Florida Dept. of Revenue - Chapter 12-29: Multitax Credits (2023 Legislative Changes)

Florida Proposed Rules

Rule Number: Rule Title

12-29.001	Scope
12-29.002	Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment
12-29.003	Public Use Forms [Florida Tax Credit Scholarship Program; Applications]
12-29.005	The New Worlds Reading Initiative; Participation; Allocation; Carryforward; Transfer; Rescindment
12-29.006	Live Local Program; Participation; Allocation; Carryforward; Transfer; Rescindment

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:

DR-446000: Live Local Program - Application for Tax Credit Allocation for Contributions to the Florida Housing Finance Corporation
DR-446100: Live Local Program - Application for Rescindment of Previous Allocation of Tax Credit
DR-446200: Live Local Program - 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
Certification Letter to JAPC(12-29.006):	December, 4, 2023
Letter To JAPC:	November 2, 2023
Notice of Change:	November 1, 2023 (Vol. 49, No. 213)
Letter from JAPC:	September 29, 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
Draft Rule Language:	July 18, 2023
Notice of Rule Development:	June 30, 2023 (Vol. 49, No. 127)

Purpose: Sections 21, 34, and 41, Chapter 2023-17, L.O.F., provide for a corporate income tax credit and insurance premium tax credit for contributions to the Florida Housing Finance Corporation under the Live Local Program.

The purpose of the proposed amendments to Rule 12-29.001, F.A.C. (Scope), is to provide this rule chapter sets forth the rules to be used in administration of the Live Local Program.

The purpose of the proposed amendments to Rules 12-29.002, F.A.C. (Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment), and 12-29.005, F.A.C. (The New Worlds Reading Initiative; Participation; Allocation; Carryforward; Transfer; Rescindment), is to reflect the order of the insurance premium tax credits to be received when receiving credits from the Florida Tax Credit Scholarship Program and the Live Local Program or the New Worlds Reading Initiative and the Live Local Program.

The purpose of the proposed amendments to Rule 12-29.003, F.A.C., is to adopt, by reference, the new application forms created to administer the Live Local Program Tax Credit Program.

The purpose of the creation of new Rule 12-29.006, F.A.C. (Live Local Program; Participation; Allocation; Carryforward; Transfer; Rescindment), is to provide the requirements to administer the Live Local Program including eligibility criteria for qualified businesses to participate in the Program, the application process for applying for a credit allocation, requirements for contributions to the Florida Housing Finance Corporation under the Live Local Program before receiving a tax credits, procedures for receiving credits against corporate income tax and insurance premium tax, and procedures to carryforward any unused tax credits for a period not to exceed ten years, to transfer any unused tax credits to another entity, and to rescind any unused tax credits.