IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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