Effective date: 1/17/2013
(1) A Florida Renewable Energy Production Credit is provided in Florida Statutes § 220.193, for the sale of electricity from a Florida renewable energy facility. An application must be filed with the Department of Agriculture and Consumer Services each year for an allocation of credit. The Department of Agriculture and Consumer Services will notify eligible taxpayers of the certified amount of credit that is allocated to them and the tax year in which the taxpayer may claim the credit on its Florida corporate income tax return. A copy of the certification must be attached to the taxpayer’s Florida corporate income tax return on which the credit is taken.
(2) The Florida Renewable Energy Production Credit may be transferred in a merger or acquisition. In addition, unused credits may be transferred one time (outside a merger or acquisition) to another taxpayer in whole or in increments of not less than 25 percent of the remaining credit. Taxpayers are required to file a Notice of Intent to Transfer A Florida Energy Tax Credit (Form F-1193T, incorporated by reference in rule 12C-1.051, F.A.C.) to transfer the unused renewable energy production credits available for transfer. The transfer must be verified by the Department prior to the transferee claiming the credit. Within 15 days of receipt of a completed Form F-1193T, the Department will notify the transferor and the transferee by letter of the amount of tax credit authorized for transfer. A copy of the letter from the Department allowing the transfer must be attached by the transferee to the Florida Corporate Income/Franchise Tax Return (Form F-1120, incorporated by reference in rule 12C-1.051, F.A.C.) on which the credit is claimed. The transfer of a credit does not affect the time for taking the credit, and the credit is subject to the same limitations imposed on the transferor.
(3) Every taxpayer claiming a Florida Renewable Energy Production Credit must retain documentation that substantiates and supports the credit, a copy of the certification received from the Department of Agriculture and Consumer Services certifying the amount of the credit, a schedule reconciling all credit carryovers, transfers, and sales, a schedule tracking the credit amounts allocated and the use of such credits, and, if applicable copy of the letter from the Department allowing the transfer until tax imposed by chapter 220, F.S., may no longer be determined and assessed under section 95.091(3), F.S. Documentation to substantiate and support the credit includes: production records or other evidence of the amount of electricity produced; evidence of the increase in production and sales of electricity over the 2011 calendar year by an expanded facility; and evidence establishing that the electricity was produced from renewable energy.
Rulemaking Authority 213.06(1), 220.193, 220.51 FS. Implements Florida Statutes § 213.35, 220.02(8), 220.03(1), 220.131, 220.193, 220.21. History—New 4-26-10, Amended 1-17-13.