(b)1. The credit under this section may be transferred:a. By written agreement to a taxpayer subject to the tax under this chapter and that either transports property using the rail facilities of the qualifying railroad or furnishes railroad-related property or services to any railroad operating in this state, or is a railroad, as those terms are defined in 26 C.F.R. s. 1.45G-1(b); and
b. At any time during the 5 taxable years following the taxable year the credit was originally earned by the qualifying railroad.
2. The written agreement required for transfer under this paragraph shall:a. Be filed jointly by the qualifying railroad and the transferee with the department within 30 days after the transfer, in accordance with rules adopted by the department; and
b. Contain all of the following information: the name, address, and taxpayer identification number for the qualifying railroad and the transferee; the amount of the credit being transferred; the taxable year in which the credit was originally earned by the qualifying railroad; and the remaining taxable years for which the credit may be claimed.
(5) Notification of a transfer of credit under this section must be submitted to the department on a form adopted by rule of the department. Within 30 days after the transfer, the department shall provide a letter acknowledging the transfer, after which time the transferee may claim the transferred credit on its return due on or after the date of the letter. The transferee shall attach a copy of the letter to its return when claiming the credit.
(6) In the event the credit provided under this section is reduced as a result of an examination or audit by the department, such tax deficiency shall be recovered from the first entity to have claimed such credit up to the amount of credit taken. Any subsequent deficiency shall be assessed against any entity acquiring and claiming such credit or, in the case of multiple succeeding entities, in the order of credit succession.
(7) The department may adopt rules to implement this section.
History.—s. 32, ch. 2022-97.
1Note.—Section 53, ch. 2022-97, provides that:“(1) The Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules pursuant to s. 120.54(4), Florida Statutes, to implement the amendments made by this act to s. 212.08; the creation by this act of ss. 197.319, 197.3195, and 220.1915, Florida Statutes; and the creation by this act of the temporary tax exemptions for ENERGY STAR appliances, children’s books, children’s diapers, baby and toddler clothing and shoes, and impact-resistant windows, doors, and garage doors. Notwithstanding any other provision of law, emergency rules adopted pursuant to this subsection are effective for 6 months after adoption and may be renewed during the pendency of procedures to adopt permanent rules addressing the subject of the emergency rules.
“(2) This section shall take effect upon this act becoming a law and expires July 1, 2025.”