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Application for Rescindment of Tax Credit Allocation for Contributions

Application for Rescindment of Tax Credit Allocation for Contributions 2025

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The document is an application form (DR-116100) for rescinding a previously approved tax credit allocation for contributions to Nonprofit Scholarship Funding Organizations (SFOs) in Florida. It outlines the necessary information required from the applicant, including business details, amounts to be rescinded by tax type, and instructions for submission. The form also specifies conditions under which rescindment may not be approved and provides guidance on the process and timeline for receiving a response.

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Versions	Form popularity	Fillable & printable
2019	4.8 Satisfied (21 Votes)
2018	4.3 Satisfied (150 Votes)
2017	4.4 Satisfied (48 Votes)
2011	4.4 Satisfied (500 Votes)

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What does recapture of tax credits mean?

Recapture refers to the governments recovery of a taxpayers gain from beneficial treatmentsuch as depreciation tax credits, deductions , or other tax creditssince the beneficial treatment no longer applies. For example, 26 U.S.C.

What is the federal tax credit program?

The federal Earned Income Tax Credit offers support for low-income working families and individuals. If you qualify, you may be eligible for cash back or a reduction of the taxes you owe.

What is the Florida tax credit?

Florida Tax Credit Education Savings Account Florida offers a tax credit to businesses for donations to Scholarship-Funding Organizations (SFOs), nonprofits that provide scholarships. All Florida students in grades K12 are eligible, with priority for students from lowincome families and in foster care.

Is a tax credit money you get back?

Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Most tax credits can reduce your tax only until it reaches $0. Refundable credits go beyond that to give you any remaining credit as a refund.

What does it mean to carry back a tax credit?

Carrybacks from an unused credit year are applied against tax liability before carrybacks from a later unused credit year. To the extent an unused credit cannot be carried back to a particular preceding taxable year, the unused credit must be carried to the next succeeding taxable year to which it may be carried.

What is the tax recapture rule?

A federal law commonly known as recapture tax applies to borrowers who buy their homes using the Single Family Mortgage Bond Programs. Recapture tax requires some mortgagors to repay the government a portion of their gain upon sale of the home if they financed their home with a Mortgage Revenue Bond (MRB) loan.

What does recapture mean on taxes?

What is recapture? Recapture tax is paying back the federal government for the benefit of a lower interest mortgage loan. When tax-exempt mortgage bonds are used for financing, the borrower receives a benefit.

Application for Rescindment of Tax Credit Allocation for Contributions 2025

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