14189953, 12C-1.013 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 14189953

Notice of Development of Rulemaking

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.013

Adjusted Federal Income Defined

PURPOSE:

Chapters 2011-229, L.O.F., and 2013-46, L.O.F., amends Section 220.13(1)(e), F.S., to require adjustments for I.R.C. section 179 expense and bonus depreciation. These provisions were added to the Internal Revenue Code by the Small Business Jobs Act of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and the American Taxpayer Relief Act of 2012. The purpose of the development of amendments to Rule 12C-1.013, F.A.C. (Adjusted Federal Income Defined), is to update the rule provisions to incorporate the adjustments to federal income for Florida income tax purposes required by Section 220.13(1)(e), F.S., as amended.

SUBJECT:

The subject area to be addressed is the development of amendments to Rule 12C-1.013, F.A.C. (Adjusted Federal Income Defined), to incorporate the adjustments to federal income for purposes of reporting Florida corporate income tax required by section 220.13(1)(e), F.S., as amended by Chapters 2011-229, L.O.F., and 2013-46, L.O.F.

RULEMAKING AUTHORITY:

213.06(1), 220.51 FS., s. 3, Ch. 2009-192, s. 3, Ch. 2013-46, L.O.F.

LAW:

220.02(3), 220.03(5), 220.13, 220.131(1), 220.43(1), (3) FS.

PRINT PUBLISH DATE:

2/14/2014 Vol. 40/31

RELATED STATUTES
AND LAWS:

213.06(1), 220.51 FS., s. 3, Ch. 2009-192, s. 3, Ch. 2013-46, L.O.F., 220.02(3), 220.03(5), 220.13, 220.131(1), 220.43(1), (3) FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=12C-1.013&PDate=2/14/2014&Section=1

REFERENCE MATERIALS:

No reference(s).

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