Florida Dept. of Revenue - Chapter 12C-1: Corporate Income Tax (2023 Legislative Changes)

Florida Proposed Rules

Rule Number: Rule Title

12C-1.01991	Credit for Manufacturing of Human Breast Milk Derived from Human Milk Fortifiers
12C-1.0198	Experiential Learning Internship Tax Credit Program
12C-1.051	Forms

Next Step:

At the September 18, 2023, meeting, the Governor and Cabinet approved the publication of the Notice of Proposed Rulemaking and subsequent adoption of the proposed rules if the substance of the proposed rules remained unchanged upon reaching the date applicable to filing for final adoption pursuant to s. 120.54(3)(e)2., F.S. No substantive changes were made to the rules and the Department filed the rules for certification with the Department of State on December 12, 2023. These rules went into effect on January 1, 2024.

Forms:

F-1198: Florida Experiential Learning Tax Credit Program - Application for Tax Credi
F-11991: Florida Credit for Manufacturing of Human Breast Milk Derived Human Milk Fortifiers - Application for Tax Credit
F-11991T: Florida Credit for Manufacturing of Human Breast Milk Derived Human Milk Fortifiers - Notice of Intent to Transfer a Tax Credit

Final Language:	January 1, 2024
Certification Package:	December, 12, 2023
Certification Letter to JAPC:	December, 4, 2023
Hearing Information:	October 12, 2023 [Canceled, no request received]
Package Filed with JAPC:	September 19, 2023
Notice of Proposed Rule:	September 19, 2023 (Vol. 49, No. 182)
Cabinet Meeting for Hearing:	September 18, 2023
Notice of Public Meeting - Cabinet for Hearing:	September 12, 2023 (Vol. 49, No. 177)
Workshop Information:	July 18, 2023 (Canceled, no requests received)
Draft Rule Language:	July 18, 2023
Notice of Rule Development:	June 30, 2023 (Vol. 49, No. 127)

Purpose: The purpose of the proposed amendments to Rule 12C-1.0198, F.A.C. (Experiential Learning Internship Tax Credit Program), is to incorporate the changes to section 220.198, F.S., by s. 4, Ch. 2023-81, L.O.F., renaming the tax credit to the Experimental Learning Tax Credit Program and allowing tax credits for qualified apprentice and preapprentice during calendar years 2022-2025.

The purpose of the proposed creation of Rule 12C-1.01991, F.A.C.(Credit for Manufacturing of Human Breast Milk Derived from Human Milk Fortifiers), is to incorporate the provisions of section 220.1991, F.S., as provided in s. 33, Ch. 2023-157, L.O.F., which provides a corporate income tax credit for taxable years beginning during 2023 and 2024 calendar years equal to 50 percent of the cost of qualifying manufacturing equipment purchased during the specified period. The proposed rule provides how to apply for the tax credit, the documentation required to evidence the purchase of qualifying equipment, how to carry forward any unused tax credit for up to five taxable years, and how to transfer any unused credit to another member of same affiliated group of corporations.

The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to incorporate, by reference, changes to the application for the Experiential Learning Tax Credit Program Application and new forms created for administration of the Florida Credit for Manufacturing of Human Breast Milk Derived Human Milk Fortifiers (Forms F-11991 and F-11991T).