9744249, 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: 9744249

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:

Subsection 12C-1.013(5), F.A.C. (Adjusted Federal Income Defined), reflects the provisions of Section 220.13(1)(a)1., F.S., which requires an addition to federal taxable income equal to the amount of any tax upon or measured by income for Florida corporate income tax purposes. This rule subsection also provides that value-added taxes are not required to be added back to federal income for purposes of computing the Florida corporate income tax. The Michigan single business tax is included as an example of a value-added tax. On January 1, 2008, Michigan replaced its single business tax with a business tax based on income. The purpose of this rulemaking is to remove provisions regarding the now obsolete Michigan single business tax.

SUBJECT:

The removal of the obsolete Michigan single business tax that was included as an example of a value-added tax that is not considered a tax upon or measured by income for purposes of Section 220.13(1)(a)1., F.S.

RULEMAKING AUTHORITY:

213.06(1), 220.51 FS.

LAW:

220.13 FS.

PRINT PUBLISH DATE:

3/18/2011 Vol. 37/11

RELATED STATUTES
AND LAWS:

213.06(1), 220.51 FS., 220.13 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=3/18/2011&Section=1

REFERENCE MATERIALS:

No reference(s).

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