Fla. Admin. Code R. 62-788.101

Current through Reg. 50, No. 244; December 17, 2024

Section 62-788.101 - Applicability and Limitations

(1) This chapter applies to any tax credit applicant seeking a tax credit toward corporate income tax pursuant to Sections 220.1845 and 376.30781, Florida Statutes (F.S.). A tax credit applicant shall claim tax credits for the costs of voluntary cleanup activity using the percentages and the amounts in Table 1 by completing Florida Department of Environmental Protection (Department) Form 62-788.101(1) Voluntary Cleanup Tax Credit Application and Affidavit, effective date March 2022, hereby adopted and incorporated by reference. Copies of this form are available from the Department's Voluntary Cleanup Tax Credit (VCTC) Program, Mail Station 4505, 2600 Blair Stone Road, Tallahassee, Florida 32399-2400, or online at https://floridadep.gov/waste/waste-cleanup/documents/vctc-application-form or http://www.flrules.org/Gateway/reference.asp?No=Ref-14053.

(2) A tax credit applicant can only submit a single completed application per site for each calendar year's site rehabilitation costs. A tax credit applicant can be multiple entities working together to rehabilitate a site as identified and described in the Brownfield Site Rehabilitation Agreement (BSRA). Multiple entities must work together to prepare one application document, as detailed in subsection 62-788.301(1), Florida Administrative Code (F.A.C.).

(3) Each application must be accompanied by a nonrefundable review fee of $250, even if the application includes multiple tax credit applicants or claims multiple tax credit types. The nonrefundable review fee must be made payable to the Water Quality Assurance Trust Fund.

(4) Table 1: Tax Credit Percentages and Amounts for Eligible Sites Pursuant to subsection 62-788.101(1), F.A.C.

	Tax Credit Type1
	Site Rehabilitation2	Site Rehabilitation Completion Order (SRCO) Bonus3	Affordable Housing Bonus4	Health Care Bonus5	Solid Waste Removal6
Application Frequency	Annually	Once	Once	Once	Once
Percentage and Maximum Credit for Costs Incurred and Paid from 07/01/1998 to 06/30/2006	35% $250,000	10%; $50,000	N/A	N/A	N/A
Percentage and Maximum Credit for Costs Incurred and Paid after 06/30/2006	50%; $500,000	25%; $500,000	25%; $500,000	N/A	50%; $500,000
Percentage and Maximum Credit for Costs Incurred and Paid after 12/31/2007	50%; $500,000	25%; $500,000	25%; $500,000	25%; $500,000	50%; $500,000

¹ More than one Tax Credit Type listed in Table 1 can be claimed in a single VCTC application.

² The maximum site rehabilitation tax credit issued per site shall not exceed $500,000 annually.

³ The maximum SRCO bonus tax credit issued per contaminated site shall not exceed $500,000.

⁴ The maximum Affordable Housing bonus tax credit issued per brownfield site, as identified and described in the BSRA, shall not exceed $500,000.

⁵ The maximum Health Care bonus tax credit issued per brownfield site, as identified and described in the BSRA, shall not exceed $500,000.

⁶ The maximum Solid Waste Removal tax credit issued per brownfield site, as identified and described in the BSRA, shall not exceed $500,000.

(5) This rule shall be reviewed, and if necessary, repealed or renewed through the rulemaking process five years from the effective date.

Fla. Admin. Code Ann. R. 62-788.101

Rulemaking Authority 376.30781 FS. Law Implemented 220.1845, 376.30781 FS.

Adopted by Florida Register Volume 48, Number 036, February 22, 2022 effective 3/9/2022.

New 3-9-22.