Florida Proposed Rules

Purpose:    The purpose of the draft amendments to Rule 12-29.001, F.A.C. (Scope), is to provide that the rule chapter includes rules to administer the Home Away From Home Tax Credit program created by sections 59, 64, 79, 85, 87, 88, and 89, Ch. 2025-208, L.O.F.

The purpose of the draft amendments to Rule 12-29.002, F.A.C. (Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment), is to: (1) provide the order of the Home Away From Home Tax Credit and the Rural Community Investment Program credit for purposes of calculating the Florida Scholarship Tax Credits program tax credit allowed.

The purpose of the draft amendments to Rule 12-29.003, F.A.C. (Public Use Forms), is to incorporate, by reference: (1) three new forms used in the administration of the Home Away From Home Tax Credit program to allow applicants to select how their email address may be used by the Department, receive a credit allocation, apply for a rescindment of a previously allocated tax credit, and to transfer an allocation of a credit; and (2) one new form to transfer a Rural Community Investment Program tax credit.

The purpose of the draft amendments to Rule 12-29.005, F.A.C. (The New Worlds Reading Initiative; Participation; allocation; Carryforward; Transfer; Rescindment), is to: (1) provide the order of the Home Away From Home Tax Credit and the Rural Community Investment Program credit for purposes of calculating The New Worlds Reading Initiative program tax credit; and (2) provide an email address for sales and use tax dealers to provide a copy of the certificate of contribution from the program administrator to the Department.

The purpose of creating Rule 12-29.008, F.A.C. Home Away From Home Tax Credit; Participation; Allocation; Carryforward; Transfer; Rescindment, is to provide for the administration of the program as provided in sections 79, 85, 87, and 88, Ch. 2025-208, L.O.F., and provide (1) definitions for purposes of administering the program; (2) the taxes for which a credit allocation may be granted under the program; (3) the process and applications required to apply for an allocation of the tax credit available each state fiscal year under the program; (4) for each tax, the period during which an application for an allocation of the available annual tax credit cap must be submitted; (5) the tax credits and deductions against each tax due that must be deducted to determine the limitation of the child care tax credits available; (6) for each tax, how the tax is to be taken on a tax return; (7) procedures and the required form for corporations to transfer a tax credit in a complete transfer of all assets to another entity or to another member of the same affiliated group of corporations; (8) procedures and the required form to rescind an unused credit allocation; and (9) that the Department will notify the applicant by letter of approval or denial of an application and how to protest a denial of a credit allocation, transfer, or rescindment.