Florida Dept. of Revenue - Chapter 12C-1: Corporate Income Tax (2024 Legislative Changes)

Florida Proposed Rules

Rule Number:

Rule Title

12C-1.01915	Credit for Qualified Railroad Reconstruction or Replacement Expenditures
12C-1.0193	Florida Renewable Energy Production Credit (Repeal)
12C-1.051	Forms

Next Step:

At the December 17, 2024, 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 [including materials incorporated by reference, if any] 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 these rules and the Department filed these rules for certification with the Department of State on January 31, 2025. These rules will go into effect on February 20, 2025.

Forms:

F-1120: Florida Corporate Income/Franchise Tax Return
F-1120N: Instructions for - Corporate Income/Franchise Tax Return for taxable years beginning on or after January 1, 2024
F-11915: Florida Credit for Qualified Railroad Reconstruction or Replacement Expenditures Application for Credit
F-11915T: Florida Credit for Qualified Railroad Reconstruction or Replacement Expenditures Notice of Intent to Transfer a Credit
F-11992: Florida Individuals with Unique Abilities Tax Credit Program Application for Tax Credit
F-2220: Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax

Certification Package:	January 31, 2025
Certification Letter to JAPC:	January 24, 2025
Hearing Information:	January 14, 2025 (canceled, no request received)
Package Filed with JAPC:	December 20, 2024
Notice of Proposed Rule:	December 19, 2024 (Vol. 50, No. 246)
Cabinet Meeting for Hearing:	December 17, 2024
Revised Notice of Public Meeting - Cabinet for Hearing:	December 12, 2024 (Vol. 50. No. 241)
Notice of Public Meeting - Cabinet for Hearing:	December 11, 2024 (Vol. 50. No. 240)
Workshop Transcript:	August 15, 2024
Workshop Information:	August 15, 2024
Draft Rule Language:	August 15, 2024
Notice of Rule Development:	August 1, 2024 (Vol. 50, No. 150)

Purpose: The purpose of the draft amendments to Rule 12C-1.01915, F.A.C. (Credit for Railroad Reconstruction or Replacement Expenditures), and to the two forms used to administer this tax credit incorporated by reference in Rule 12C-1.015, F.A.C. (Forms), is to reflect the provisions of section 220.1915, as amended by section 40, Chapter 2024-158, Laws of Florida (L.O.F.), and to remove the provisions rendered obsolete.

The purpose of the draft amendments to Rule 12C-1.051, F.A.C., is also to adopt a new form to implement section 220.1992, F.S., Individuals with Unique Abilities Tax Credit Program, created by section 41, Chapter 2024-158, L.O.F., to reflect the provisions of section 220.199, F.S., Residential graywater system tax credit, created by section 32, Chapter 2023-157, L.O.F., and to adopt updates to Florida corporate/income tax forms to reflect these law changes and to remove obsolete provisions.