Florida Regulations 12C-1.0186: Credit for Florida Alternative Minimum Tax
Current as of: 2024 | Check for updates
|
Other versions
(1) If the Florida alternative minimum tax is paid pursuant to Florida Statutes § 220.11(3), or the Florida alternative minimum tax is offset by the credits provided in section 220.1875 or 220.193, F.S., an alternative minimum tax credit is allowed by Florida Statutes § 220.186, in subsequent years.
(2) The amount of the alternative minimum tax credit is equal to the excess of the alternative minimum tax paid over the amount of regular corporate income tax without application of the credits provided in section 220.1875 or 220.193, F.S., that would have otherwise been due. There is no limitation on the total dollar amount of the credit.
(3) An alternative minimum tax credit may not be taken in a subsequent year when alternative minimum tax is also due for that subsequent year. The credit may only be taken for a tax year when regular tax is due pursuant to Florida Statutes § 220.11(2) Furthermore, the amount of alternative minimum tax credit that may be taken is limited to the difference between the amount of regular tax that is due and the amount of alternative minimum that would be due if the application of the alternative minimum tax statutes was required. Therefore, for purposes of computing the limitation, the taxpayer will need to compute alternative minimum tax due in a subsequent year in which an alternative minimum tax credit is going to be used, even if the corporation is not otherwise required to compute the alternative minimum tax.
(4) There is no time limitation in which the alternative minimum tax credit must be used.
Rulemaking Authority 213.06(1), 220.193(4), 220.51, 1002.395 FS. Law Implemented 220.186, 220.1875, 220.193 FS. History-New 12-7-92, Amended 4-26-10, 6-6-11.
Terms Used In Florida Regulations 12C-1.0186
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(3) An alternative minimum tax credit may not be taken in a subsequent year when alternative minimum tax is also due for that subsequent year. The credit may only be taken for a tax year when regular tax is due pursuant to Florida Statutes § 220.11(2) Furthermore, the amount of alternative minimum tax credit that may be taken is limited to the difference between the amount of regular tax that is due and the amount of alternative minimum that would be due if the application of the alternative minimum tax statutes was required. Therefore, for purposes of computing the limitation, the taxpayer will need to compute alternative minimum tax due in a subsequent year in which an alternative minimum tax credit is going to be used, even if the corporation is not otherwise required to compute the alternative minimum tax.
(4) There is no time limitation in which the alternative minimum tax credit must be used.
Rulemaking Authority 213.06(1), 220.193(4), 220.51, 1002.395 FS. Law Implemented 220.186, 220.1875, 220.193 FS. History-New 12-7-92, Amended 4-26-10, 6-6-11.