FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreFlorida issued guidance regarding a corporate income tax credit for manufacturing equipment purchased for the production of human breast milk derived human milk fortifiers in the state. The credit equals up to 50% of the cost of equipment purchased for use in the production of human breast milk derived human milk fortifiers. A total tax credit of $5 million is available for fiscal years 2023-24 and 2024-25.
An application for the tax credit must be submitted to the Florida Department of Revenue (department) and approved by the department prior to a taxpayer taking the credit on their state income tax return (Form F-1120).
The following documentation must be submitted with the application to substantiate the credit claim:
the Florida address where the equipment is installed or is being installed;
invoices for the qualifying manufacturing equipment purchased and any other documentation/information; and
a list of the specific products manufactured with the qualifying manufacturing equipment.
Any unused credits may be carried forward for a period of five tax years. Tax Information Publication, No. 23C01-03, Florida Department of Revenue, July 14, 2023, released September 2023
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreThe Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreThe IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has […]
Read MoreThe IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, […]
Read MoreThe IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]
Read MoreThe IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the credit is $27.75 per metric ton […]
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