Florida Administrative Code › 62 - DEPARTMENT OF ENVIRONMENTAL PROTECTION › 62 - Departmental › Chapter 62-788 - VOLUNTARY CLEANUP TAX CREDIT RULE › Section 62-788.101 - Applicability and Limitations

Current through Reg. 50, No. 138; July 16, 2024
(1) This chapter
				applies to any tax credit applicant seeking a tax credit toward corporate
				income tax pursuant to Sections  220.1845 and  376.30781, Florida Statutes
				(F.S.). A tax credit applicant shall claim tax credits for the costs of
				voluntary cleanup activity using the percentages and the amounts in Table 1 by
				completing Florida Department of Environmental Protection (Department) Form
				 62-788.101(1) 
				Voluntary Cleanup Tax Credit Application and Affidavit, effective date March
				2022, hereby adopted and incorporated by reference. Copies of this form are
				available from the Department's Voluntary Cleanup Tax Credit (VCTC) Program,
				Mail Station 4505, 2600 Blair Stone Road, Tallahassee, Florida 32399-2400, or
				online at
https://floridadep.gov/waste/waste-cleanup/documents/vctc-application-form
or
http://www.flrules.org/Gateway/reference.asp?No=Ref-14053
.
(2) A tax credit applicant can only submit a
				single completed application per site for each calendar year's site
				rehabilitation costs. A tax credit applicant can be multiple entities working
				together to rehabilitate a site as identified and described in the Brownfield
				Site Rehabilitation Agreement (BSRA). Multiple entities must work together to
				prepare one application document, as detailed in subsection
				 62-788.301(1),
				Florida Administrative Code (F.A.C.).
(3) Each application must be accompanied by a
				nonrefundable review fee of $250, even if the application includes multiple tax
				credit applicants or claims multiple tax credit types. The nonrefundable review
				fee must be made payable to the Water Quality Assurance Trust Fund.
(4) Table 1: Tax Credit Percentages and
				Amounts for Eligible Sites Pursuant to subsection
				 62-788.101(1),
				F.A.C.
Tax Credit
							 Type1
Site
							 Rehabilitation2
Site Rehabilitation Completion Order (SRCO)
							 Bonus3
Affordable Housing
							 Bonus4
Health Care Bonus5
Solid Waste
							 Removal6
Application Frequency
Annually
Once
Once
Once
Once
Percentage and Maximum Credit for Costs Incurred and
							 Paid from 07/01/1998 to 06/30/2006
35%
$250, 000
10%;
$50, 000
N/A
N/A
N/A
Percentage and Maximum Credit for Costs Incurred and
							 Paid after 06/30/2006
50%;
$500, 000
25%;
$500, 000
25%;
$500, 000
N/A
50%;
$500, 000
Percentage and Maximum Credit for Costs Incurred and
							 Paid after 12/31/2007
50%;
$500, 000
25%;
$500, 000
25%;
$500, 000
25%;
$500, 000
50%;
$500, 000
1 More than one Tax Credit Type
				  listed in Table 1 can be claimed in a single VCTC application.
2 The maximum site rehabilitation
				  tax credit issued per site shall not exceed $500, 000 annually.
3 The maximum SRCO bonus tax
				  credit issued per contaminated site shall not exceed $500, 000.
4 The maximum Affordable Housing
				  bonus tax credit issued per brownfield site, as identified and described in the
				  BSRA, shall not exceed $500, 000.
5 The maximum Health Care bonus
				  tax credit issued per brownfield site, as identified and described in the BSRA,
				  shall not exceed $500, 000.
6 The maximum Solid Waste Removal
				  tax credit issued per brownfield site, as identified and described in the BSRA,
				  shall not exceed $500, 000.
(5) This rule shall be reviewed, and if
				necessary, repealed or renewed through the rulemaking process five years from
				the effective date.
Rulemaking Authority
					 376.30781 FS. Law Implemented
					 220.1845,
					 376.30781
					 FS.
New 3-9-22.