Florida Administrative Code
12 - DEPARTMENT OF REVENUE
12C - Corporate, Estate and Intangible Tax
Chapter 12C-1 - CORPORATE INCOME TAX
Section 12C-1.01991 - Credit for Manufacturing of Human Breast Milk Derived from Human Milk Fortifiers
Universal Citation: FL Admin Code R 12C-1.01991
Current through Reg. 50, No. 187; September 24, 2024
(1) Definitions. For purpose of this rule, the following terms mean:
(a) "Credit" means the credit for
manufacturing of human breast milk derived human milk fortifiers authorized
under Section 220.1991, F.S.
(b) "Qualifying manufacturing equipment"
means equipment for use in the production of human breast milk derived human
milk fortifiers:
1. That can be sold as a
product using a pasteurization or sterilization process; and
2. That is in compliance with all applicable
United States Food and Drug Administration
provisions.
(2) Available Credits. For taxable years beginning during the 2023 and 2024 calendar years, a credit is available against the tax imposed by Chapter 220, F.S., that is equal to 50 percent of the cost of qualifying manufacturing equipment purchased during the state fiscal year for which the application is submitted, or during the 6 months preceding such state fiscal year.
(a) These tax credits are available on a
first-come, first-served basis.
(b)
The Department must approve the tax credit before the taxpayer can take the
credit on a return.
(c) A taxpayer
who files a Florida consolidated return as a member of an affiliated group
pursuant to Section 220.131(1),
F.S., may be allowed the credit on a consolidated return basis.
(d) Taxpayers may carry forward any unused
portion of the tax credit for up to five taxable years.
(3) Application process.
(a) To apply for available program credits, a
taxpayer must submit a Florida Credit for Manufacturing of Human Breast Milk
Derived Human Milk Fortifiers - Application for Tax Credit (Form F-11991,
incorporated by reference in Rule
12C-1.051, F.A.C.), along with
documentation demonstrating that the taxpayer purchased qualifying
manufacturing equipment.
(b)
Following receipt of an application, the Department will send written
correspondence regarding the amount of tax credit approved or providing the
reason the tax credit application could not be approved, whether in whole or in
part. The taxpayer may protest a denial pursuant to Sections
120.569 and
120.57, F.S. The Department will
reserve the denied amount of the allocation for the taxpayer during the protest
period.
(4) Transfers of unused tax credits.
(a) A taxpayer may not
convey, assign, or transfer a credit allocation or tax credit to another entity
unless all of the assets of the taxpayer are conveyed, assigned, or transferred
in the same transaction. However, an unused credit or credit carryforward may
be transferred between members of the same affiliated group of
corporations.
(b) A transferred tax
credit may only be taken by the receiving member of the affiliated group during
the same period that the transferring member was approved to take the
credit.
(c) A transferred
carryforward amount may only be taken as a tax credit during the same time
period as the transferring member was authorized to take the carryforward tax
credit amount.
(d) A taxpayer must
notify the Department of its intent to transfer a credit allocation or tax
credit to another member of its affiliated group by submitting Florida Credit
for Manufacturing of Human Breast Milk Derived Human Milk Fortifiers - Notice
of Intent to Transfer a Tax Credit (Form F-11991T, incorporated by reference in
Rule 12C-1.051, F.A.C.). A separate
notice must be submitted for each member of an affiliated group of corporations
receiving a transfer.
Rulemaking Authority 213.06(1), 220.1991, FS. Law Implemented 220.1991 FS.
New 1-1-24.
Disclaimer: These regulations may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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