FL S1506

Allows the Office of Tourism, Trade, and Economic Development to access confidential taxpayer information related to single sales factor apportionment used under the new program.

Creates a new apportionment method allowing taxpayers to apportion adjusted federal income solely by the sales factor if they make qualified capital expenditures of $250 million or more and maintain baseline full-time employment levels, effective July 1, 2013.

Requires taxpayers to notify the office of intent to apply and submit an application within 2 years; the office must approve or deny within 45 days and establish application forms by rule.

Permits the Department of Revenue to audit and verify correct tax computation and apportionment; allows the office to revoke approval if material false information was submitted, requiring recalculation of taxes, interest, and a 100 percent penalty on additional taxes due.

Once elected, taxpayers cannot revoke the apportionment method for 4 taxable years and must renew the election to continue using it; failure to renew requires reapplication under the standard apportionment method.