Florida Proposed Rules

Rule Number:12A-1.012
Rule Title:Repossessed Merchandise and Bad Debts
Next Step:At the March 7, 2018 meeting, the Governor and Cabinet approved the Department’s request to adopt this rule. The Department will file the rule for certification with the Department of State on March 27, 2018. The rule will be effective on April 16, 2018.

Certification Package: March 27, 2018
JAPC Certification: March 23, 2018
Certification Letter to JAPC: March 15, 2018
Cabinet Meeting for Adoption: March 7, 2018
Notice of Public Meeting - Cabinet for Adoption: February 26, 2018 (Vol. 44, No. 39, pp. 928-929)
Letter to JAPC: February 21, 2018
Notice of Change: February 20, 2018 (Vol. 44, No. 35, p. 837)
Letter from JAPC: February 19, 2018
Letter from JAPC: January 30, 2018
Hearing Information: February 7, 2018
Package filed with JAPC: January 18, 2018
Notice of Proposed Rule January 16, 2018 (Vol. 44, No. 10, pp. 202-205)
Cabinet Meeting for Hearing: December 13, 2017
Notice of Public Meeting - Cabinet for Hearing: December 5, 2017 (Vol. 43, No. 233, pp.5473-5474)
Workshop Information: November 16, 2017
Draft Rule Language: November 16, 2017
Notice of Rule Development: November 2, 2017 (Vol. 43, No. 213, pp. 4943 – 4944)

Purpose:    The purpose of the proposed amendments to Rule 12A-1.012, F.A.C., is to: (1) remove the recitation of statutory provisions regarding the taxability of sales made on any kind of deferred payment plan; (2) clarify that the repossession and redemption of tangible personal property is not subject to tax; (3) consolidate provisions for obtaining a credit or refund of tax paid on repossessed items, including motor vehicles; (4) clarify when a tax credit or refund may be obtained by a dealer who sold property that is subsequently repossessed when the dealer holds a security interest in the property by contract; (5) provide how to obtain a refund or credit of tax paid on repossessed tangible personal property and the information and documentation required to establish the right to a refund or credit; and (6) remove unnecessary provisions for dealers that obtain payment from a common carrier for damages of items sold by the dealer.