Florida Regulations 73A-3.007: Award of Tax Credit
Current as of: 2024 | Check for updates
|
Other versions
(1) OFE shall review the accountant’s final report, submitted under subsection 73A-3.005(2), F.A.C., and then report to the Department the final verified amount of actual Qualified Expenditures made by the Certified Production.
(2) The Department shall determine and approve the final tax credit award amount to each Certified Production. The Department shall document its award using the Award Letter (form OTTED 1254-3 (12/10), which is hereby incorporated by reference), the original of which the Department shall send to each Qualified Applicant, with a copy to the Department of Revenue.
(3) The final tax credit award amount may not exceed the maximum tax credit award amount certified, neither per fiscal year nor in the aggregate. The Award Letter shall specify the fiscal year(s) in which the awarded credits may be applied against tax liability.
(4) Awarded tax credits may later be revoked or forfeited as provided in Florida Statutes § 288.1254(9)
(5) Award decisions shall be subject to review under chapter 120, F.S.
Rulemaking Authority Florida Statutes § 288.1254(8). Law Implemented 288.1254(3)(f), 288.1254(9) FS. History-New 12-30-10, Formerly 27M-5.007.
Terms Used In Florida Regulations 73A-3.007
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(3) The final tax credit award amount may not exceed the maximum tax credit award amount certified, neither per fiscal year nor in the aggregate. The Award Letter shall specify the fiscal year(s) in which the awarded credits may be applied against tax liability.
(4) Awarded tax credits may later be revoked or forfeited as provided in Florida Statutes § 288.1254(9)
(5) Award decisions shall be subject to review under chapter 120, F.S.
Rulemaking Authority Florida Statutes § 288.1254(8). Law Implemented 288.1254(3)(f), 288.1254(9) FS. History-New 12-30-10, Formerly 27M-5.007.