Current through Reg. 50, No. 187; September 24, 2024
(1) Taxpayers seeking to obtain a corporate
income tax credit for spaceflight projects must apply to the Department of
Economic Opportunity, as provided in section
220.194, F.S.
(2)
(a) For
tax years beginning on or after October 1, 2015, a spaceflight business that
has been approved and certified by the Department of Economic Opportunity may
take a nontransferable corporate income tax credit of up to fifty percent (50%)
of its Florida corporate income/franchise tax liability after all other credits
are applied in the order provided in section
220.02(8),
F.S.
(b) A letter of certification
issued by the Department of Economic Opportunity upon approval of an
Application for Certification must be attached to the certified spaceflight
business' Florida corporate income/franchise tax return on which the
nontransferable credit for spaceflight projects is taken.
(c) A certified spaceflight business may not
file a consolidated Florida corporate income/franchise tax return when claiming
the nontransferable corporate income tax credit.
(3)
(a) For
tax years beginning on or after October 1, 2015, a spaceflight business may be
approved and certified by the Department of Economic Opportunity to transfer,
in whole or in part, its Florida net operating loss that would otherwise be
available to be taken on a Florida corporate income/franchise tax return,
provided that the activity giving rise to the net operating loss occurred after
July 1, 2011.
(b)
1. To perfect the transfer, a certified
spaceflight business (transferor) must provide the Department with a written
Transfer Statement approved by the Department of Economic Opportunity to
revenueaccounting@floridarevenue.com. For assistance, call the Department at
(850)617-8586 Monday through Friday (excluding holidays). Persons with hearing
or speech impairments may call the Florida Relay Service at 1(800)955-8770
(Voice) and 1(800)955-8771 (TTY).
2. The Transfer Statement must include: the
date the transfer is effective; the transferee's name, address, federal
employer identification number (FEIN) and/or business partner number; the tax
year that the transferee intends to use the tax credit; and the amount of tax
credit transferred to the transferee.
3. Upon receipt of a Transfer Statement
approved by the Department of Economic Opportunity, the Department will provide
the transferee and the Department of Economic Opportunity with a certificate
reflecting the tax credit amount transferred. The transferee must attach the
certificate to its Florida corporate income/franchise tax return on which the
credit is taken. Any unused credit is forfeited and not available for use in a
subsequent tax year.
(c)
Net operating losses that are transferred may not be subtracted from the income
of the transferor.
(d) Payments
received for net operating losses that are transferred are to be treated as
nonbusiness income allocable to Florida on the transferor's Florida corporate
income/franchise tax return.
(4) The amount taken as a corporate income
tax credit for spaceflight projects must be added to federal taxable income
prior to computing the Florida corporate income/franchise tax due.
(5) An amended Florida Corporate
Income/Franchise Tax Return (Form F-1120X, incorporated by reference in rule
12C-1.051, F.A.C.) is required
if the corporate income tax credit for spaceflight project is disallowed or
modified by the Department or if the Department of Economic Opportunity issues
a Notice of Revocation or Modification to revoke or modify a letter of
certification previously issued. The taxpayer must pay additional tax and
interest as may be due, computed as the difference between the tax that would
have been due had the credit been computed correctly and the tax actually paid.
In addition the spaceflight business is liable for a penalty equal to 100
percent of the additional tax due.
(6) Every taxpayer claiming a corporate
income tax credit for spaceflight projects must retain documentation that
substantiates and supports the credit until tax imposed by chapter 220, F.S.,
may no longer be determined and assessed under section
95.091(3), or
220.23, F.S. Documentation to
substantiate and support the credit includes copies of: the completed tax
credit application submitted to the Department of Economic Opportunity; the
letter of certification issued by the Department of Economic Opportunity; and
the Transfer Certificate reflecting the credit amount transferred issued by the
Department.
Rulemaking Authority
213.06(1),
220.194(8),
220.51 FS. Law Implemented
220.194
FS.
New 1-11-16.
