FDEP proposes new VCTC rules

October 12, 2021

Tallahassee, FLFlorida Department of Environmental Protection (FDEP) announced it is proposing to adopt new Voluntary Cleanup Tax Credit (VCTC) rules for applicants seeking tax credits pursuant to Sections 220.1845 and 376.30781, F.S.  According to FDEP, the new rules will provide guidelines, forms, and procedures for applicants seeking a voluntary tax credit toward their corporate income taxes. 

FBA members can follow FDEP's rulemaking process on the Notice of Rule Development published in the Florida Administrative RegisterThe rulemaking is on the Department’s 2020-2021 Regulatory Plan, available at https://floridadep.gov/ogc/ogc/documents/2020-2021-dep-regulatory-plan. An FDEP hearing on this rulemaking is anticipated to be scheduled. In addition, one provision that will be located in proposed Rule 62-788.301, F.A.C., will be in response to a claim of an unadopted rule contained in the September 13, 2021, Petition for Formal Administrative Proceeding Involving Disputed Issues of Material Fact filed by Ludlam Trail Phase, I, LLC.

VCTC is a tax credit program awarded by FDEP to private or public entities, which is used to encourage participants to conduct voluntary cleanup of certain dry cleaning solvent contaminated sites and brownfield sites in designated brownfield areas. The tax credit awards are from an annual $10 million authorization and are valid against Florida Corporate Income Tax.

Any questions on the new VCTC rules should be directed to Scott Sweeney at [email protected] or 850-245-8958.