Florida DOR Amends Regulation on Corporate Income Tax Credit for Qualified Railroad Reconstruction, Replacement Expenditures

The Florida Department of Revenue Nov. 7 amended a regulation on the credit for Qualified Railroad Reconstruction or Replacement Expenditures, for corporate income tax purposes. The rules include measures: 1) defining “credit,” “qualified expenditures,” and “qualifying railroad;" 2) implementing the Railroad Reconstruction or Replacement Expenditures Credit Program; 3) providing guidance to taxpayers on application, transfer, and use of the credit once it becomes effective; 4) incorporating Form F-11915, Florida Credit for Qualified Railroad Reconstruction or Replacement Expenditures Application for Credit, and Form F-11915T, Florida Credit for Qualified Railroad Reconstruction or Replacement Expenditures Notice of Intent to Transfer a Credit; and ...