through Reg. 50, No. 138; July 16, 2024
(1) If a Federal
				amended return is filed or other redetermination of Federal income is made (for
				example, through an audit adjustment), and the adjustment would affect any item
				or items affecting net income subject to the Florida corporate income/franchise
				tax or the emergency excise tax, the taxpayer must notify the
				Department.
(2)
(a) The notification required by section
				220.23, F.S., and subsection (1)
				of this rule must be in the form of a Florida amended return form (F-1120X) or
				a corporate income/franchise and emergency excise tax return marked "Amended"
				across the top of the return.
(b) A
				copy of the amended Federal return or other adjustment (for example, an RAR)
				must be attached to the amended return.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.024 - Declaration; Time for Filing (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06,
					 220.51 FS. Law Implemented
					 220.24
					 FS.
New 10-20-73, Amended 12-18-83, Formerly 12C-1.24, Amended
					 12-21-88, 4-8-92, Repealed 5-17-94.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0241 - Declaration; Time for Filing (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 220.51 FS. Law Implemented
					 220.24,
					 220.241
					 FS.
New 10-20-73, Formerly 12C-1.241, Amended 12-21-88,
					 Repealed 5-17-94.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.032 - Payments of Tentative Tax (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.51 FS. Law Implemented
					 220.32
					 FS.
New 10-20-72, Formerly 12C-1.32, Amended 12-21-88, Repealed
					 9-1-09.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.033 - Payments of Estimated Tax (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 220.51 FS. Law Implemented
					 220.33
					 FS.
New 10-20-73, Formerly 12C-1.33, Amended 12-21-88, Repealed
					 5-17-94.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.034 - Special Rules Relating to Estimated Tax

Current through Reg. 50, No. 138; July 16, 2024
(1) Definition.
(a) Section
				220.24(1),
				F.S., defines "estimated tax" as the amount which the taxpayer estimates to be
				the Florida corporate income/franchise tax due for the taxable year.
(b) "Estimated tax, " for the purposes of
				this rule, is the estimate of net corporate income/franchise tax due after
				credits.
(c) Estimated tax payments
				are prepayments of tax and are not tax paid, since section
				220.34(1),
				F.S., provides that amounts paid as estimated tax are deemed assessed on the
				taxpayer's original due date for filing the corporate income/franchise tax
				return.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.042 - Methods of Accounting (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.42,
					 220.51 FS. Law Implemented
					 220.42
					 FS.
New 10-8-74, Formerly 12C-1.42, Amended 12-21-88, 4-8-92,
					 3-18-96, 3-13-00, Repealed 10-27-22.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.044 - Adjustments to Income

Current through Reg. 50, No. 138; July 16, 2024
(1) The Executive
				Director or the Executive Director's designee is authorized to make adjustments
				to clearly reflect income in order to arrive at a proper and accurate tax. The
				Executive Director or the Executive Director's designee is authorized to
				exercise such discretion when any agreement, understanding, arrangement, or
				device, whether by inadvertence or design, improperly or inaccurately reflects
				Florida income. Adjustments are authorized to be made, but are not limited to,
				any item or items of income, loss, deduction, apportionment factor, or
				exclusion and can be made to all or part of any such item or items to the
				extent required to properly and accurately reflect income. Utilization of this
				authority by the Executive Director or the Executive Director's designee shall
				not be limited to circumstances where the improper or inaccurate reflection of
				income results from efforts to reduce, avoid, or escape tax.
(2) Examples when such adjustments are
				authorized to be made include, but are not limited to:
(a) Transactions at more or less than a fair
				price, which include, but are not limited to:
1. Transfers of property.
2. Loans and advances.
3. Services.
4. Transfers or use of intangible
				property.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.0511 - Incorporation by Reference

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				Department of Revenue hereby incorporates by reference in this rule the
				following sections of the United States Internal Revenue Code of 1986, as
				amended and in effect January 1, 1993:
(a) s.
				55, I.R.C.;
(b) s. 78,
				I.R.C.;
(c) s. 108,
				I.R.C.;
(d) s. 338,
				I.R.C.;
(e) s. 381,
				I.R.C.;
(f) s. 382,
				I.R.C.;
(g) s. 404,
				I.R.C.;
(h) s. 862,
				I.R.C.;
(i) s. 1272,
				I.R.C.;
(j) s. 1288,
				I.R.C.;
(k) s. 1374,
				I.R.C.;
(l) s. 1375,
				I.R.C.;
(m) s. 1552,
				I.R.C.;
(n) s. 1563,
				I.R.C.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.053 - Adoption of Chapter 214 (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 220.51 FS. Law Implemented
					 220.21
					 FS.
New 10-20-73, Amended 10-8-74, 2-27-78, Formerly 12C-1.53,
					 Amended 12-21-88, Repealed 4-8-92.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.068 - Intangible Tax Credit; Additional Tax Due (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.51 FS. Law Implemented
					 220.68 FS., Section 127, Chapter
					 91-112, Section 8, Chapter 98-132,
					 L.O.F.
New 12-21-88, Amended 4-8-92, 5-17-94, 3-18-96, Repealed
					 4-14-09.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.318 - Rules for Recognition of Taxpayers and Their Representatives (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 213.06(1),
					 220.51 FS. Law Implemented
					 120.62,
					 213.053,
					 220.731
					 FS.
New 10-20-73, Amended 10-8-74, Formerly 12C-1.53(r)-(t),
					 Amended 2-27-78, 12-21-88, 4-8-92, Repealed
					 5-9-13.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.321 - Confidentiality and Information Sharing (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 220.51 FS. Law Implemented
					 214.21
					 FS.
New 10-20-73, Amended 10-8-74, Formerly 12C-1.153(1)(u),
					 Amended 2-27-78, Repealed 4-8-92.
Florida Administrative Code › 12 - DEPARTMENT OF REVENUE › 12C - Corporate, Estate and Intangible Tax › Chapter 12C-1 - CORPORATE INCOME TAX › Section 12C-1.322 - Amounts Less Than One Dollar

Current through Reg. 50, No. 138; July 16, 2024
(1) If a total
				amount of less than one dollar is payable, refundable or creditable, such
				amount shall be disregarded. No refund will be returned by the Department for
				an amount less than one dollar unless the taxpayer requests a refund in writing
				to the Comptroller.
(2) To the
				extent permitted by any corporation income tax form or instructions prescribed
				for use with any corporation income tax form, declaration, statement, other
				document, or supporting schedules, any amount required to be reported on such
				form shall be entered at the nearest whole dollar amount. The extent to which,
				and the conditions under which such whole dollar amounts shall be entered on
				any form will be set forth in the instructions issued with respect to such
				form. For the purpose of the computation to the nearest dollar, a fractional
				part of a dollar shall be disregarded unless it amounts to fifty cents or more,
				in which case the amount (determined without regard to the fractional part of a
				dollar) shall be increased by one dollar.
Rulemaking Authority
					 213.06(1),
					 220.51,
					 220.737 FS. Law Implemented
					 220.737
					 FS.
New 10-20-73, Amended 10-8-74, Formerly 12C-1.53(1)(v),
					 Amended 2-27-78, 4-8-92.