25717433, 12-29.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 25717433

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Chapter:

Multitax Credits

Overview

RULE:

12-29.001	Scope
12-29.002	Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Transfer; Rescindment
12-29.003	Public Use Forms
12-29.004	Strong Families Tax Credit; Participation; Allocation; Carryforward; Transfer; Rescindment
12-29.005	The New Worlds Reading Initiative; Participation; Allocation; Carryforward; Transfer; Rescindment

PURPOSE:

The purpose of this rulemaking is to update the Department’s rules to address 2021 legislative changes contained in Chapters 2021-31 and 2021-193, Laws of Florida. Section 38 of Chapter 2021-31, L.O.F., created s. 402.62, F.S., Strong Families Tax Credit program, which provides that a taxpayer may receive a credit against certain taxes for making an eligible contribution to an eligible charitable organization designated by the Department of Children and Families. Chapter 2021-31, L.O.F., created ss. 211.0253, 212.1834, 220.1877, 561.1213, and 624.51057, F.S., which establish the amount of tax credits allowed for contributions to eligible charitable organizations. Section 10 of Chapter 2021-193, L.O.F., created s. 1003.485, F.S., The New Worlds Reading Initiative, which provides that a taxpayer may receive a credit against certain taxes for making an eligible contribution to the administrator of the initiative designated by the Department of Education. Chapter 2021-193, L.O.F., created ss. 211.0252, 212.1833, 220.1876, 561.1212, and 624.51056, F.S., which establish the amount of tax credits allowed for contributions to the administrator of the initiative. The proposed amendments to Rules 12-29.001, 12-29.002, and 12-29.003, and the creation of Rules 12-29.004 and 12-29.005 reflect these provisions.

SUMMARY:

Rule 12-29.001 has been amended to include the Strong Families Tax Credit program and the New Worlds Reading Initiative in the scope for Chapter 12-29. Rule 12-29.002 has been amended to add the Strong Families Tax Credit program to the order in which credits may be taken against insurance premium tax due. Rule 12-29.003 is amended to incorporate six new forms implementing the two new tax credit programs and revise one form for the Florida Tax Credit Scholarship program to incorporate the order of credits for insurance premium tax due. Rule 12-29.004 is created to implement the Strong Families Tax Credit program. Rule 12-29.005 is created to implement the New Worlds Reading Initiative tax credit program.

RULEMAKING AUTHORITY:

213.06(1), 402.62(7)(b), 1002.395(12)(b), 1003.485(5)(b) FS.

LAW:

211.0251, 211.0252, 211.0253, 212.1831, 212.1833, 212.1834, 213.37, 220.1875, 220.1876, 220.1877, 402.62(5), 561.1211, 561.1212, 561,1213, 624.51055, 624.51056, 624.51057, 1002.395(5), 1003.485(3) FS.

PRINT PUBLISH DATE:

3/31/2022 Vol. 48/63

COMMENTS:

From 3/31/2022 To 4/21/2022 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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